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Veterans United

The bottom line: Veterans United specializes in VA loans but offers a wide range of mortgage products. Online conveniences and easily viewed rates make it a strong choice for military borrowers, but its rates and fees are higher than those from some other lenders. Veterans United is good for veterans, active-duty service members and eligible reservists looking for VA or non-VA loans.

Excellent for Veterans Looking for a Mortgage:

Veterans United

at Veterans United

4.5

NerdWallet rating 

at Veterans United

Min. Credit Score

640

Min. Down Payment

0%

Pros

  • Offers 24/7 customer service over the phone.
  • Has online application and pre-qualification.
  • Offers a free credit counseling service.
  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Veterans United has physical branch offices in only 18 states.
  • Information on FHA, USDA and conventional loans is harder to find on their website.
  • Charges higher rates and fees than some other lenders.
Read full review
Min. Credit Score

640

Min. Down Payment

0%

Pros

  • Offers 24/7 customer service over the phone.
  • Has online application and pre-qualification.
  • Offers a free credit counseling service.
  • Employs advisors from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Veterans United has physical branch offices in only 18 states.
  • Information on FHA, USDA and conventional loans is harder to find on their website.
  • Charges higher rates and fees than some other lenders.
Read full review

Excellent for Veterans Looking to Refinance:

Veterans United

at Veterans United

4.5

NerdWallet rating 

at Veterans United

Min. Credit Score

640

National / Regional

National

Pros

  • Offers VA IRRRL, or “streamline,” and cash-out refinance loans.
  • Access to 24/7 customer service over the phone.
  • Has online application and pre-qualification.
  • Offers a free credit counseling service.

Cons

  • Veterans United has physical branch offices in only 18 states.
  • Information on refinances for FHA, USDA and conventional loans is harder to find on their website.
  • Charges higher rates and fees than some other lenders.
Read full review
Min. Credit Score

640

National / Regional

National

Pros

  • Offers VA IRRRL, or “streamline,” and cash-out refinance loans.
  • Access to 24/7 customer service over the phone.
  • Has online application and pre-qualification.
  • Offers a free credit counseling service.

Cons

  • Veterans United has physical branch offices in only 18 states.
  • Information on refinances for FHA, USDA and conventional loans is harder to find on their website.
  • Charges higher rates and fees than some other lenders.
Read full review

Veterans United loan types and products

Mortgages backed by the U.S. Department of Veterans Affairs are among the most valuable benefits provided to active-duty service members, as well as veterans and their families.

"Veterans, service members and their families can face unique financial and credit challenges, given the nature of their service,” says Chris Birk, director of education at Veterans United Home Loans. "It can also take military families years to save the typical 5% down payment for a conventional loan." VA loans generally require no down payment.

Nationally, VA loan volume has reached record highs in recent years and topped $175 billion in 2019. Riding that wave of popularity, Veterans United has originated more than $10 billion in loans annually since 2017.

While Veterans United specializes in VA loans, FHA, USDA and conventional loans are available too. It offers refinance options for VA borrowers, including the VA IRRRL, as well. For borrowers needing a jumbo loan, Veterans United says it writes mortgages up to $1.5 million.

The lender also offers the VA's energy-efficient mortgages, which allow veterans to roll the cost of efficiency-boosting improvements into their mortgage payment. Like most non-bank lenders, Veterans United does not offer home equity loans or HELOCs.

Veterans United online convenience

To get a mortgage with Veterans United, most people start online or over the phone. You can complete a loan application and prequalify online, through the My Veterans United portal.

Borrowers with a limited credit history may be able to use the on-time payment of other accounts, such as a cell phone, P.O. box or cable subscription, to help them qualify, Birk says.

Once you're under contract for a house, you'll be assigned "tasks" to complete using this online portal, such as uploading required documents. Your loan team will stay in touch throughout the process, letting you know what's needed along the way, Birk says.

With an "any time, any place" client base, Veterans United offers 24/7 customer service, so getting a mortgage — or just a question answered — works on your schedule. Though Veterans United has branches in only 18 states, it lends to customers in all 50 states and the District of Columbia.