100% financing for qualified veterans
Pros
- Specializes exclusively in VA loans
- User-friendly application process
- Lenient credit score requirements
- High-quality customer service
- Comprehensive online resources and advice for borrowers
Cons
- Services are unavailable to non-veterans or those without VA eligibility
- VA loans cannot be used to buy properties overseas
- VA funding fee is required, although it can be rolled into the loan amount
- Limited to US properties and territories
Our Verdict
Veterans United Home Loans, founded in 2002, has become a leading pioneer in VA lending, providing diverse mortgage products for US veterans and military families. Its dedication and variety of loan options, including no down payment and no mortgage insurance, have contributed to its exceptional reputation.
Though it specializes in VA loans exclusively and limits properties to the US, its leniency in credit requirements makes it a potential ally for veterans exploring homeownership.
To offer an insightful review of Veteran United Home Loans and its services, we have engaged with Ashley Clark, a financial expert with over 16 years of comprehensive experience in the financial arena, spanning roles as a banker, consumer underwriter, mortgage underwriter, and personal loan specialist.
Our Methodology
We have embarked on a research endeavor to achieve a thorough comprehension of this lending institution. This involved conducting an intricate examination of several critical components, including:
- The spectrum of loan offerings
- The interest rate structures
- The specifics of terms and conditions
- The intricacies of fee structures
- The eligibility criteria
Moreover, our team diligently accumulated substantial data from a wide variety of sources, spanning from comprehensive research reports to invaluable customer feedback. This all-encompassing approach empowered us to evaluate Veteran United by considering both expert insights and real-world user experiences comprehensively.
Definition and Qualifications
To understand the value of Veteran United Home Loans, it is crucial to know who qualifies as a veteran. In the United States, a veteran is defined as a person who served in the active military, naval, or air service and was honorably discharged or released.
Veterans United specializes in VA loans, which are mortgages guaranteed by the US Department of Veterans Affairs. These loans offer substantial benefits to active-duty service members, veterans, and eligible surviving spouses.
Key perks include financing a home with no down payment, no mortgage insurance, and more lenient credit requirements compared to traditional home loans.
However, one limitation worth noting is that VA loans cannot be used to buy a house overseas. These loans are specifically designed to finance properties within the United States and its territories.
The VA Home Loan Process
Understanding the process of securing a VA home loan can make a world of difference. Veterans United, like many lenders, uses all three primary credit bureaus—Experian, Equifax, and TransUnion—to assess a potential borrower’s creditworthiness.
Upon application, Veterans United promises a speedy pre-approval process, which typically takes a few hours, contingent on the review of any necessary documentation. It’s a painless process designed with the veterans’ convenience in mind.
For veterans with a history of bad credit, worry not, the VA home loan program is more forgiving than most. The program’s lenient credit requirements offer a lifeline to veterans who might struggle to secure traditional home financing.
Types of Loans and Details
Veterans United offers a variety of loan options to cater to diverse needs. These include Conforming VA mortgage for purchases and refinances, Jumbo VA mortgage purchases, and VA IRRRL (Interest Rate Reduction Refinance Loan).
Each loan type comes with its specific parameters around limits, rates, credit score requirements, and application process. Notably, the Conforming VA mortgage, Jumbo VA mortgage, and the VA IRRRL all come with the option of payment terms ranging between 15 to 30 years.
The VA IRRRL stands out for its simplicity. This loan is designed exclusively for current VA loan borrowers who want to lower their interest rates. The application process is streamlined, requiring no income or asset documentation. The primary qualification here is a timely payment history on the current loan.
What Do People Say About Veterans United?
VU really takes the stress out of a complicated process. Their To-Do list feature is fantastic—it gives me a sense of control in what can often feel like a chaotic process. The instructional videos are incredibly useful, and our loan officer was fantastic! When our old lender tried to persuade us to stay after finding out we were refinancing, it was hard not to chuckle. I wouldn’t want to go through this journey with anyone else but VU.
The team at VUH was incredibly supportive and empathetic toward my situation. They offered the assistance and advice I needed to successfully complete the purchase of my new home. Their communication was excellent, and they made it easy for me to reach out and get help whenever I needed it.
Veteran United Alternatives
Veteran United vs Magnolia Bank
When comparing Veteran United and Magnolia Bank as mortgage lenders, both have their unique strengths, but Veteran United stands out as the superior choice.
Neither lender requires a down payment, which can be a significant advantage for homebuyers looking to minimize upfront costs. However, Veteran United have a deep understanding of the unique financial needs and challenges faced by military personnel, offering tailored mortgage solutions that cater specifically to this demographic.
While Magnolia Bank boasts over 100 years of experience in banking, this long history doesn’t necessarily translate into expertise in the complex world of VA loans and other military-related mortgage programs. Veteran United, on the other hand, has built a reputation for being a top-tier VA loan provider, offering extensive knowledge and support to veterans and active-duty personnel.
Veteran United vs Navy Federal
Both Veteran United and Navy Federal specialize in providing military families with favorable loan rates, recognizing the unique financial needs of service members.
While Navy Federal does offer loan assistance programs, Veteran United goes beyond loan origination by providing extensive resources, including educational materials, tools, and financial counseling services tailored specifically to military borrowers.
Veteran United are committed to empowering service members with the knowledge and support needed to make sound financial decisions throughout their homeownership journey.
Veteran United vs PenFed Credit Union
Veteran United and PenFed Credit Union both have a minimum credit score requirement of 620. However, a key difference emerges when it comes to membership requirements.
With PenFed Credit Union, you must become a member to access their VA loan services. While membership offers various financial benefits beyond VA loans, it does add an additional step and potential eligibility criteria for prospective borrowers. This requirement might be seen as a hurdle for some military personnel looking for a straightforward and hassle-free experience.
On the other hand, Veteran United specializes in VA loans and doesn’t have membership prerequisites.
Championing Veterans
So how good is Veterans United Home Loans? It has firmly established itself as a highly credible VA lender, displaying a staunch commitment to serving US veterans and their families. While their services may not be accessible to everyone, their robust reviews and user experiences underscore their unwavering dedication to the empowerment of American veterans.
If you’re a veteran contemplating a first-time home purchase, considering refinancing your current loan, or exploring options with poor credit, Veterans United Home Loans could be a formidable ally in navigating your homeownership journey.
Frequently Asked Questions
What is Veteran United’s Interest Rate?
Based on a credit score of 720, the interest rates for Veteran United are: 30-Year Fixed VA Purchase Loan – 5.990%, 6.442% APR
How long does Veteran United’s Pre-Approval Take?
The duration of this phase in the VA loan process can vary from a few minutes to several hours, contingent on the documentation criteria.
