Veterans United: Your Trusted Partner for VA Loans and More
Veterans United Home Loans stands as an exceptional choice for borrowers seeking VA loan products, online convenience, and round-the-clock customer support. In this comprehensive review, we’ll delve into the details of what makes Veterans United a standout mortgage lender, from their services to customer ratings.
A Quick Overview
In this comprehensive guide, we’ve explored Veterans United Home Loans, a trusted and prominent name in the mortgage industry. If you’re considering a home loan, especially if you’re a veteran or active-duty service member, Veterans United should be on your radar. Here’s a quick overview of what we’ve covered:
- Finance Devil Score: 4.8/5
- Customer Rating: 4/5 (based on 3,585 ratings)
- Veterans United’s commitment to VA loans and military borrowers sets them apart.
- They offer a diverse array of loan products, from VA to conventional and more.
- Accessible 24/7 customer support ensures you’re never alone in your home loan journey.
- Free credit counseling is available to help you make informed financial decisions.
- However, it’s worth noting that they do not offer Home Equity Lines of Credit (HELOCs) or Home Equity Loans, and their branch network is relatively smaller.
When it comes to rating Veterans United Home Loans, the numbers speak for themselves. The Finance Devil Score of 4.8 stars out of 5 exemplifies the lender’s excellence in the mortgage industry. With an impressive customer rating and a proven track record, Veterans United is a top choice for homebuyers.
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Unveiling Veterans United Home Loans
Established in 2002, Veterans United Home Loans is a full-service direct mortgage lender, specializing in VA loans, with a formidable team of over 5,000 professionals. However, Veterans United doesn’t limit itself to VA loans; they offer a diverse range of loan products to cater to various needs. This lender is particularly renowned for its commitment to military borrowers and has held the title of the leading VA loan provider since 2016.
With over two dozen branch locations across the nation, accessing their services is easy. Additionally, you have the option to apply for a mortgage or refinance online or via phone. Veterans United’s flexibility shines through its ability to consider non-traditional credit data, and returning borrowers might even qualify for credit benefits.
Finance Devil Highlight: In 2022, Veterans United was recognized as the nation’s most active VA lender according to federal data.
Pros and Cons of Veterans United Home Loans
Pros:
- Specializes in VA Loans: Veterans United’s commitment to VA loans is unwavering, making them an ideal choice for veterans and active-duty military personnel.
- 24/7 Customer Service: The lender ensures that you can access their support and guidance anytime, day or night.
- Free Credit Counseling: Veterans and service members can benefit from free credit counseling, aiding them in making informed financial decisions.
Cons:
- No Home Equity Lines of Credit (HELOCs) or Home Equity Loans: If you’re interested in these types of loans, Veterans United might not be the right choice.
- Limited Branch Network: While they have branch locations, the number is limited compared to some other lenders.
How Finance Devil Scored Veterans United Home Loans
To determine the Finance Devil Score for Veterans United, our editorial team considered several factors related to their products and services. Here’s a breakdown:
Affordability: 4.3/5 Affordability is a critical aspect of any mortgage, and Veterans United’s rates are quite competitive. The exact costs depend on your specific loan and financial situation. The lender displays current rates online, allowing you to easily access the information you need.
Availability: 5/5 Veterans United Home Loans operates in all 50 states, with a strong focus on VA loans. They also offer conventional, FHA, and USDA loans, catering to a wide range of borrowers. To qualify for a VA loan, a minimum credit score of 620 and a debt-to-income ratio of no higher than 41 percent are required.
Borrower Experience: 5/5 Veterans United boasts a rich history in serving veterans, having worked with over 594,000 veterans and provided financing worth $149 billion. They maintain an A+ rating from the Better Business Bureau and earn “Excellent” marks on Trustpilot. Additionally, their high customer satisfaction scores in J.D. Power’s mortgage origination survey reflect their commitment to a top-notch borrower experience. Their 24/7 customer support ensures that you’re never alone in your home loan journey.
Applying for a Mortgage with Veterans United Home Loans
To initiate the mortgage process with Veterans United, you have multiple options:
- In-Person Application: Visit a branch to start the process in person.
- Phone Application: Apply by phone, where their knowledgeable staff will guide you through the process.
- Online Application: For the utmost convenience, use their website to apply for your mortgage or refinance.
Pro Tips for a Smooth Application Process
- Check Your Credit Report: Review your credit report before your lender does, ensuring there are no errors that could affect your preapproval and mortgage rate. Your credit score guides your choice of loan type.
