Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
What Veterans United Home Loans Offers
Veterans United Home Loans originates home loans in all 50 states and Washington, D.C. Physical locations can be found in 15 states nationwide in addition to the ability to apply online for a mortgage.
Compare Local Mortgage Rates
Compare rates from participating lenders in your area
Because it specializes in VA loans, veterans, servicemembers and their families will likely benefit the most from using Veterans United. That said, civilian borrowers may apply for its non-VA home loan programs.
As a full-service lender, you can work with a loan specialist to compare your options. Veterans United also offers realty and insurance services, along with specialized assistance for borrowers with a military background.
Loan Types
Veterans United Home Loans offers the following mortgage products:
- VA
- FHA
- Conventional (fixed-rate loans only)
- USDA
- Jumbo
- Vacation and/or second home loans
- Loans for self-employed borrowers
Unfortunately, the lender doesn’t offer adjustable-rate mortgages (ARMs), home equity loans or HELOCs.
Loan Minimum
Veterans United doesn’t have a borrowing minimum for any loan as long as you satisfy the other borrower and loan program requirements.
Loan Maximum
The maximum loan amount for a Veterans United loan is $2 million. To estimate your potential loan amount and monthly payment, use Forbes Advisor’s mortgage calculator.
Loan Servicing
Veterans United services a portion of its loan portfolio but also works with third-party vendors to service the remaining accounts.
Minimum Borrower Requirements
Below is a glimpse at the lender’s initial requirements to qualify for a home loan.
Minimum Credit Score
Borrowers need a minimum credit score of 620 for VA, FHA, USDA and conventional loans.
In addition, the lender offers free credit consulting services to help veterans get preapproved. A credit specialist will develop a personalized plan and help you correct credit report errors.
Minimum Down Payment
Down payment requirements differ by loan type. For instance, VA loans typically don’t require a down payment, while FHA loan down payments can be as low as 3.5%. For conventional loans, down payment requirements can range from 3% to 20% down.
Several programs offer reduced fees and premiums with a qualifying down payment. A more substantial upfront contribution can also make it easier to qualify for financing and reduce your minimum monthly payment.
Maximum Debt-to-Income Ratio
Veterans United Home Loans doesn’t disclose a maximum debt-to-income (DTI) ratio, but it says the limit varies by loan product.
VA loans consider your residual income along with your DTI. As a general rule of thumb, the VA recommends a maximum DTI of 41%. For a conventional loan, aim for a DTI of 43% or lower.
What Fees Will You Pay?
All loans incur lender fees although they can be competitive with other institutions. Certain fees are tied to a specific loan regardless of your chosen lender.
Origination Fees
Veterans United Home Loans charges a flat fee of 1%, which covers originating, processing and underwriting costs. Its origination fee is capped at $3,500, according to a company spokesperson.
Costs for a home appraisal and other third-party services may apply. The lender doesn’t set the price for these expenses.
VA Funding Fee
Since the lender specializes in VA loans, most borrowers will confront the one-time VA funding fee. Depending on the amount you put down, the fee ranges from 1.25% to 2.15% for first-time VA homebuyers.
Private Mortgage Insurance (PMI)
Conventional loans are subject to private mortgage insurance premiums with a loan-to-value (LTV) ratio of 80% or higher. Making a minimum 20% down payment waives this expense.
FHA and USDA loans also require a form of mortgage insurance. Unlike conventional PMI which is waivable, this expense can endure for the life of the loan.
How To Apply for a Veterans United Mortgage
You can begin by prequalifying online. You’ll need to provide details about your military experience (if applicable) along with basic information about your new home including the price range and location. It can take less than 10 minutes to complete the initial questionnaire. Once you’re finished, you can review a preliminary set of mortgages you are eligible to apply for.
The lender publishes current VA loan rates on its website based on a credit score range. However, you must submit an online application, speak with a loan officer by phone or visit a physical branch office to review your personalized rates or rates for a non-VA loan.
When applying online, you can create a free account. It’s possible to save your progress, update previous screens and resume your application at a later date. You can complete the entire prequalification and preapproval process online and upload any required documents.
Customer Service
If you need help or have questions about the application process, you can call Veterans United Home Loans toll-free at (855) 258-3548. Phone-based representatives are available 24/7. Email support is also an option for non-urgent inquiries.
Further, physical locations are located in Alabama, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Nebraska, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Necessary Paperwork
Gathering these documents before you apply can help speed up the mortgage preapproval process:
- A government-issued ID such as a driver’s license or passport
- Recent pay stubs or self-employment income evidence
- Two years of tax returns
- Two years of W-2 statements
- Bank statements from checking, savings and retirement accounts
- A Certificate of Eligibility (COE)
- A DD-214, Statement of Service or Points Statement (this will depend on your type of service)
Related: What Are The VA Loan Requirements?
Approval, Underwriting and Closing Timelines
Well-qualified borrowers can be preapproved in as little as 15 minutes but this initial step can take longer if you have a unique situation or need to provide additional paperwork.
Most applications take at least 30 days to close with an average underwriting period from 40 to 50 days for VA loans.
What To Do If You Get Turned Down
You’ll receive an explanation if Veterans United denies your application. There are several reasons for a rejected mortgage application, and a loan specialist can review your situation and make suggestions on where to focus your efforts.
For example, you may need to apply with a co-borrower or co-signer that has a higher annual income or credit score.
Comparing the best mortgage lenders is another great step as the minimum qualifications and fees can differ. These differences can make it easier to qualify for your desired home loan type.
What People Are Saying About Veterans United Home Loans
Veterans United scores high marks for its customer service. On its website, there are more than 350,000 customer reviews. Over 98% of those customers say they’d recommend the lender to friends and family.
The lender also has a Better Business Bureau (BBB) rating of 4.83 out of 5 stars based on 2,581 reviews as of June 2023. Many reviews cite a pleasant homebuying experience and helpful customer support team.
Veterans United has an A+ BBB rating and is BBB-accredited. However, this letter rating isn’t based on customer reviews but on how the company responds to complaints, its time in business, size and other factors. The BBB has closed 68 complaints from Veterans United customers in the last 12 months and 159 during the past three years.
Veterans United also holds an “excellent” Trustpilot score of 4.9 out of 5 stars based on more than 10,000 reviews.
The Consumer Financial Protection Bureau’s (CFPB) consumer complaint database lists 174 mortgage-related complaints from May 2020 to May 2023 for Veterans United Home Loans. A majority of the complaints focus on applying for, refinancing or closing on a VA mortgage. It’s important to note that the CFPB doesn’t verify the accuracy of consumers’ complaints.
Methodology
We graded Veterans United Home Loans based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.
We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.
Our scoring method is broken down as follows:
- Interest rate. 20%
- Loan options. 20%
- Time to close. 20%
- Accessibility. 20%
- Customer service experience. 20%
- Bonus points. Up to 25 points
We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.
Faster, easier mortgage lending
Check your rates today with Better Mortgage.
