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Beware of Veterans United Home loans
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03-07-2014 06:24 AM
Beware of Veterans United Home loans
I have wasted 4 months of time and money and wasnt approved for a home loan.  I have low DTI and my scores are in the high 600s.  Be very carerful dealing with this company.  You have been warned. 
Message 1 of 87
Re: Beware of Veterans United Home loans
What did they say the reason was?
 
For a company supposedly specializing in VA loans they seem to have some weird policies.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states
03-07-2014 09:39 AM
Re: Beware of Veterans United Home loans
We have heard horror stories about them. We actually didn't even condsider them simply because everyone warned us about how awful they are. I don't think there's any amount of damage control Veterans United can do to fix the bad rep they're gaining. Here in Utah people get warned about them often between military families. I personally don't feel like it's a company that's out to help military members at all. 
Message 3 of 87
Re: Beware of Veterans United Home loans
I see they smother Facebook with adds.
 
They don't seem to have great knowledge from questions I have posted, they kind of steer around them.
 
I see several CFPB violations with them and not sure how they get away with it
 
If they only do VA loans I thought it would be an issue with compliance how they "steer" customers to one product and not giving them options.
 
Depending on the customer the VA loan might not be the best option.
 
I have seen several loan scenarios in the past that I have flipped to a conventional program. 
Message 4 of 87
03-07-2014 10:00 AM
Re: Beware of Veterans United Home loans
Well.  This makes ME totally nervous, as I have a loan app in right now with them myself.
 
Why did they say your laoan was denied?  How far in the process did you get?
 
babyeyes00 wrote:
I have wasted 4 months of time and money and wasnt approved for a home loan.  I have low DTI and my scores are in the high 600s.  Be very carerful dealing with this company.  You have been warned. 
 
Starting Score: 605 (Experian); 588 (Equifax); 590 (TransUnion)
Current Score: 626 (Experian); 667 (Equifax); 670 (TransUnion)
Goal Score: 800
Re: Beware of Veterans United Home loans
edcampbell613 wrote:
I see several CFPB violations with them and not sure how they get away with it
 
If they only do VA loans I thought it would be an issue with compliance how they "steer" customers to one product and not giving them options.
It's not a violation if that is the only program they offer.  As how would you force a lender to offer someone options they do not have to offer?  It'd be like any lender who only offers 1 loan program, or a lender who doesn't have the ability to do VA loans but they speak to veterans who may only qualify for a VA loan.
I assume they have other loan programs, but just concentrate their marketing all on VA loans.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states
Re: Beware of Veterans United Home loans
ShanetheMortgageMan wrote:
edcampbell613 wrote:
I see several CFPB violations with them and not sure how they get away with it
 
If they only do VA loans I thought it would be an issue with compliance how they "steer" customers to one product and not giving them options.
It's not a violation if that is the only program they offer.  As how would you force a lender to offer someone options they do not have to offer?  It'd be like any lender who only offers 1 loan program, or a lender who doesn't have the ability to do VA loans but they speak to veterans who may only qualify for a VA loan.
I assume they have other loan programs, but just concentrate their marketing all on VA loans.
The other thing is this....I have credit issues, same as most.  I figure, with blemishes on my credit, I've got a 50/50 chance of getting a loan approval or denial.
You have to put your mindset into it thinking that because of YOUR issues in the past, YOU have to realize that they're going to look at you harder than they would someone else with less credit issues in the past.
 
Does it suck to pay for an appraisal, inspection, and earnest deposit - then not get a loan approval?  Yes - however, if you look at it more of an investment into finding out where you stand, it's much easier to swollow those costs.