VA Jumbo mortgage
- Specialist in VA mortgages
- Exceptional reputation for customer service
- 'Lighthouse' program helps low-credit borrowers
- Not available to non-military or military family borrowers
- Does not offer home equity loans or lines of credit
- Only operates branches in 18 states
Although it was founded in 2002, Veterans United was already America's biggest provider of VA mortgages by 2018.That level of success suggests Veterans United has used its focus on a single product (VA loans) to develop real expertise that many find valuable. Indeed, the company's staff is specially trained to help military members and veterans, and gets exceptionally high customer service ratings. Veterans United also has competitive VA loan rates compared to other major mortgage lenders. Veterans United won't be your best bet if you have no military affiliation. But if you do, we'd recommend getting a custom rate quote to see how this mortgage lender stacks up for you.
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Compare Veterans United mortgage rates
Veterans United specializes in VA mortgage loans, which are almost exclusively available to current and former military members. But they’re an amazing choice for those who do qualify.
VA mortgages typically have lower interest rates than the rest of the market. They also let military members and veterans buy a house with zero down and no mortgage insurance.
And when it comes to VA loans, Veterans United competes with the best of them — including the top-rated USAA.
30-year fixed-rate VA mortgage estimates at major banks
Monthly P&I Payment
We compared VA loan rates from Veterans United side-by-side with other major banks and lenders. We found its rates and monthly payments to be about average. But remember, rates will vary based on the types of clients and programs a lender specializes in.
Rates shown here are current as of 11/27/2019. Monthly principal and interest payments are based on a home price of $240,000 and zero down payment for a home located in Washington.
These numbers are a snapshot meant for general comparison only. Your own mortgage costs will vary depending on your loan, your finances, the economy, and other factors.Verify your new rate (Jan 26th, 2020)
Veterans United mortgage lender review for 2020
When asked to add their two cents to this Veterans United lender review, a VU rep had this to say:
“Veterans United Home Loans is the nation’s largest VA lender. We’re a full-service lender, but we specialize in VA lending and providing an exceptional customer experience for those who serve our country.
“Our staff is specially trained to work with Veterans and service members to help overcome the unique circumstances and challenges they may face to make their homebuying journey as seamless as possible.
“We publish all of our customer reviews online, unedited and unfiltered, and we’re honored to have more than 120,000 five-star reviews and a 97.9 percent recommendation rating.”
“Our staff is specially trained to work with Veterans and service members to help overcome the unique circumstances and challenges they may face to make their homebuying journey as seamless as possible.” –Veterans United
And it’s true that it’s hard to find anyone with a bad word to say about Veterans United.
For example, its Trustpilot page had, at the time of writing, more than 4,100 reviews. Of those, 95 percent ranked its service “excellent” (the highest) and another 3 percent called it “great” (the next highest). Only 1 percent labeled it “bad.”
Veterans United does offer other types of government-backed home loans. But its focus is clearly on VA loans and providing the best service possible to U.S. military personnel.
Veterans United mortgage eligibility
If you want to get a mortgage from Veterans United, you’ll need to be a current or former member of the U.S. Armed Forces, or an eligible family member.
Those eligible for VA loans from Veterans United include:
- Coast Guard
- Marine Corps
- Air Force
- Military Spouse
If none of these apply to you, Veterans United is likely not the right company for your home purchase or refinance. You can explore reviews of other top lenders here.
Working with Veterans United
Veterans United has a limited branch network — which may be an issue if you prefer face-to-face dealings. However, its online facilities are slick and are backed up by 24/7 telephone support.
If you wish, you can upload your documents securely and complete your VA mortgage application online. You can also:
- Complete a part application, save it and return later to finish it off
- Use mobile devices as well as home and office computers
- Securely upload your documents
- Monitor your application’s progress through to closing
Meanwhile, Veterans United’s call centers are open 24 hours a day, seven days a week. So there’s always an expert available to help you through a mortgage or technical issue. And there’s also a hotline number you can call to access the lender’s Client Advocates.
