Veterans United Home Loans Review 2022

Veterans United at a glance

Veterans United offers service members, veterans and eligible reservists a broad array of loan products in addition to VA loans. Potential borrowers can easily find up-to-date rate information, reach customer service by phone any time of night or day, and apply online.

Here’s a breakdown of Veterans United’s overall score:

• Variety of loan types: 3 of 5 stars

• Ease of application: 5 of 5 stars

• Rates and fees: 4 of 5 stars

• Rate transparency: 4 of 5 stars

» MORE: Compare Veterans United to other VA mortgage lenders

Veterans United mortgage loan types

Veterans United is by far the largest lender for VA home purchase loans in the nation.

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 total loan volume has reached record highs in recent years and topped $375 billion in 2020. Riding that wave of popularity, Veterans United has originated more than $10 billion in loans annually since 2017, with more than $16 billion in home purchase loans in 2020 alone.

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 $2.5 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 nonbank lenders, Veterans United does not offer home equity loans or HELOCs.

» MORE: VA home improvement loan options

Veterans United ease of application

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 17 states, it lends to customers in all 50 states and the District of Columbia.

Veterans United mortgage rates and fees

The lender’s fees vary "based on the loan product, the borrower’s credit profile and the market area we’re serving," Birk says.

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

• Veterans United earns 3 of 5 stars for average origination fee.

• Veterans United earns 4 out of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

» MORE: 'Should I buy points?' calculator

Veterans United rate transparency

Veterans United publishes current mortgage rates on its site, but not all available mortgage products are included. To get a rate quote based on your credit score, debt-to-income ratio and desired loan term, you can fill out an online form or call Veterans United to speak directly with a loan specialist.

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