- Gather Necessary Documents: Collect your income, asset, and debt-related documents, including pay stubs, W-2s, and account and loan statements.
- Property Details: Provide the property’s address and be prepared for an appraisal if required.
Refinancing with Veterans United Home Loans
For VA borrowers, Veterans United offers VA Interest Rate Reduction Refinancing Loans (VA IRRRL), also known as VA streamline refinancing. These loans streamline the refinancing process, making it more accessible and convenient. Veterans United can assist you with rate-and-term refinancing or cash-out refinancing, depending on your needs.
Veterans United Home Loans vs. Other Lenders
Veterans United Home Loans:
- Rating: 4.8/5
- Loans Offered: Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing
- Min. Credit Score Required: 620 for conventional loans, 620 for VA loans
- Down Payment: 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
- Nationwide Availability: Available in all U.S. states
USAA:
- Rating: 4.6/5
- Loans Offered: Conventional, jumbo, VA, fixed-rate; refinancing
- Min. Credit Score Required: 640 for VA loans
- Down Payment: None for VA loans
- Nationwide Availability: Available in all states
Navy Federal Credit Union:
- Rating: 5/5
- Loans Offered: Conventional, jumbo, VA, Military Choice, Homebuyers Choice, refinancing
- Min. Credit Score Required: Undisclosed
- Down Payment: 3% for conventional conforming loans, none for VA loans
- Nationwide Availability: Available in all U.S. states
Veterans United Home Loans is a top choice for those seeking a mortgage, with competitive rates and a stellar reputation. As you embark on your home loan journey, give Veterans United a close look.
To Recap
In conclusion, Veterans United Home Loans is a trusted and reputable mortgage lender, especially for veterans and military personnel. Their dedication to VA loans, wide range of loan products, and 24/7 customer support make them an excellent choice for those seeking a mortgage. The lender has earned high ratings and recognition in the industry, including a Finance Devil Score of 4.8/5. However, it’s important to weigh the pros and cons and consider your specific needs before making a decision. If you’re a veteran or an active-duty service member, Veterans United is certainly worth considering for your home financing needs. Access their services and embark on your home loan journey with confidence.
FAQs
How can I apply for a loan with Veterans United Home Loans?
Applying for a loan with Veterans United Home Loans is a straightforward process. You have three convenient options: in-person application, phone application, or online application. If you prefer face-to-face interactions, you can visit a branch to start the process. For those who prefer assistance over the phone, their knowledgeable staff will guide you through the application. The most convenient method is to apply online through their website. Remember to review your credit report, gather necessary financial documents, and provide property details for a smooth application process.
What sets Veterans United apart from other lenders?
Veterans United’s commitment to VA loans and military borrowers is one of their standout features. They offer a wide range of loan products, including conventional, jumbo, FHA, and USDA loans, providing options for various needs. Their exceptional 24/7 customer support ensures that you can access assistance at any time. For veterans and service members, free credit counseling is available to make informed financial decisions. However, it’s essential to note that they do not offer Home Equity Lines of Credit (HELOCs) or Home Equity Loans, and their branch network is more limited compared to some other lenders.
Are there any downsides to choosing Veterans United for my mortgage?
While Veterans United offers numerous benefits, it’s important to consider your specific needs. If you’re interested in Home Equity Lines of Credit (HELOCs) or Home Equity Loans, they do not offer these loan types. Additionally, their branch network, while accessible in many locations, is relatively smaller when compared to certain other lenders. It’s vital to assess your individual requirements and preferences to determine if Veterans United is the right choice for you.
Can I refinance my existing mortgage with Veterans United?
Yes, for VA borrowers, Veterans United offers VA Interest Rate Reduction Refinancing Loans (VA IRRRL), also known as VA streamline refinancing. These loans are designed to streamline the refinancing process, making it more accessible and convenient. You can choose between rate-and-term refinancing or cash-out refinancing, depending on your specific needs. Veterans United’s expertise in this area ensures a smooth refinancing experience for eligible borrowers.
What credit score is required to qualify for a VA loan with Veterans United?
To qualify for a VA loan with Veterans United, a minimum credit score of 620 is required. Additionally, you should have a debt-to-income ratio of no higher than 41 percent. These criteria are essential for eligibility, and it’s advisable to review your credit score and financial situation to determine if you meet the requirements.
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