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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 country. And have been since 2016 (seven years in a row).
His specialty is providing financing to veterans seeking to purchase a home. And about 75% of their total business was purchase credit.
In 2022, the Missouri-based lender also took the overall lead in the VA lending category.
So chances are they are pretty knowledgeable when it comes to helping military members buy a home. For more information, read.
Veterans United Home Loan 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 also offers FHA and traditional
- Licensed to do business in all 50 states and DC
- #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 mentioned, Veterans United home loans are a juggernaut in the VA lending world, climbing to the top of the heap in 2022 according to HMDA data.
Last year, the company funded more than $31 billion in home loans, of which nearly 95% were VA loans.
They also gave out nearly $2 billion in loans in the form of conventional loans, FHA loans, and even some USDA loans. But they are clearly known for being VA loan lenders.
Veterans United operates as a direct-to-consumer retail mortgage lender, offering both home purchase loans and refinances.
The company was incorporated in 2002 and is headquartered in Columbia, Missouri.
Since inception, they have closed over 500,000 VA loans with the help of the many former military members who make up their staff.
The company 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 across the country.
The company operates a network of veteran-friendly real estate agents known as Veterans United Realty.
and offers credit counseling to help borrowers improve their credit scores to help them qualify for home loans.
How to Apply with Veterans United
To get started, you can call them directly, visit their website, or visit a physical branch if one is located nearby.
If you go the online route, they have a quote generator that asks a series of questions, then puts you in touch with a loan officer.
From there, you can check eligibility, get pricing, and finally complete the VA loan application electronically.
Once your loan is submitted, you will be able to manage your application through myVeteransUnited.
The dashboard allows you to securely upload documents, sign forms and disclosures electronically, monitor your progress, stay in touch with your lending team, and much 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.
Overall, they make the home loan process easy to complete, and overall are well-versed in both VA eligibility and financing protocols.
This means you should be paired with knowledgeable staff, while having flexibility in terms of how you complete the loan process.
Loan Program Offered by Veterans United
- home purchase loan
- Refinance Loan (IRRRL and VA Cash Out)
- jumbo va loan
- VA Energy Efficient Mortgage
- Loan for first time home buyers
- FHA loan
- Conventional Loan (Non-Government)
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 when buying or refinancing in an expensive area of the country.
Eligible property types include primary single-family homes, VA-approved condos, multi-unit properties and even modular homes.
While they do not market non-VA loans, they originated nearly $2 billion in conventional loans, FHA loans and USDA loans last year.
So my impression is that they offer those types of loans along with their core VA offerings.
In terms of qualifications, they require a minimum 620 FICO score, which may be a barrier for some.
While the VA has no minimum credit score, some lenders are more lenient than others. For example, Rocket Mortgage allows scores as low as 580 to apply for a VA loan.
If your score is below their minimum requirement, the company’s credit counseling group may be able to help.
Veterans United says it does not lend on manufactured homes, nor does it offer VA construction loans.
In regards to loan type, they only offer fixed-rate mortgages, such as a 30-year fixed or a 15-year fixed.
No second mortgage or home equity loan/line is offered.
Veterans United Mortgage Rates
One cool thing about Giants United Transparency is that they list their daily mortgage rates online.
So you don’t have to guess how competitive they are – just go to their website and click on the “VA Loan Rates” link.
You’ll see the daily rates for the 30-year fixed VA purchase loan and the 30-year fixed VA refinance loan, along with the required discount points.
If you want to fix rates, they allow you to customize your rate based on credit score.
For more accurate and robust pricing, contact a licensed loan officer for a quote.
While they advertise their mortgage rates, it is unclear how much 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 loan origination fees and/or fees for underwriting, processing, etc., while others do not.
Take the time to compare their bid with other lenders, both those that specialize in VA loans and those that don’t. You can also include mortgage brokers in your comparison shopping.
Giants Joint Review
Veterans United has no shortage of customer reviews.
On Trustpilot, Veterans United has an “Excellent” 4.9/5 rating from nearly 10,000 customer reviews.
And on Zillow, an excellent 4.78/5-star rating from over 5,100 customer reviews.
On Google, he has 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, 100% of reviewers on Bankrate would recommend them to others.
At LendingTree, they have a 5/5 score from 3,100+ reviews, a 99% recommend score, and have 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 score on Credit Karma out of nearly 3,000 reviews.
They have over 346,000 reviews on their website, with a 4.8 out of 5 average satisfaction rating and a 98% recommendation score.
Lastly, they are a Better Business Bureau (BBB) accredited company, and currently hold an ‘A+’ rating based on complaint history.
However, according to the BBB website, they have had 150 complaints in the past 3 years.
On the upside, they have a 4.82/5 rating on the BBB website based on nearly 2,500 customer reviews, which is a very solid score.
Overall, Veterans United is probably one of the most seasoned VA home loan lenders around, especially when it comes to purchase loans.
But take the time to comparison shop and don’t overlook rates and fees that can stick with you for much longer than a month or two to close on a mortgage.
Veteran United Pros and Cons
Good
- Can apply online, over the phone or at any branch
- Provides a digital, mostly paperless mortgage experience
- All major VA loan types available (and non-VA loans too)
- Displays their daily mortgage rates online
- Excellent customer reviews on multiple rating websites
- A+ BBB Rating, Accredited Company
- free smartphone app
probably not
- does not lend on manufactured housing
- No ARM, second mortgage or VA construction loan
- Minimum 620 FICO score required
- Physical branches located in only 17 states
- Not clear which lender is charged
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