28 Feb Veterans United Home Loans Review
Which VA home loan lenders are the best? It is difficult to answer that question since not all borrowers have the same needs. If you are searching for a participating VA lender, you will want to tailor your search to meet your specific wants and needs.
Companies such as Veterans United Home Loans engage or partner with former military personnel to provide education to the general public on the value of owning a home, the importance of obtaining a mortgage loan, and many other essential topics.
In this article, we’ll provide a Veterans United Home Loans review so you can learn about their features, application process, and suitability.
Related Article: The Ultimate Guide to a VA Loan
Veterans United Home Loans Review: About Veterans United
In the United States, Veterans United is the largest lender of VA home purchase loans. Veterans United Home Loans, headquartered in Columbia, Missouri, is a full-service mortgage lender offering products and services. Currently, the company has 28 offices throughout the country and licenses in over 50 states. It is the company’s primary business to originate VA loans, an insured mortgage product backed by the US Department of Veterans Affairs.
Veteran’s United was founded in 2002 and is dedicated to veterans. The Department of Veterans Affairs honored Veterans United in 2019 for issuing the official 24 millionth VA mortgage for the 75-year-old VA program, which was opened to all veterans.
Veterans United Home Loans Review: Types and Rates
Veterans United offers a wide selection of loan products to service members, veterans, and active reservists. Potential customers can locate up-to-date rate information quickly, contact customer service by phone any time of the day or night, and complete an online application.
Veterans United offers a variety of powerful mortgage loan options for Veterans with qualifying VA loan benefits, as mentioned below:
VA Purchase Loan
Veterans and service members can afford to purchase a new or existing home with no down payment with the VA Purchase Loan. Veterans can also get VA purchase loans for single-family homes, condominiums, manufactured homes, multi-unit properties (such as duplexes), and new construction.
Lenders have different policies and guidelines when it comes to making loans. Some lenders do not offer certain types of VA acquisition loans.
VA Interest Rate Reduction Refinance Loans (IRRRLs) is a refinancing option offered as part of the Veterans Administration loan program and is the loan that many Veteran homeowners choose.
There are also some VA Streamline loans, and the reason for that is that these types of loans tend to be simple, low-cost refinance that, in some cases, may not require credit underwriting, income verification, or appraisals.
To qualify for the VA IRRRL, veterans must currently have a VA loan, have your new rate to be lower than your old one, and have a time limit on how long it will take to recoup the costs and fees. As a result, veterans can realize the full financial benefits available to them.
VA Cash-Out Refinance
As part of the VA Cash-Out refinance program, some homeowners can refinance their mortgage and tap into the equity in their homes to obtain cash. These loans are available to veterans who have permanent VA loans and those who do not yet have them. If you are a qualified homeowner, you can typically refinance up to 90% of the current value of your home.
There can be a variety of lending guidelines and loan-to-value requirements among lenders. Veterans without VA mortgages can use this option to refinance their non-VA mortgages with a basic rate-and-term refinance because they do not need to take out cash down payments.
Related Article: More About Cash-Out Refinancing
VA Energy Efficient
Veterans can use the VA to arrange for more money to be loaned, either to help them purchase a new home or to refinance their existing home, to make energy efficiency improvements in it.
In addition, veterans can receive up to an additional $6,000 towards the cost of qualified improvements, such as storm or thermal windows, heat pumps, or solar heating and cooling systems. This option will not allow homeowners to make non-permanent improvements to their homes, such as appliances, window air conditioning units, etc.
You can view the home loan rates offered by Veterans United on their official website by clicking here.
Related Article: VA Loan Limits by State
Veterans United Mortgage Pros and Cons
Here are the pros and cons of Veterans United as outlined in the following paragraphs:
Pros of Veterans United
- Provides phone-based customer service 24/7, no matter what time it is.
- The application and pre-qualification processes are online.
- Credit counseling is offered free of charge.
- A member of the advisory council represents each branch of the armed forces.
- Active-duty service members, veterans, and their families have access to valuable benefits provided by the Department of Veterans Affairs.
Cons of Veterans United
- Home equity loans and HELOCs are not available.
- The physical branch offices of Veterans United are located only in 17 states.
- The website is hard to navigate for information about FHA loans, USDA loans, and conventional loans.
Veterans United Application Process
People who apply for a mortgage with Veterans United usually begin by using the Internet or by calling the company directly. Through the My Veterans United portal, you will be able to submit your loan application and become prequalified for a loan.
You can follow the following steps during the application process:
- Find a lender who is VA-approved.
- A Certificate of Eligibility (COE) is required.
- Check your loan amount pre-qualification (optional)
- Find a home to buy and sign the purchase agreement.
- The applicant’s application is processed, and a VA appraisal is ordered.
- Move-in after you close your loan.
Veterans United Refinancing
In the VA’s Cash-Out refinance loan program, veterans who meet specific qualifications are given the opportunity to refinance their conventional loan or VA loan at a lower rate, along with taking advantage of the equity in their home.
When you refinance your home, you can turn your home value into cash with a VA Cash-Out refinance. This should not be confused with a home equity loan, a subordinate loan that runs simultaneously with your primary loan. Suppose you refinance your existing mortgage with VA Cash-Out. You will be replacing your existing mortgage instead.
Related Article: VA Loan Assumption—Overview of an Overlooked Benefit
Veterans United Alternatives
As an alternative to Veterans United, many other trustable lenders provide home loans to veterans and their families, and they may be able to meet your needs.
The following lenders are some that might be able to assist you:
Navy Federal Credit Union
The Navy Federal Credit Union offers a wide variety of mortgage products tailored to the needs of its members, including no-down-payment loans. The credit union was founded in 1933, and the credit union has served the military community for over 70 years. Veterans, active-duty military, and their families are eligible for its membership.
PenFed Credit Union
Founded in 1935, PenFed Credit Union is a credit union with a global presence, 24/7 online access to its accounts, and is federally insured through the National Credit Union Administration (NCUA). Presently, PenFed serves members from every state plus the District of Columbia, Guam, Puerto Rico, and Okinawa.
USAA – United Services Automobile Association
USAA, one of the largest military, financial services companies, offers a broad array of financial products and services at competitive rates to military members and their families. Aside from benefits, insurance, insurance advice, and banking services, they offer specialized financial resources, insurance, and discounts to members.
The Final Verdict—Veterans United Home Loans Review
Veterans United offers current mortgage interest rates online, but not all mortgage products are listed there. If you would like to get a quote based on your credit score, debt-to-income ratio, and would like to know what rate you would qualify for, then you can fill out the online form or call Veterans United to speak directly with one of our loan specialists.