If you’re a veteran of the US military, and looking to buy or refinance a home, you need to work with a VA loan specialist.
Only such a specialist will know all of the benefits you’re entitled to, as well as special programs and pricing available.
There are only a handful of VA loan specialist lenders in the country. Veterans United Home Loans is one of them.
This is the exact type of mortgage lender you should be looking to work with if you’re a veteran.
About Veterans United Home Loans
Founded in 2002, and based in Columbia, Missouri, Veterans United Home Loans has grown to become one of the largest VA mortgage lenders in the country.
In fact, the company specializes in VA mortgages, making it one of the very best companies for veterans to obtain home loan financing with.
This is important because VA loans are perhaps the best mortgage program available. They enable veterans to purchase homes with 100% financing, meaning there is no down payment required.
This is in contrast to conventional mortgages, that require a minimum down payment of between 3% and 5% of the purchase price, or FHA mortgages that require a minimum down payment of 3.5%.
VA Loans also come with no monthly private mortgage insurance requirement or PMI. This is in contrast to conventional and FHA mortgages, both of which do require monthly mortgage insurance payments if your down payment is less than 20% of the home’s purchase price.
The company has an A- rating with the Better Business Bureau (BBB) (on a scale of F to A+). The company has been accredited with BBB since 2004, and has just 25 negative reviews to nearly 1,400 positive reviews.
And in late 2017, the JD Power Survey of 25 mortgage lenders gave Veterans United Home Loans an Overall Satisfaction Index rating of 889 based on a 1,000 point scale, the highest of all companies on the survey.
Veterans United Home Loans Products and Services
Veterans United Home Loans offers a full range of VA home loan products, available for both purchases and refinances.
VA Loan Purchases. You can purchase a home with a 0% down payment for up to $453,100 in most counties. But Veterans United Home Loans can also provide maximum loans as high as $1.5 million.
First-time Homebuyers. VA loans are specifically well-suited to first-time homebuyers. Since they don’t have a down payment requirement, making that first home purchase doesn’t need to be delayed by saving up money. Also, the lack of a monthly mortgage insurance requirement means a lower monthly payment. Meanwhile, VA mortgage guidelines tend to be more lenient than they are with conventional financing.
USDA Loans.Veterans United Home Loans also has USDA Loans available from the US Department of Agriculture. These are available for homebuyers with lower incomes, including veterans, to purchase homes and land in certain designated rural areas.
VA Refinance Loans. These give you the ability to refinance an existing mortgage, whether it’s to lower your interest rate and monthly payment, or to get cash out for other purposes. It can be used to refinance a conventional mortgage, an FHA loan, or another VA loan.
VA Streamline Refinance. The technical term for these are Interest Rate Reduction Refinance Loans, or IRRRL loans. They’re refinance loans available only for existing VA loans. They’re primarily to lower your interest rate and monthly payment, or to refinance an adjustable-rate loan into a fixed rate. They do not require a new VA Loan Certificate of Eligibility, and most do not require a new appraisal.
Whatever the loan type, if you’re an eligible veteran, Veterans United Home Loans will help you qualify for the loan, and walk you through every step of the process.
Veterans United Home Loans Features and Benefits
Veterans United Home Loans helps veterans with every stage of the home-buying process, from education, to pre-qualification, through mortgage processing, and right to the closing table. Some of the specific services they offer include:
Military Advisors. Veterans United Home Loans works with former senior enlisted leaders from each branch of the armed services to help educate veterans about homeownership, and how VA loans can help them realize that dream. This helps the company to accommodate the unique needs of veterans, whether they’ve been discharged for many years, are new to civilian life, or still in active service.
Customer Service. You can get in touch with a Home Loan Specialist at Veterans United Home Loans by phone, 24 hours a day, seven days a week. The company also has branch operations available in more than 20 locations.
Credit Building. Veterans United Home Loans recognizes that credit is often an issue for service members transitioning into civilian life. They can help explain the ins and outs of credit, as well as to help you improve both your credit and your credit score. This can be done through a program called Veterans United Lighthouse. It’s designed to help potential homebuyers improve their financial profile. Since 2008, the program has helped more than 8,000 previously denied borrowers close on a home.
Veterans United Realty. When you’re finally ready to buy a home, you have the option of working with Veteran United Home Loans independent affiliate partner, United Veterans Realty. They work to connect you with real estate agents in your area who specialize in helping veterans and military families through the home buying process.