Things may be less straightforward if you hate technology. With only 25 branches nationwide, many people won’t live close to a Veterans United location.
However, if you’re lucky enough to, you can enjoy the sort of traditional experience that you can only find in a brick-and-mortar environment.
Veterans United Lighthouse program for poor credit
It’s worth expanding on Veterans United’s Lighthouse Program. This unique service helps veterans with sub-par credit build up their score to homebuying levels.
If your credit score is too low for you to qualify for a mortgage (think, 620 or below), you can work one-on-one with a credit consultant from Veterans United. He or she will suggest a strategy to get your finances back on track and to rebuild your score quickly.
According to the lender’s website, one family with a credit score in the 400s was approved for a mortgage only 10 months after first getting in touch.
Customer service and mortgage servicing
When it comes to customer service, it’s hard to write a Veterans United review that doesn’t read like an ad. Of course, many lenders strive to deliver excellence. But it’s hard to think of one who achieves that status so well.
Mortgage-Related Complaints at Major Lenders
Complaints per 1,000 mortgages6
2019 JD Power Rating7
We already mentioned this lender’s excellent ratings on Trustpilot. And those results are matched on Better Business Bureau: more than 1,650 reviews at the time of writing, with an average 5-star rating.
Veterans United also gets the second-highest rating in J.D. Power’s mortgage customer survey (after USAA) and has fewer than one complaint per thousand mortgage customers.
Veterans United mortgage loan products
Clearly, Veterans United has a very tight focus on VA loans. And if you’re eligible for one of those, that’s probably enough. Especially if you’re a first-time buyer with fairly straightforward needs.
After all, VA loans often come with zero down payment, fairly easy credit thresholds (minimum score 620), lower mortgage rates than many other types of mortgages, and no continuing mortgage insurance payments after an initial premium. What’s not to like?
However, if for some reason a VA loan is not the right product for you, Veterans United does offer alternatives.
Other mortgage loans at Veterans United
If you’re not eligible for VA loans or have needs they can’t satisfy, Veterans United offers other products:
- USDA loans — The only other mortgage that requires no down payment. But credit thresholds start at 640, and you’ll have to pay mortgage insurance throughout the time you have the loan. There are also income caps on who can qualify
- FHA loans — Veterans United FHA loans allow a down payment as low as 3.5 percent, and require a credit score of 640 or above. They also come with a monthly mortgage insurance payment
- Conventional loans — Down payments start at 5 percent, but you have to put at least 20 percent down to avoid paying mortgage insurance. Conventional loans from Veterans United have a credit threshold of 660
- VA Jumbo loans — When you need to borrow more than standard (county-based) VA loan caps allow. You’ll need a down payment and a credit score above 620 if you want to borrow more than $1 million
Because it originates so few non-VA loans, it’s difficult to say how competitive or Veterans United is for these types. You’ll want to get a custom rate quote to find out for yourself.
Where can you get a mortgage with Veterans United?
Veterans United. NMLS ID: 1907
If you prefer to arrange your mortgage face to face, Veterans United currently has one, two or three branches in each of the following states:
Most Veterans United branches are located near military bases in the states where they’re available.
Those who don’t live close to a branch can apply online from any U.S. state. And the website provides better functionality than most competitors’ do.
Indeed, you might be able to carry out almost the entire transaction digitally. And if you need help with a technology issue or a mortgage query, there’s 24/7 telephone support.
Is Veterans United the best mortgage lender for you?
So what should you take away from this Veterans United mortgage lender review? Well, if you want a VA loan, you should definitely explore your options with this company.
If you want another sort of mortgage, it may well still be able to help. But its talents are less obvious and less proven.
Either way, make sure you compare personalized mortgage rate quotes from a few lenders before buying. You can get started using the link below.Verify your new rate (Jan 26th, 2020)
- Interest Rate: The rate you pay in interest per year based on the current loan balance.
- APR: The total cost of getting the loan including the interest rate and closing costs.
- Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
- Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
- CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
- Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
- JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.