|Loan Types||Home Purchase, Home Refinance|
|Featured loans||VA, FHA|
|Repayment Terms||15-30 years|
|Minimum down payment||0%|
|Best For||Military veterans who want a lender they can trust|
Veterans First Mortgage was founded in 1985 to provide a specialized mortgage service to veterans and military personnel. It offers VA and FHA loans to eligible borrowers across the United States, with competitive rates, low closing costs, and zero or minimal down payments. All its employees undertake a mandatory course called Operation Vet-Centric which gives them an insight into what it means to serve in the military and how they can best help you.
Veterans First does accept civilian customers, though its primary goal is to serve current and former service members and surviving spouses. Around 90% of Veterans First’s loans are for VA Loans, so it’s fair to say it’s one of the nation’s leading experts when it comes to this government-backed mortgage. It also offers free tools and resources to help vets understand VA Loan requirements and benefits.
Veterans First offers government-backed VA, FHA and conventional loans.
It supplies VA home loans to:
Borrowers must have been employed for 2 years, have enough residual income to live on after monthly mortgage payments, and have a debt-to-income ratio of around 41% or less. In most regions, loan limits are $453,000; if you pay more than this for your home, you must pay for the excess cost yourself.
A VA loan from Veterans First includes the following features:
To apply for a VA loan or FHA loan, call Veterans First or click “Start your loan” on the website and fill out your name and phone number to have a loan officer call you.
After you provide basic details about yourself, your income, the home you’re planning to purchase, and you’ve proven your eligibility for a VA loan, the loan officer will offer you a pre-qualified rate and outline which documents you’ll need to provide.
Borrowers may provide documents online. The documentation is fairly similar to that you’d be asked to provide by other lenders for VA, FHA, or conventional loans. It includes:
Here are 4 basic guidelines to being approved for a Veterans First VA loan:
|Specializes in working with military veterans||Doesn’t have particular expertise in conventional loans|
|Offers a wealth of free educational tools and resources||Doesn’t offer a wide range of mortgage products|
|Borrowers can complete application online or by phone||No online quotes|
The biggest advantage to taking out a home loan with Veterans First is simply that it specializes in veteran-friendly mortgage products. Veterans First isn’t the only provider of VA loans out there in the market, but it is one of the few that can truly be considered an expert in this field. It also issues conventional loans, but unless you’re a veteran it doesn’t offer any special advantage over other lenders.
VA loans are insured by the government, allowing lenders such as Veterans First to offer competitive rates to borrowers. However, interest and APR are dependant on you, the individual borrower, and therefore Veterans First doesn’t publish any rates on its website.
As mentioned above, closing costs are limited by law. The origination fee cannot exceed 1%. Other fees include: VA appraisal fee, credit report fee, prepaid fees for escrow, reasonable interest rate discount points, and certain other closing costs such as title insurance costs and recording fees.
All of Veterans First’s mortgages must be repaid over a period of 15, 20, 25, or 30 years.
Veterans First operates offices in Utah, California, Nevada, Arizona, and Missouri. To speak to a loan officer, use one of these channels:
As the name suggests, Veterans First exists to help active and former military personnel purchase a home. It isn’t the only lender to offer VA loans, but it is one of the largest providers of VA loans and one of only a handful that exists solely to serve veterans. Veterans First operates nationwide and offers strong customer service in addition to a wealth of educational resources to help veterans better understand your mortgage options.
Veterans First is involved in several external initiatives, including the Veterans Family Gift Shop in Salt Lake City, Utah, Fisher House dinners for families of hospitalized veterans, and care packages for U.S. troops abroad.
It has been one of the nation’s 10 largest VA lenders by loan origination value since 2010. And in 2009, it appeared on the Inc. 500 list of fastest-growing companies.
Veterans First has an active social media presence. It has more than 850,000 followers, and also operates Twitter, Instagram, and LinkedIn pages.
Veterans First Mortgage was founded under the name iFreedom Direct, but changed its name to reflect its commitment to military veterans.
Veterans First Mortgage
124 Charles Lindbergh Drive
Salt Lake City, UT 84116