Veterans United mortgage review 2024

Best for: Veterans 

Veterans United is a great lending option for veterans of the U.S. armed forces. It’s the top lender for VA home loans, with 23,859 loans originated since the beginning of fiscal 2024, according to statistics from the Department of Veterans Affairs. Qualified military members, veterans, and eligible surviving spouses are the only borrowers eligible for a loan through Veterans United. 

Many of the rating factors for Veterans United equal or exceed competing lenders. Its high scores in affordability and reputation, combined with its varied loan options, make Veterans United an accessible and accommodating lender for many borrowers. 

Methodology 

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

Veterans United: Pros and cons

If you are thinking of getting a loan with Veterans United, there are a few key advantages and disadvantages to keep in mind.

What to consider before applying 

Buying a home is one of the largest financial decisions you’ll ever make. Although taking out a loan makes homebuying possible, all borrowers should fully understand their loan agreement, including whether their interest rate is variable, how much of their monthly payment goes to the principal, and what happens if they are late on a monthly payment. 

Veterans should especially understand what loan benefits are available to them. For example, most VA mortgage loans do not require a down payment or private mortgage insurance. However, there are instances where the interest rate offered is higher for a VA loan vs. a conventional loan.

Before applying for a home loan with Veterans United, assess your credit history to make sure you qualify. You can request a copy of your credit report from AnnualCreditReport.com to check for errors. You can request to remove any inaccurate information from the report. 

How to apply for a loan with Veterans United

You can apply for a Veterans United loan directly on its website by clicking either “Apply Now” or “Start Your Online Quote,” then follow these steps: 

1. Current housing: Confirm whether you own a home, rent, or have a different living arrangement.
2. Loan needs: Answer questions about the nature of your borrowing, including if you’re a first-time homebuyer or refinancing.
3. Budget and property: Select your price range, the type of property you’re interested in buying, how you’ll use that property, and the stage of the homebuying process you’re currently in.
4. Personal details: Confirm your credit score range, employment status, household income, military experience, and whether this is a permanent change of station move.
5. Contact information: Provide your personal contact information, including email address and phone number, and wait for a Veterans United specialist to contact you. 

How to qualify for a loan with Veterans United

Veterans United has requirements to meet in addition to the Department of Veterans Affairs standards that all VA loan borrowers must satisfy. The VA requires that the borrower has a valid Certificate of Eligibility (COE) and meets at least one of the following minimum service requirements:

• 90 consecutive days of active service during wartime
• 181 consecutive days of active service during peacetime
• 6 years of service in the Reserves or National Guard
• 90 days (with at least 30 consecutive days) of service under Title 32 orders 
• A spouse of a service member who died while serving
• A spouse of a service member who died from a service-related disability

The VA makes exceptions for borrowers who do not meet the above criteria, allowing military members to qualify for a VA loan if one of the following discharges is applicable:

• Hardship
• Reduction in force
• Convenience of government
• Medical condition
• Service-connected disabilities
• Early-out and served 21 months or more of a 24-month enlistment

Veterans United will need a COE to confirm eligibility for a VA loan, but it’s not required before you apply. It also requires a minimum 620 credit score and a maximum DTI of 40%. Depending on your service history, you may also need to provide a DD Form 214 (Report of Separation), a Statement of Service, or a discharge form. 

How to refinance with Veterans United

If you’re looking into loan refinancing possibilities, you have a couple of options from Veterans United: a VA streamline refinance and a cash-out refinance. 

The streamline refinance loan may help current VA loan borrowers lower their interest rates, and you may be able to roll closing costs into the new loan if you want to limit your upfront costs. Cash-out refinances are available to veterans who have any type of existing home loan. These programs allow borrowers to refinance their real estate for better terms and borrow extra funds that they receive at closing.

To refinance with Veterans United, homeowners must first confirm their eligibility. These requirements are nearly identical to VA loan qualifications, and most borrowers who received an initial VA loan should be eligible for a VA refinance loan. 

A loan officer will also review any loan refinance requirements that the Streamline or Cash-Out programs have, such as DTI ratios and credit score minimums. 

You’ll then complete the loan application, and even after you’re told it’s approved, it’s important to keep making your original loan payments until you’ve received written confirmation that you are no longer financially responsible for the original loan. 

How Veterans United compares 

Veterans United specializes in lending VA, conventional, and other loans to military members. Comparing its reviews, offerings, and eligibility requirements to other loan lenders, nearly all of which also offer VA loans, Veterans United either meets or exceeds the standards of other lenders. 

Even though it charges an origination fee and offers adjustable-rate mortgages, it doesn’t offer a rate-lock float down which could result in higher interest charges. Veterans United offers multiple types of home loans, including USDA loans, which some of its contemporaries do not. 

The reputation and reviews for Veterans United reflect its strong customer service. An A+ Better Business Bureau rating and 4.9/5 stars rating from Trustpilot exceed some other lender rankings, while its user-friendly website, resource center, convenient mobile app, and customer contact support over the phone and email seemingly keep borrowers pleased with the service. 

One aspect of Veterans United’s customer service that could stand to be improved is adding live chat capabilities. While not every competing lender has this feature, it would help prospective borrowers when they’re researching loans online.

For credit score eligibility, Veterans United is on the higher side compared to its competitors, requiring a 620 minimum score while some require 580. 

Veterans United is a great resource for veterans and service members who appreciate quality customer service and are looking for multiple home loan options. However, make sure you research all of your available options — and compare a few VA lenders — to find the right one for you.