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Veterans United is a lender that knows what it means to serve your country – and to reap the benefits promised by the government.
As you might guess by the name, this mortgage lender specializes in VA home loans. Moreover, their dedication to convenience and transparency is difficult to beat…though you’re not likely to receive service if you’re not a veteran.
Veterans United Home Loans is a full-service direct VA mortgage lender licensed in all 50 states and Washington, D.C.
Founded in 2002 in Columbia, Missouri, Veterans United has climbed the lending ladder to generate the largest number of VA home loans in the nation as of 2016.
Though it offers a range of mortgage products, this lender focuses primarily on VA loans backed by the U.S. Department of Veterans Affairs.
Eligible enlisted, reservist, and retired military members, plus qualified family members, can enjoy a range of benefits, including:
Getting started is easy: just call customer service or initiate an application online.
After getting preapproved – which can take just minutes – the lender’s MyVeteransUnited portal will walk you through document uploads, application tracking, and e-signing.
Typically, the process from application to closing takes 30-45 days.
Veterans United specializes in VA loans, including the VA’s energy-efficient mortgages, conforming loans, and jumbo loans over $1 million.
But like most non-bank lenders, Veterans United doesn’t offer home equity loans or lines of credit (HELOCs), known as second mortgages.
Instead, borrowers who need to tap their home equity can use a cash-out refinance.
Veterans United may have different requirements depending on the specific VA loan you need, though their baseline loans require a 640-credit score and a debt-to-income ratio (DTI) under 41%.
If you’re looking for a jumbo loan, you may find that the credit score and DTI requirements go up a few points.
That said, VA loans don’t require a down payment, minimum loan amount, or ongoing mortgage insurance (after an initial premium).
Veterans United is also flexible enough to consider nontraditional credit data for some borrowers, with returning borrowers qualifying for additional credits.
And if your credit score is too low, the free Lighthouse Program can help you boost your scores to acceptable levels.
Veterans United offers daily updates on its portal to gauge sample interest rates. You can also check your rates by answering a few quick questions in the lender’s rate checking tool, such as your military service, living situation, desired loan, and contact information.
Overall, rates and fees will vary based on your financial situation and the loan you choose. That said, Veterans United claims that there are no “hidden costs or locking fees” to catch you by surprise.
Typically, you can expect to pay 3-5% in closing costs, though working with a Veterans United Realty agent may qualify you for a fee waiver or reduction.
Veterans United offers several mortgage refinancing options, including rate-and-term and cash-out refinancing.
Eligible veterans can also take advantage of VA streamline refinances, or Interest Rate Reduction Refinance Loans (IRRRLs).
Getting preapproved makes it easier to work with homeowners and realtors when you’re on the hunt for a home.
With the MyVeteransUnited online application and documentation process, you can get preapproved in just minutes.
Veterans United offers legendary, 24/7 customer service to serve military members around the globe.
You can also fill out online forms to address a variety of needs, including asking questions, reporting fraud, seeking payment or technical assistance, and more.
Since 2016, Veterans United has been the leading VA lender in the nation by number of originated mortgages. It’s hard to beat that kind of expertise!
Veterans United publishes sample mortgage rates online, making it easy to see what you may qualify for.
You can then use the website to fill out an application, complete “tasks” to move forward with the underwriting process, and even e-close.
Plus, the website is packed with tons of helpful tools, including daily rate updates, an interactive homebuying course, and their information-packed blog.
Veterans United partners with retired senior enlisted leaders and military officers from each branch of the military to raise awareness and educate veterans about VA loans and homeownership.
These paid employees each have at least 28 years of military service under their belt and are there to help military members enjoy the benefits they’re entitled to.
With the Lighthouse Program, veterans who need a credit score boost to qualify for a mortgage can work one-on-one with a credit consultant to build a financial strategy.
The lender claims that some members have seen their scores raise hundreds of points in under a year.
Unfortunately, borrowers who want to pull cash out of their homes are limited to VA cash-out refinances with this lender, as Veterans United doesn’t offer home equity loans or HELOCs.
Veterans United only operates around two dozen branches in 18 states, despite being licensed to lend nationwide.
As such, many borrowers will have to contend with the online and phone-based lending process.
Veterans United doesn’t work directly with non-military members on its loans. Instead, citizens are directed to its lending partner, Paddio, to find loans.
Additionally, if you want FHA, USDA, and non-VA jumbo loans, you may find yourself directed to a partner for those loans, too.
Rocket Mortgage is the digital site for Quicken Loans. This site mainly services self-sufficient borrowers who prefer technology to the human touch (though phone support is also available).
Borrowers from all 50 states are welcome to apply, and preapprovals are issued in just minutes. Rocket Mortgage also boasts perks like an asset retrieval system, 90-day rate locks, and flexible terms.
That said, Rocket Mortgage has a longer-than-average closing time, with no second mortgages on the docket.
And if you want to see your customized interest rate, you’ll have to consent to a hard credit check.
>> More: Rocket Mortgage Review
As noted above, Quicken Loans is famous for its Rocket Mortgage program. And like Rocket Mortgage, Quicken is an online-only lender licensed in all 50 states.
Borrowers can choose to apply online, over the phone, or by snail mail, and enjoy digital rate locks, e-closing, and other online perks.
Unfortunately, Quicken Loans typically lends at higher-than-average interest rates. Moreover, their website uses more discount points than average by a substantial margin, showing potential borrowers rates that they’re unlikely to qualify (or pay) for.
>> More: Quicken Loans Mortgage Review
USAA serves more than 13 million military members, offering financing products in all 50 states to qualified borrowers.
The lender boasts solid customer service ratings and several VA loans and refinancing products. Typically, you can get preapproved in just minutes.
However, borrowers won’t have access to FHA or USDA mortgages, and USAA doesn’t offer home equity products.
>> More: USAA Mortgage Review
BNC National Bank is a midwestern lender that offers home loans throughout the United States – though it doesn’t offer all of its loans in-person in every state.
That said, borrowers can apply for purchase and refinance loans on primary, secondary, and vacation residences, as well as investment properties.
Unfortunately, BNC’s website is bare bones on the details. And if you want to check rates, you’ll have to contact a live person.
Veterans United has been the leading VA lender by volume for the past five years. They offer a range of VA loans, including purchase, refinance, and jumbo.
They also pay several former enlisted military members to walk homebuyers through the complexities of the mortgage process.
In other words, if military lending experience is top of your list, it’s hard to go wrong with Veterans United.
Overall, Veterans United’s mortgage rates trend lower than the national average and on par with other VA lenders.
Veterans United does offer VA loan refinances, including IRRRL streamlined refinances.
Typically, you need a minimum 640 credit score to work with Veterans United, though jumbo loans may require a higher score.
Veterans United doesn’t state if they charge a mortgage origination fee. Instead, they highlight the VA’s maximum 1% fee instead of breaking down their fee schedule.
Veterans United Home Loans is a lender built for veterans, from its affordable lending options to the former enlisted military members hired on staff.
If you’re in the market for a VA mortgage or refinance, Veterans United has everything you need to move forward on your next home loan.
Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.