Veterans United Home Loans Borrower Education
Servicemembers entering civilian life often don’t understand the technicalities of home buying and mortgage financing. For that reason, Veterans United Home Loans offers special programs dedicated to close that information gap. These include:
Homefront Academy. This is an online training service, with live instructors, providing courses and tools to help you obtain your VA loan. This includes a director of education, a licensed real estate agent, a credit expert, and a residential mortgage loan originator.
Calculators and Tools. Veterans United Home Loans offers the following calculators:
- Affordability Calculator – enables you to calculate how much mortgage you can afford, based on your income, recurring expenses, credit history, and the type of mortgage you want.
- Mortgage Payment Calculator – provides monthly payment amounts based on various loan sizes. Also includes real estate taxes and homeowner’s insurance in the payment.
- VA Loan Funding Fee Calculator – the VA Funding Fee is the premium you pay for VA mortgage insurance. It’s an upfront charge, that’s added to your loan amount. There are different levels of this fee, and this calculator will show you exactly how much it will be based on your eligibility, loan type and loan amount. In some cases, the VA Loan funding fee can be waived.
- VA Loan Limit Calculator – In most counties in the US, the VA loan limit is $453,100. But it can be either higher or lower in certain areas. This calculator enables you to find out exactly what the maximum VA loan amount is in the county where you are buying. You can also view the VA Loan limit list on our site for more information.
Homebuyer Education. If you’re a first-time homebuyer, Veterans United Home Loans has a long list of resources to help you become an informed buyer. There are courses that explain homeownership, credit, home loans, the VA process itself, your life as a homeowner, and reusing your VA loan benefits. These programs can take the mystery out of the home buying and the mortgage financing process.
Veterans United Home Loans Mortgage Rates
Veterans United Home Loans doesn’t make its rates and loan fees available on its website. This is actually a good idea. The rates and fees published on most mortgage lender websites are generally only for the most qualified borrowers, with large down payments, high incomes, and excellent credit.
In order to calculate a truly relevant interest rate, Veterans United Home Loans first collects information about you as a borrower. This includes your income, your debts, and your credit history. Only when that information is available can they provide an accurate estimate of what your rate and fees will be.
This can actually be part of the pre-qualification process. Once you complete it, you’ll not only know what your rates and fees will be, but also how much you can afford to borrow, and what additional documentation you will need between application and closing.
You’ll start the process by prequalifying, based on the financial information you supply. You will then be provided with a pre-approval. That will let real estate agents and home sellers know exactly what you’re qualified for, strengthening your bargaining position when you find a home you want to buy.
Want to compare VA Loan Lenders? Visit the VA Loan page on our site to compare different lenders and get a quote on an interest rate for your next home purchase.
Veterans United Home Loans Advantages and Disadvantages
- Veterans United Home Loans is a VA loan specialist lender. This is important because VA loans are unique in the mortgage industry. Mortgage lenders who primarily lend by either conventional and/or FHA loans may not fully understand the VA mortgage process.
- 24/7 customer support – you may need that in the middle of the night when you have important questions.
- Military Advisors. Veterans often have unique circumstances, that need the advice and input of actual military personnel.
- Veterans United Home Loans has abundant educational resources and calculators. These will give you an opportunity to learn what you’re getting involved in, as well as being able to crunch numbers before you actually commit yourself to the purchase or refinance.
- Veterans United Home Loans doesn’t offer secondary home financing programs, such as home equity loans or home equity lines of credit (HELOCs).
- They specialize in VA loans, which makes them experts for this loan type. But there are certain situations where it might be more beneficial for a veteran to use either a conventional loan or an FHA loan. For example, VA loans are not available for second homes or investment properties. Conventional financing will be required in either case. (check out our list of best military banks for more lenders that specialize in military customers).
- Branches are available only in some states. Most of the process will take place by phone, email, or regular mail.
Should You Get Your VA Loan Through Veterans United Home Loans?
Veterans United Home Loans is a highly specialized mortgage lender. If you are an eligible veteran, this company should be on your short list of mortgage lenders.
While it’s often assumed first-time homebuyers understand the process, it’s not always true. This is especially the case with recently released service members.
The home buying process can be especially complicated for someone who is coming into the financial world for the first time. Veterans United Home Loans can make that transition a lot smoother than it otherwise might be.
It’s important to understand that while a lot of mortgage lenders do offer VA loans, only a handful specialize in them. VA loans have an incredible number of nuances, and you should be working with a specialist lender to get the most benefit out of all that VA loans have to offer.
If you’d like more information, or if you’d like to apply for a loan through the company, check out the Veterans United Home Loans website.