Veterans United mortgage review

What types of loans does Veterans United offer?

Veterans United specialized in VA loans, but it offers conventional and some government-backed loans.

• VA loans. These government-backed loans are designed specifically for service members and their families. It’s competitive rates and 100% financing makes this a strong choice for qualified homebuyers.
• USDA loans. Administered by the US Department of Agriculture, USDA loans give those in rural areas access to 100% financing and flexible credit requirements.
• FHA loans. Ideal for first-time home buyers and those purchasing a fixer-upper, these government-backed loans can get you a down payment as low as 3.5%.
• Conventional loans. Veterans United offers 15- 25- and 30 year fixed rate loans. But you could be directed to its partner bank, Neighbor’s Bank.

Other loans offered by Veterans United

Other home loan options include refinancing to lower your monthly payments by taking advantage of lower interest rates.

• VA Streamline Refinance. Most borrowers can qualify for no out-of-pocket costs and no appraisal to refinance a VA loan.
• Cash-out refinance. Refinance your VA loan to a lower interest rate and get cash from the equity in your home. Borrowers need a credit score of at least 620, and closing costs come from the cash out amount.

Veterans United fees

Fees depend on the kind of loan you decide, but some typical loans you can expect include:

• VA Funding fees. Typically with refinancing, these fees between 1.25% and 3.3% of the loan go directly to the Department of Veterans Affairs.
• Origination fees. These fees typically paid at closing can be 1% of your loan amount.
• Closing costs. Documents, underwriting and attorney fees are rolled into one cast to be paid at closing.
• Third-party fees. This can include appraisals, credit reports and recording fees are often paid to other companies other than the lender.

Requirements

The borrowing requirements with Veterans United depend on the kind of loan you apply for.
To qualify for a VA loan, you’ll need a credit score of at least 620 and you must be an active or veteran service member or qualified family member.

Nonservice members can apply for other loans through Veterans United, but its rates are less competitive than other lenders.

Other government-backed loans can require specific qualifications like income, credit score and residence in a specific region.

Documentation

The documents you need for a loan with Veterans United includes:

• Address and employment history for two years
• Paystubs stating monthly income
• Recent bank statements with account balances
• Current mortgage information
• Military history

How to get a home loan with Veterans United

To apply for a mortgage with Veterans united, begin by applying for prequalification online:

1. Go to the Veterans United website.
2. Click See if I’m eligible.
3. Select if you’re buying or refinancing a home.
4. You’ll answer questions surrounding your work with the military.
5. Next, answer questions about the home you want to buy, like its location, price and the monthly mortgage you expect to pay.
6. Choose if it’s a single-family, condo, townhouse, mobile, multifamily or new construction, and if it’s your primary residence.
7. Answer questions about how quickly you’d like to close on your home, if you currently own a home and if you plan on selling a home before you make your purchase.
8. Veterans United will ask if you need a real estate agent.
9. You’ll then answer questions regarding your financial situation like credit score, employment, marital status and annual income.
10. Other questions you could answer include the type of your current loan and if you’ve ever had a VA loan, and questions surrounding disability and bankruptcy.
11. Next, you’ll provide details like email, phone number, name and address.
12. Once you’re approved and an offer is accepted the home is appraised.
13. Once you submit, a loan officer should reach out to complete your application.

Pros and cons of Veterans United

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More details

Features	Loan types: Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance Minimum credit score: Conventional: 620 FHA: 500 VA: 620 USDA: 640 Jumbo: 800 Minimum down payment: 3%

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What is Veterans United?

Veterans United started in 2002, with a focus on VA loans. This niche lender, not only helps military service members and their families qualify for VA loans, but it employs primarily professionals from the military. In 2017, J.D. Power received the highest score in customer satisfaction out of 25 lenders, with customers citing friendly, helpful and attentive staff.

Frequently asked questions

• How do I pay my monthly mortgage payment?

  Sign in to your MyVeteransUnited dashboard to make your payment digitally or call 888-300-7545. If Veterans United is not servicing your loans, please contact your servicer for instructions.

• Why do I have to provide more documents after I've been preapproved?

  Preapproval notwithstanding, you still might need to provide more documentation. An underwriter’s goals are to make sure borrowers meet all VA standards.

• What's the difference between VA eligibility and loan approval?

  The Department of Veteran Affairs approves eligibility for the VA loan program, while the lender approves the borrower based on income and credit history — so you can be denied the loan while still being deemed eligible.