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Veterans First Mortgage


About lender

The company offers a number of advantageous home loan options to military veterans. The main specialty of this lender is VA-backed loans (loans backed by the Department of Veterans Affairs, zero-down mortgages with lowered interest rates). In addition to VA-backed loans, the company also provides Federal Housing Administration (FHA) and Rural Development (USDA) loans. Even though the rates differ from offer to offer, the average interest rate offered by this company is very much below the market average, which makes this a very attractive deal for those who qualify.

Speaking about the Salt Lake City-headquartered lender, it needs to be mentioned that it offers both purchase and VA refinance loans. Despite the fact that VA-backed loans are responsible for a large chunk of its earnings, both USDA and FHA loans for purchases and refinancing are also important to the company's bottom line. These types of loans can further be separated into two categories: rate-and-term and streamline refinancing. The available duration range for the loans is 15, 20, 25, and 30 years.

The business was founded in 1985, and its original name was Freedom Mortgage. The name change happened in 2016. The parent company of this lender is the Chicago-based Wintrust Mortgage. At the time of writing, Veterans First offers its services in all fifty states. That helps it stand out among other lenders offering loans in only a select few states.

Pros and cons

Every lending company has its own pros and cons, and it's very important to consider both positive and negative points before making your final decision.


  • High level of expertise in serving military veterans. In case the only brand of loan you're interested in is a VA loan, there's almost no better option than Veterans First since it has extensive knowledge of the VA loan sector. They have been involved in the system for close to 40 years, and that knowledge allows them to understand what the borrowers are looking for, offer better rates, and identify the most appropriate business practices.
  • Fast approval process. This lender works very swiftly to approve those that are eligible for a VA loan. Your paperwork for the home loan can be processed in minutes, if not seconds, if the timing is right. There are other providers that boast even quicker approval times, but they rarely deal with VA loans.
  • Available in all fifty states. There are not too many nationwide lenders with a similar level of expertise and reputation, so it's definitely a pro that many people would consider the deciding factor. The availability of such loans benefits people from all over the country.
  • Lucrative conditions. Most loans come with rates marginally lower than what others offer. Also, there are several low-down options that will surely be of interest to those that don't have enough money to make a large down payment at the moment. Also, there are zero-down loans available as well. Even though there's an origination fee and several other charges, this lender's conditions are still considered more than Personalized solutions. On its official Veterans First Mortgage website, the lender heavily advertises the fact they put the veterans first. According to several reviews, they do, in fact, offer personalized terms that make the most sense for your specific financial situation.
  • No pre-payment penalty. You are able to pay your VA loan off early without being charged any penalty, which is a great option for those that plan on improving their financial standing in the long run. There are a number of ways to pay off your loan early, and you won't be punished for it.
  • High rating from Better Business Bureau (BBB) and mostly positive feedback. This company earned a stellar A+ rating from the BBB. Most online reviews, be they from past clients or third-party sources, are positive.


    • Unclear pricing. You can't browse rates online since they offer personalized solutions. That means that it might be difficult to gauge what it costs to take out a loan with this lender before you apply.
    • No conventional lending options. Government-backed options only. You will not be able to take out a more conventional mortgage or a renovation loan with this lender.
    • No equity loans. It's impossible to use your home's equity to finance renovations or consolidate debt.
    • No branches. You will have to apply either via the official website or by phone. This company does not offer in-person services.
    • It's impossible to receive pre-approval or apply via the web. Online loan application is unavailable for borrowers. That might become a deal-breaker for people that are used to doing it this way.

      Terms and conditions

      To qualify for a VA loan with this company, you need a bad credit score of no less than 620. It's possible to qualify even if it's lower, but the rates are not going to be very attractive.

      There's not much data available in regards to what this company may offer for its borrowers, with only limited information surfacing in 2021. According to that data, the average interest rate of a thirty-year loan is 2.77%. The median total loan cost is approximately $3,970, and the median origination fee is somewhere in the neighborhood of $1,320. The terms offered, as mentioned above, are 15, 20, 25, and 30 years.

      It's possible to qualify for a better deal with Veterans First Mortgage by taking advantage of their discount point system. This can be an option for some people but completely unnecessary for others.

      The main three types of loans offered by this company include:

      1. VA loan. Those are the loans that are backed by the US Department of Veteran Affairs. The down payment for these brands of loans is non-existent. The minimal credit score that is required to qualify for this brand of loan is described as being roughly 620 on the official website.
      2. FHA loan. This is different from VA loans - there is a down payment requirement. You will have to pay at least 3.5% of the purchase price. The minimum credit score requirements are also higher - you'll need to have a score of approximately 650 in order to become eligible for this brand of loan.
      3. USDA loan. There's a lack of minimum down payment requirements. However, the property has to be situated in a rural area and meet other requirements set by the US Department of Agriculture. Your credit score will be reviewed, and it must be at the level of at least 650.

        Funding a loan

        There is a VA funding fee that can range from 0.5% to 3.6%, depending on many circumstances. With that in mind, it must be noted that this borrower boasts a relatively fast funding process. While most VA loans and refinancing products can take anywhere from forty to fifty working days, this company offers much faster approval times - your loan can be processed in less than thirty days. According to the reviews, this is not an uncommon practice overall.


        What is Veterans First Mortgage?

        Veterans First Mortgage is a business that specializes in different types of loans available only for military veterans. They offer lucrative deals on specific loans. However, their fees can be quite steep.

        Is Veterans First Mortgage a legitimate company?

        Throughout its history, Veterans First Mortgage has been celebrated for its commitment to serving its clientele with honest, ethical, and trustworthy business practices. This lender is known for its affordable offers and exceptional customer support.

        What are Veterans First Mortgage criteria?

        On the financial side of things, a possible Veterans First Mortgage lender is obliged to have a credit score higher than 650 and DTI (debt-to-income) ratio less than 41%. If a person was to pick an FHA loan, there's a 3.5% minimum down payment requirement. Eligibility requirements related to a person's service are outlined on the official website.

        What loans does Veterans First Mortgage offer?

        The key brand of a loan offered by Veterans First Mortgage is VA loans. Those are the types of loans that are fully backed by the government. Distinguishing traits of this type of loan are zero down payment requirements and low interest rates. Moreover, this lender is also able to offer USDA and FHA loan solutions.

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