Top perks
Online approval process
Veterans United Home Loans has a user-friendly online approval process. Borrowers can request a quote for a VA purchase or refinancing mortgage quickly and easily on the company's website. The company's myVeteransUnited online portal allows buyers to check application status, review and submit documents, and more.
No down payment required
Unlike with most other mortgage products, VA borrowers aren't required to come up with a down payment. At Veterans United Home Loans, borrowers can even roll the VA funding fee into the loan (2.15% for most new borrowers with no down payment, or 3.3% for those who have obtained a VA loan previously). Also, there's a cap on lender fees (at 1% of the loan amount) that can be charged for a VA mortgage.
Mortgage with no PMI
VA mortgages don't require borrowers to pay private mortgage insurance (PMI) premiums, even with no down payment. Instead, you'll pay a modest upfront funding fee, as noted above.
Besides not having to pay ongoing mortgage insurance premiums, you can lower your funding fee to bring your costs down even further:
- With a 5% down payment: Pay a 1.5% funding fee
- With a 10% down payment: The fee is 1.25%
- For an interest rate reduction refinance loan (IRRRL): The funding fee is 0.5%
- Qualified disabled veterans, Purple Heart recipients, and qualified surviving spouses pay no funding fee at all
Helpful resources
The Veterans United Home Loans website is a treasure chest of valuable information for those who qualify for a VA mortgage loan. There are extensive resources that spell out eligibility requirements and details of VA mortgages in easy-to-understand terms. The company employs advisors from each branch of the U.S. Armed Forces to help ensure its processes and products serve the target customer base as well as possible.
Branch network
Veterans United Home Loans has 25 physical branches across the United States. This is convenient for many buyers who want in-person guidance.
Customer service
Veterans United Home Loans gets extremely high marks for customer satisfaction. It is one of few lenders laser-focused on providing service to veterans. Home loan specialists are available 24/7 by phone. The round-the-clock availability is designed to help facilitate the mortgage process for military personnel stationed overseas.
Credit counseling
Veterans United Home Loans requires a 600 minimum credit score for its VA loans, and provides credit counseling to help borrowers get their scores up to par. The company's Lighthouse Program has helped tens of thousands of people build up their credit and become homeowners.