Veterans United Mortgage and Loans: How do They Work?

FT Contributor
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Veterans United Home Loans was founded in 2002 in Columbia, Missouri. In 2015, the lender closed over 100,000 loans and in 2018, it celebrated 24 million closed VA loans.

While Veteran United’s main focus is helping active duty and retired military members gain access to home financing, the company also offers other types of government-backed and conventional home loans. Find out more about Veteran United Home Loans, including the mortgage application process, by reviewing the information in the following sections.

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Veterans United Mortgage Process

Veterans United Home Loans has a comprehensive website that provides substantial information on VA loans and the application process. You can use the site to determine if you’re eligible for a VA loan.

If you’re ready to buy a house and want a quote on the type of loan and interest rate you qualify for, you can complete an online form with the lender. However, you can’t complete the mortgage application process online and you must speak directly with a loan specialist before you’re provided with information on potential loan options.

When you speak with a loan specialist, you’re asked to provide information on your financial situation, such as your income and expenses. The loan specialist runs your credit and reviews other factors. While you may still be able to buy a house with bad credit, your loan offer might not be as favorable as if you had a good credit score.

Once the loan specialist has analyzed your information, you may be provided with different loan options and a mortgage pre-approval letter. Shop for a house based on the mortgage you can afford, which is outlined in your pre-approval. When you buy the home, your mortgage is underwritten and closed and you can begin making payments.

Veterans United Mortgage Rates

Veterans United Home Loans displays VA loan mortgages rates on its website, which vary depending on the type of loan and its terms. Your specific interest rate is determined by certain factors, such as the home you’re buying, its location, your down payment, the loan amount, and the type of loan you qualify for.

Veterans United Mortgage Options

When you speak with a loan specialist at Veterans United Home Loans, they can determine the type of loan you qualify for and what’s best for your new purchase or refinance. Some of the mortgage options available through Veterans United include the following:

  • VA loans.
  • Conventional loans.
  • USDA loans.
  • FHA loans.
  • Jumbo loans.
  • VA loan refinancing.

Veterans United Loan Services

There are several home loan services available through Veterans United. The loan you’re offered depends on what you qualify for, the type of home you’re buying, and the down payment you have available.

Conventional Loans

A conventional loan isn’t backed by the government but you may need to choose this option if you don’t qualify for a VA, FHA, or USDA loan. You may also need to obtain this type of loan if you plan to buy a second home or investment home. To qualify for a conventional loan, you generally need an impressive credit score and substantial down payment.

FHA Loans

An FHA loan is backed by the federal government and is a good choice for home buyers who don’t qualify for a VA loan. You generally only need an adequate credit score to be eligible for an FHA loan.

In some cases, you may only be required to provide a 3.5% down payment. Through Veterans United Home Loans, you can choose between a 15- or 30-year loan term and a fixed or adjustable rate.

VA Loans

Veterans United Home Loans specializes in VA loans and if you’re an active or retired military member or eligible family member, you may qualify for this type of mortgage. With a VA loan, you’re not required to provide a down payment or pay for private mortgage insurance. These loans are known for their competitive interest rates and lender fees must be 1% or lower.

USDA Loans

To qualify for a USDA loan, you must purchase a home in a rural or underdeveloped area that meets the USDA’s standards. While you must meet a specific minimum income level, there’s no down payment requirement for a USDA loan. Through Veterans United Home Loans, you may obtain a 30-year term for a USDA loan.

First-Time Homebuyers

While there are many types of home financing options generally available for first-time homebuyers, Veterans United Home Loans suggests applying for a VA loan if you qualify. A VA loan doesn’t have strict credit score requirements and in most cases, you’re not responsible for a down payment. Without private mortgage insurance, your monthly payment will also be lower, which is helpful if it’s your first time paying a mortgage.

How to Apply for a Loan From Veterans United

The mortgage application process is more extensive than when you apply for a personal loan because the lender needs to thoroughly analyze your financial situation. You can call Veterans United at 1-855-258-3548 to speak with a loan expert and begin the application process. Alternatively, you can fill out an online quote form to be matched with a loan expert who can help you get pre-approved.

Once your basic information is taken and your credit report pulled, you may be required to submit additional documentation to your loan professional, such as proof of income. Once you’re pre-approved for a mortgage, you can begin to shop for your home. After you close on your home, you’re responsible for making your mortgage payment each month until the loan is paid off.

There are many benefits to applying for a VA loan for your home purchase. However, if you don’t qualify, a Veterans United Home Loans representative can recommend other home financing products that fit your budget and allow you to buy the home you want. Before agreeing to a loan with any lender, review the closing costs, lender fees, down payment requirement, and monthly mortgage payment.

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