Veterans First Mortgage

Veterans First is a mortgage lender in Salt Lake City that specializes in VA loans for eligible military service members and veterans. The company was founded in 1985 as Freedom Mortgage and changed its name in 2016. Wintrust Mortgage, headquartered in Chicago, owns Veterans First. The lender is authorized to make mortgage loans in all 50 states. We’ll look at Veterans First Mortgage credit score requirements and reviews in this post.

Veterans First Mortgage

Veterans First Mortgage has been providing affordable home loan solutions to military borrowers for over three decades. This lender specializes in VA loans, which are backed by the Department of Veterans Affairs and offer no money down and low-interest rates.

Veterans First also offers FHA and USDA home loans in addition to VA loans. Mortgage interest rates differ depending on the customer, but Veterans First is generally competitive. Check with the company to see what rate you are eligible for.

At a Glance: Veterans First Mortgage Loan

  • No conventional loans
  •  FHA loans are available.
  • VA loans are available.
  • refinancing is available.
  • jumbo loans are available.
  • Rates are not adjustable.
  • Yes, there are fixed rates (30-year, 15-year)

Veterans First Mortgage was founded in 1985 as part of Freedom Mortgage Corporation. Freedom Mortgage Corporation’s primary focus became FHA and VA loans. Veterans First Mortgage has helped over 180,000 families and focuses on veterans and their families.

Types of Veterans First Mortgage Loans

Veterans First Mortgage’s main source of income has always been Department of Veterans Affairs loans to buy or refinance homes. According to the lender, 90% of its loan originations are VA loans, which have complicated eligibility requirements and processes.

In addition to VA loans, Veterans First Mortgage assists people in purchasing or refinancing homes with loans from the United States. Agriculture Department and the Federal Housing Administration This includes the ability to change both the interest rate and the loan term, as well as a simpler option for VA and FHA customers. Fixed-rate terms of 15, 20, 25, and 30 years are available from the lender.

Borrowers interested in an adjustable-rate mortgage should speak with a loan officer to see if it is an option, as its availability is subject to change.

Veterans First Mortgage Rates

In 2021, the average Veterans First mortgage interest rate on a 30-year VA loan was 2.77%. (the most recent data available). This VA mortgage rate was slightly lower than those offered by major lenders such as Wells Fargo (2.98%), Veterans United (2.85%), and USAA (2.84%).

The average loan origination fee for Veterans First Mortgage in 2021 was comparable to major competitors, but its borrowers frequently paid less in total loan closing costs. Other VA lenders charged higher fees upfront than this specialty lender.

Borrowers can lower their mortgage rates even further by purchasing discount points, which are fees paid in addition to closing costs. However, discount points will not be appropriate for all home buyers.

Veterans First Mortgage Reviews

Veterans First Mortgage, as the name implies, assists members of the military. It accomplishes this by providing VA purchase and refinances loans. You do not, however, have to be a veteran to borrow from Veterans First. The lender also provides FHA and USDA home loans. If you want to refinance your mortgage, an FHA loan is an option.

Veterans First Mortgage Purchase Reviews

Ideal for:

  • Military personnel and surviving spouses
  • Borrowers from the military who need to close quickly
  • Borrowers seeking a home loan with no or little down payment

Whether or not you have a military connection, Veterans First can help you get a home loan with little or no money down. However, the lender focuses on assisting people who are currently or have previously served in the military. By far the most popular loan product is the VA loan.

VA home loans have several advantages over USDA and FHA loans. For example, the VA imposes fee limitations, prohibiting lenders from charging fees such as real estate commissions or loan underwriting and processing fees.

You can also pay off VA loans early with no penalty. VA loans, like USDA loans, do not require private mortgage insurance (PMI).

A certificate of eligibility (COE) is required to obtain a VA loan. Calling Veterans First, active service members and those with a DD-214 can get one in minutes. A COE can also be requested online or by mail.

Veterans First Mortgage Refinancing Reviews

Ideal for:

  • Homeowners who wish to cash out some of their equity
  • Veterans who want to lower their VA loan interest rate
  • Homeowners who are not eligible for conventional refinancing

The Interest Rate Reduction Refinance Loan, or IRRRL, is a streamlined option for VA refinances loans that are designed specifically to reduce the rate of your current VA loan.

Another VA option is a cash-out refinance, which allows you to borrow up to 100% of your home’s value. Even if your current mortgage is not a VA loan, you may be eligible for a VA cash-out refinance. A VA cash-out loan does not require mortgage insurance, and if you do not qualify for a funding fee waiver, the fee can be rolled into your loan.

FHA refinance loans have stricter borrowing limits, especially for cash-out refinances. Although you can roll the upfront mortgage insurance premium into your FHA refinance, you must pay the monthly mortgage insurance premium.

Veterans First Mortgage Customer Service Reviews

Choosing a lender with a good reputation can lead to a more pleasant experience when purchasing or refinancing a home.

Although Veterans First Mortgage is not a J.D. Power’s U.S. forecast for 2021 According to the Mortgage Origination Satisfaction Study, many of its customers were pleased with the level of service they received from the lender.

Veterans First Mortgage received a 4.9 out of 5-star rating from the website Trustpilot’s 1,600 reviews. Several customers appreciated that the company hired knowledgeable and skilled employees. Other reviewers praised the low prices, simple process, and prompt service.

Veterans First Mortgage Credit Score Requirements

To qualify for a home loan with Veterans First Mortgage, you must meet certain credit score requirements. You must be one of the following to be eligible:

  • A US military veteran
  • An active-duty servicemember
  • A surviving spouse
  • A reservist or national guardsman
  • An academy cadet or midshipman
  • An NOAA officer
  • A USPHS officer

Furthermore, to be eligible for VA home loan programs, you must meet several eligibility requirements established by the VA.

In terms of specifics, Veterans First Mortgage prefers a credit score in the mid-600s with a maximum debt-to-income ratio of 41%. While no down payment is required for a VA loan, you will need to put down at least 3.5% if you choose an FHA loan.


The documents you must submit with your application will differ depending on your personal and financial situation. However, some of the most common documents are as follows:

  • Complete credit application
  • Income documentation
  • