If you’re an active duty or veteran homeowner (or aspiring home buyer), chances are you’ve heard of Veterans United Home Loans.
They are the largest VA home purchase lender in the nation. And have been since 2016 (seven consecutive years).
Their specialty is providing financing to veterans looking to buy homes. And about 75% of their overall business consisted of purchase loans.
In 2022, the Missouri-based lender also took the overall lead in the VA lending category.
So chances are they’re pretty knowledgeable when it comes to helping military members buy homes. Read on to learn more.
Veterans United Home Loans Fast Facts
- Direct-to-consumer mortgage lender
- Founded in 2002, headquartered in Columbia, Missouri
- A DBA of Mortgage Research Center, LLC
- Focuses primarily on VA loans but offers FHA and conventional too
- Licensed to do business in all 50 states and D.C.
- The #1 VA lender nationally in 2022
- Funded $26.5 billion in VA loans last year
- 30th largest home loan lender overall
- Has physical branches in 17 states
As noted, Veterans United Home Loans is a juggernaut in the VA lending world, having ascended to the top of the pile in 2022, per HMDA data.
Last year, the company funded more than $31 billion in home loans, with about 95% of it VA loans.
They also doled out nearly $2 billion in conventional loans, FHA loans, and even some USDA loans. But they’re clearly best known for being a VA loan lender.
Veterans United acts as a direct-to-consumer retail mortgage lender, offering both home purchase loans and refinances.
The company got its start all the way back in 2002 and is headquartered in Columbia, Missouri.
Since inception, they’ve closed more than 500,000 VA loans with the help of many former military members that make up their staff.
The company also recently hired hilarious movie star (and former member of the United States Marine Corps Reserve) Rob Riggle as a spokesperson.
At last count, they also have physical branch locations in 17 states nationwide.
The company operates a network of Veteran-friendly real estate agents known as Veterans United Realty.
And offers credit consulting to help borrowers improve their credit scores to help qualify for a home loan.
How to Apply with Veterans United
To get started, you can call them directly, head to their website, or go to a physical branch if one is located nearby.
If you go the online route, they’ve got a quote generator that asks a series of questions, then puts you in touch with a loan officer.
From there, you can check eligibility, gather pricing, and eventually complete a VA loan application electronically.
Once your loan is submitted, you’ll be able to manage your application via myVeteransUnited.
The dashboard allows you to securely upload documents, sign forms and disclosures electronically, monitor your progress, get in touch with your lending team, and more.
They also offer a free smartphone app that allows you to get pre-approved for a mortgage, view your to-do list, or upload photos of requested documents.
All in all, they make it easy to get through the home loan process, and are well-versed in both VA eligibility and financing protocol overall.
This means you should be paired with knowledgeable staff, while having flexibility in terms of how you complete the loan process.
Loan Programs Offered by Veterans United
- Home purchase loans
- Refinance loans (IRRRL and VA cash out)
- Jumbo VA loans
- VA Energy Efficient Mortgages
- Loans for first-time home buyers
- FHA loans
- Conventional loans (non-gov)
Veterans United offers both home purchase loans (their specialty) and refinance loans.
This includes the VA Interest Rate Reduction Refinance Loan (IRRRL), the VA cash out refinance, and even the VA Energy Efficient Mortgage (EEM).
You can also get a jumbo VA loan if purchasing or refinancing in an expensive region 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 did originate nearly $2 billion in conventional loans, FHA loans, and USDA loans last year.
So my assumption is they also offer those types of loans alongside their core VA offerings.
In terms of qualifying, they appear to require a minimum 620 FICO score, which might be a hurdle for some.
While the VA doesn’t have a minimum credit score, some lenders are more liberal than others. For example, Rocket Mortgage allows scores down to 580 for VA loans.
If your scores are below their minimum requirement, the company’s credit consulting group might be able to assist.
Veterans United says it does not lend on manufactured homes, nor does it offer VA construction loans.
With regard to loan type, they only offer fixed-rate mortgages, such as a 30-year fixed or 15-year fixed.
No second mortgages or home equity loans/lines are offered.
Veterans United Mortgage Rates
One nice thing about Veterans United transparency-wise is they list their daily mortgage rates online.
So you don’t have to guess how competitive they are – simply head to their website and click on the “VA loan rates” link.
You’ll see daily rates for a 30-year fixed VA purchase loan and 30-year fixed VA refinance loan, along with the discount points required.
If you want to fine-tune rates, they allow you to customize your rate based on credit score.
For more accurate and robust pricing, reach out to a licensed loan officer for a quote.
While they do publicize their mortgage rates, it’s unclear what lender fees they charge.
Pay close attention to your quoted APR and read your loan estimate to see what lender fees are charged, if any.
Some lenders charge a loan origination fee and/or fees for underwriting, processing, etc., while others do not.
Take the time to compare their quote to other lenders, both those that specialize in VA loans and perhaps those that don’t. You can also include mortgage brokers in your comparison shopping.
Veterans United Reviews
Veterans United has no shortage of customer reviews.
Over at Trustpilot, Veterans United has an “excellent” 4.9/5 rating from nearly 10,000 customer reviews.
And at Zillow, a very good 4.78/5-star rating from over 5,100 customer reviews.
On Google, they’ve got a 4.8/5 rating from roughly 4,500 reviews, and a perfect 5.0 on Bankrate from 3,300 reviews.
What’s more impressive is 100% of reviewers on Bankrate would recommend them to others.
At LendingTree, they have a 5/5 score from 3,100+ reviews, a 99% recommended score, and landed in the top-10 for customer satisfaction in Q4 2022.
If that’s not enough, they’ve got 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 a 4.8 out of 5 average satisfaction rating and a 98% recommend score.
Lastly, they are a Better Business Bureau (BBB) accredited company, and currently hold an ‘A+’ rating based on complaint history.
However, they have had 150 complaints over the past 3 years, per the BBB website.
On the upside, they have a 4.82/5 rating on the BBB website based on nearly 2,500 customer reviews, which is a pretty solid score.
To sum things up, Veterans United is probably one of the most experienced VA home loan lenders out there, especially when it comes to purchase loans.
But take the time to comparison shop and don’t overlook rates and fees, which can stay with you a lot longer than the month or two it takes to close on a mortgage.
Veterans United Pros and Cons
The Good
- Can apply online, by phone, or at a branch
- Offers a digital, mostly paperless mortgage experience
- All major VA loan types available (and non-VA loans as well)
- Displays their daily mortgage rates online
- Excellent customer reviews across many ratings websites
- A+ BBB rating, accredited company
- Free smartphone app
The Maybe Not
- Doesn’t lend on manufactured housing
- No ARMs, second mortgages, or VA construction loans
- Requires a minimum 620 FICO score
- Physical branches located in just 17 states
- Unclear what lender fees are charged
