If you are an experienced homeowner or homeowner If you are a homeowner (or aspiring home buyer), chances are you’ve heard of Veterans United Mortgage.
They are the largest VA homebuyer lender in the nation and since 2016 (seventh year in a row)
Their specialty is providing money to veterans looking to buy a home, and approximately 75% of their overall business is made up of purchase loans.
In 2022, Missouri lenders also lead overall in the VA lending category.
So chances are they are quite knowledgeable in helping soldiers buy houses. Read on to learn more.
Veterans United Mortgage Quick Facts
- Direct-to-Consumer Mortgage Lender
- Founded in 2002, headquartered in Columbia, Missouri.
- DBA of Mortgage Research Center, LLC
- Focuses primarily on VA loans but offers FHA and conventional ones too.
- Licensed to do business in all 50 states and DC.
- #1 Nationwide VA Lender in 2022
- It provided $26.5 billion in VA loans last year.
- 30th largest home loan lender overall
- It has physical branches in 17 states.
As noted, Veterans United Home Loans leads the VA lending world, reaching the top of the pile in 2022, according to HMDA data.
Last year, the company made more than $31 billion in home loans, representing 95% of VA loans.
They also provide almost $2 billion in regular loans, FHA loans, and even USDA loans. But they are well known as VA loan lenders.
Veterans United acts as a direct-to-consumer retail mortgage lender. It offers both home equity loans and refinancing.
The company started in 2002 and is headquartered in Columbia, Missouri.
since inception They have closed more than 500,000 VA loans with help from several ex-militaries who are among their employees.
The company just hired a hilarious movie star. (and former United States Marine Corps member) Rob Riggle as spokesman.
After all, they also have physical branch locations in 17 states across the country.
The company operates a network of veteran-friendly real estate agents known as Veterans United Realty.
and credit counseling to help borrowers improve their credit score to help them qualify for a home loan.
How to apply to Veterans United
in the beginning You can call them directly. Go to their website Or go to the actual branch if there is a branch nearby
If you take the online route They have a quote generator that asks a series of questions. Then you contact a loan officer.
From there, you can check eligibility, collect prices, and finally complete your VA loan application electronically.
When the loan is sent You will be able to manage your application through myVeteransUnited
The dashboard allows you to upload documents. Securely sign forms and disclosures electronically. track progress Contact our credit team and much more.
They also have a free smartphone app that lets you get pre-approved for a mortgage. See a list of things to do. or upload a picture of the requested document
All in all, they make it easy to get through the home loan process. and well-versed in both VA eligibility and overall financial protocols.
This means that you should be paired with knowledgeable staff while being flexible in terms of how the loan is completed.
Loan Program Offered by Veterans United
- home purchase loan
- Refinance Loans (IRRRL and VA Cash Out)
- Jumbo VA Loans
- Virginia Mortgage Efficiency
- Loans for first home buyers
- FHA Loan
- General credit (non-governmental)
Veterans United offers both home equity financing (specialized) and refinancing.
These include the Virginia Interest Rate Reduction Loan (IRRRL), VA Cash Refinance. and even Virginia Energy Efficient Mortgage (EEM).
You can also get a VA jumbo loan if purchasing or refinancing in expensive regions of the country.
Eligible property types include primary single-family homes. VA approved condos, multi-unit properties and even modular homes
While they don’t seem to market non-VA loans, they originated nearly $2 billion in general loans, FHA loans, and USDA loans last year.
So my assumption is that they also offer that type of loan along with their primary VA offering.
in terms of features They require a minimum score of 620 FICO, which may be a deterrent for some.
Although VA does not have a minimum credit score. But some lenders are more liberal than others. Rocket Mortgage, for example, helps bring down a VA loan score to 580.
If your score is below the minimum requirement The company’s credit counseling group may be able to help.
Veterans United said it does not loan manufactured homes and does not offer VA construction loans.
for loan type They only offer fixed-rate mortgages, such as 30-year fixed or 15-year fixed.
No second mortgage or home equity line/line
United Veterans Mortgage Rates
One good thing about Veterans United’s transparency is that they list daily mortgage rates online.
So you don’t have to guess how competitive they are – just go to their website and click the link. “VA Loan Interest Rates”
You’ll see daily rates for 30-year fixed VA purchase loans and 30-year fixed VA refinance loans, along with any required discount points.
If you want to fine-tune the rate It allows you to set your own rates based on your credit score.
For more accurate and efficient pricing Please contact a licensed loan officer for a quote.
Even if they publish their mortgage rates. But it’s unclear how much they charge lenders in fees.
Pay close attention to your quoted APR and read your loan estimate to see what lender fees, if any, apply.
Some lenders charge loan origination fees and/or fees for underwriting, processing, etc., while others do not.
Take the time to compare quotes with other lenders. Both those who specialize in VA loans and may not be other lenders. You can also include a mortgage broker in your comparison shopping.
Veterans United reviews
Veterans United has no shortage of customer reviews.
At Trustpilot, Veterans United has an “excellent” rating of 4.9/5 based on nearly 10,000 customer reviews.
And Zillow has a very good rating of 4.78/5 stars based on more than 5,100 customer reviews.
On Google, they have a 4.8/5 rating from about 4,500 reviews and a 5.0 Bankrate rating from 3,300 reviews.
What’s even more impressive is that 100% of Bankrate reviewers would recommend them to others.
At LendingTree, they have a 5/5 rating based on over 3,100 reviews, a 99% recommend rating, and are among the top 10 for customer satisfaction in Q4 2022.
If that wasn’t enough, they have a 4.9 out of 5 from nearly 3,000 reviews on Credit Karma.
They also have over 346,000 reviews on their own website. with an average satisfaction score of 4.8 out of 5 and a recommendation score of 98%.
Finally They are a Better Business Bureau (BBB) accredited company and are currently rated ‘A+’ based on their complaint history.
However, they have had 150 complaints in the last 3 years against the BBB website.
On the other hand, they have a 4.82/5 rating on the BBB site based on nearly 2,500 customer reviews, which is a pretty solid score.
All in all, Veterans United is probably one of the most experienced VA home loan lenders out there, especially when it comes to buying a loan.
But take the time to compare stores and don’t overlook rates and fees that could last you longer than a month or two in closing the mortgage.
Pros and Cons of Veterans United
- You can apply online, by phone or at a branch.
- Offers a digital mortgage experience that is largely paperless.
- All major VA loan types are available. (And non-VA loans too)
- Show daily mortgage rates online.
- Great customer reviews on many rating sites.
- Rating A+ BBB Accredited Company
- free smartphone app
- Does not lend to manufactured housing
- No ARMs, second mortgages, or VA construction loans.
- A minimum score of 620 FICO is required.
- Physical branches are located in only 17 states.
- It is unclear what lender fees are being charged.