The VA program helps veterans, service members, and military families receive many perks, including home loans with better financing. Veterans Affairs can help borrowers receive lower interest rates and forgo a down payment. You won’t need private mortgage insurance on any of these loans, even if you put no money down.
Veteran Affairs partners with many lenders to distribute VA loans. Naturally, some VA lenders are better than others, but Veterans United Home Loans is among the top. In fact, this lender generated more demand than any other VA lender. The company has a lot to offer, and this Veteran United Home Loans review will help you decide if the lender is right for you.
What is Veterans United Home Loans?
Veterans United is a VA lender that offers home loans and refinancing to veterans. The company offers benefits that align with the Veteran Affairs loan program. Veterans United has been the top VA purchase lender for seven consecutive years. The company’s home loans make it easier to buy a home or get refinancing at good terms.
Brief History and Background of Veterans United
Veterans United has been around since 2022. Brothers Brant and Brock Bukowsky co-founded the company in 2002 and named Nathan Long as the company’s CEO a year later. Over the past two decades, the lender has closed over 500,000 VA loans and has become the #1 VA lender for homebuyers.
The Mission of Veterans United
Veterans United has core values that revolve around being passionate, having fun, delivering results, and maintaining integrity. These values allow the company to deliver on its primary mission of enhancing lives every day. Veterans United believes a company’s success isn’t only about profits. It’s also about the amount of lives the company impacts and if the impact is positive.
What Does Veterans United Home Loans Offer?
Veterans United offers two types of home loans. These are the available options.
VA Home Loans
VA home loans have better rates and terms than traditional mortgages. You won’t have to worry about private mortgage insurance. VA home loans are very friendly for first-time homebuyers.
Borrowers who already have homes can change the term and rate on their current loan. A refinance can accomplish many goals. Some refinances aim to reduce monthly payments by extending the loan, getting the borrower out of debt sooner with a shorter loan term, reducing the interest rate, or initiating a cash-out refinance. Veterans United can help you achieve your refinance goals and get better rates and terms than most lenders.
What Other Services Does Veterans United Home Loans Provide?
Veterans United offers additional financial services that can help you make better decisions with your money. These are some of the other resources to consider.
VA Mortgage Calculator and Tools
Wondering how much your monthly mortgage will be if you take out a loan? The VA Mortgage Calculator helps you assess how much home you can afford. While other tools let you input a few details to calculate your monthly mortgage payment, this calculator tells you what is affordable.
You can provide information about how much you want to pay each month for your mortgage, your annual income, your current monthly debt payments, your down payment, the interest rate, loan term, military type, and VA specifics.
Using these metrics will reveal that a higher annual income will give you more flexibility in how much home you can afford. This sounds obvious, but it offers a clear indication of where to focus your efforts if you want to spend more money on a home.
Affordability is based on the debt-to-income ratio you want to have. The mortgage calculator sets a 44% debt-to-income ratio as the default. Getting a loan is difficult if your DTI ratio is above 44%. If you want a lower debt-to-income ratio, you will have to settle for a smaller house in the same area.
The calculator indicates how much of your monthly income will remain after accounting for the mortgage and other debt payments, such as credit card debt.
VA Homebuying Course and Other Resources
Veterans United offers a VA home buying course and other resources that can assist you on the journey of homeownership. It’s easy to make mistakes along the journey, especially if you are a first-time homebuyer. Veterans United’s resources can make it easier to buy a home and get the best rates and terms.
What are the Requirements to Get a VA Loan?
VA loans are some of the best financial products for homebuyers and homeowners who want to refinance. However, they have several requirements you have to keep in mind.
VA Loan Eligibility
The VA program has several requirements for borrowers who want to take out a loan. You must fulfill at least one of these parameters to be eligible:
- You served at least 90 consecutive days of active service during wartime.
- You served at least 181 days of active service during peacetime.
- You served at the National Guard or Reserves for at least six years (or 90 days under Title 32 orders. At least 30 of those days must be consecutive).
- You are the spouse of a service member who passed away while serving or due to a service-related disability.
How to Verify Your VA Loan Eligibility Status
Borrowers can reach out to Veteran Affairs to request a VA home loan Certificate of Eligibility (COE). This request can help you verify that you are eligible for VA loans, and you can show this certificate to a VA lender. Some lenders use online systems that verify a borrower’s eligibility for a VA home loan.
Other Documents that Veterans United May Require
Veterans United lists the required documents for obtaining a VA loan. Each lender is different, but you will have to provide documentation that creates a better picture of your financial well-being. Lenders may request previous bank account statements and tax forms to verify your income. They will also run hard credit checks to see if a borrower fulfills the credit score requirement. You will also have to provide personal identification, your Social Security number, and other details. Most lenders require borrowers to have a 620 credit score to get a VA loan.
What are the Benefits of Using Veterans United?
Borrowers can get VA loans from many lenders, but Veterans United has been a top choice for years. These are some of the advantages of getting your VA loan with Veterans United:
- Competitive rates and terms: Save money with a VA loan from Veterans United. Lower rates and better terms can reduce your monthly payments.
- No down payment requirement: you don’t have to make a down payment to get started with a VA loan.
- No private mortgage insurance: Other types of loans require PMI if you don’t make a 20% down payment. Veterans United offers loans that do not accrue private mortgage insurance, even if you don’t put any money down.
- Mortgage Calculator: Veterans United offers a better mortgage calculator than most lenders. The calculator offers a wide range of metrics that can help you determine how much home you can afford.
How to Get Started with Veterans United Home Loans
You can get started with Veterans United by requesting a free quote. You can check your eligibility and see how much financing you can receive. Borrowers can see the loan rate and terms before committing to one of Veterans United’s VA home loans.