Veterans United Home Loans is a private mortgage lender specializing in VA Loans. In fact, it is America’s largest VA Loans provider, accounting for 8.5% of all the VA Loans issued in 2019. Veterans United is operated by Mortgage Research Center, LLC, a privately owned company based in Columbia, MO. It offers VA Loans to eligible borrowers in all 50 states.
Veterans United offers one type of home loan: VA Loans, loans underwritten by the Department of Veterans Affairs. As such, Veterans United only serves borrowers who meet one of the following VA Loan eligibility requirements:
- 181 days on active duty in peacetime;
- 90 consecutive days active duty in wartime;
- 6 years in the National Guard or Reserve; or
- Spouse of Veteran who died in the line of duty.
Every VA Loan applicant must obtain a Certificate of Eligibility from the Department of Veterans Affairs as a precondition to getting approved. Fortunately, Veterans United offers free assistance with securing this document from the VA. Once you have your certificate, Veterans United offers the option of applying online or by phone. Its expert agents are on hand 24/7 to offer one-on-one attention and advice throughout the loan process.
Specialist VA lender
No need for down payment
24/7 customer support
No conventional or FHA loans
The number one reason to choose Veterans United is its expertise on everything related to VA Loans. As its name suggests, Veterans United is dedicated solely to serving Veterans (as well as active servicepeople). When it comes to issuing VA Loans, Veterans United has unparalleled experience and expertise.
It’s important to be aware that Veterans United doesn’t offer any other types of mortgage loans other than VA Loans. Therefore, if you’re in the market for a conventional mortgage, FHA loan, or any other type of mortgage, you’ll need to look elsewhere.
As discussed, Veterans United offers only one type of home loan: the VA loan. A VA Loan is a loan offered by a private lender and partially guaranteed by the federal government’s Department of Veterans Affairs. The government’s involvement allows lenders to take on more risk than they would with an ordinary borrower – which translates to lower rates for borrowers.
Here’s what makes a VA Loan special:
- Open only to members of the U.S. Military, National Guard, or Reserve who meet the qualifying requirements;
- No down payment required;
- No private mortgage insurance (PMI) required;
- Serving credit scores as low as 620;
- Can be used for purchase or refinance.
Veterans United isn’t your regular VA Loan provider. It also offers a range of other features to help you make an informed mortgage decision.
Here are the highlights:
- Veterans United Military Advisors, a group of former senior enlisted leaders from each branch of the Armed Forces whose mission is to educate Veterans about homeownership and VA Loans;
- Veterans United Realty, an independent affiliate partner of Veterans United that offers a nationwide network of real estate agents with expertise in serving Veterans;
- Lighthouse Program, a free service that helps Veterans improve their credit score and financial picture before applying for a home loan;
- Veterans United Foundation, which exists to help military-related families in need and also offers a biannual scholarship to service members and military families.
Veterans United’s rates and fees compare favorably to other VA Loan providers. Like other types of loans, Veterans United’s VA Loan rates change daily based on market conditions. When we last checked in, it was offering minimum APRs ranging from 3.43% for a regular 30-year Fixed VA Purchase to 3.989% for a 30-Year VA Cash-Out Jumbo (a VA Loan with an above-average loan amount).
Like all other VA lenders, a VA loan from Veterans United includes a mandated funding fee of 2.15% of the amount of loan (or 2.4% for members of the national Guard and Reserves). Surviving spouses and Veterans receiving VA disability compensation are exempt from the fee. The fee can be reduced to 1.5% with a 5% down payment or 1.25% with a 10% down payment.
Veterans United offers a choice between two repayment terms: a 30-year fixed-rate repayment or a 15-year fixed-rate repayment.
Veterans United has been serving American homebuyers since 2002, giving it almost 20 years of experience with VA Loans. Unlike most of its competitors, Veterans United offers 24/7 customer service. It does this to give maximum flexibility to troops stationed abroad.
Branches: 28 offices nationwide (full list on Veterans United website)
It’s easy to see why Veterans United is the largest VA Loan provider in the country. While many lenders offer VA Loans as an afterthought, Veterans United’s focus is solely on VA Loans. That means that when you contact Veterans United about a VA Loan, you know you have their undivided attention. If you meet the Department of Veterans Affairs’ VA Loan eligibility requirements, then Veterans United should be high up the list of your preferred mortgage lenders.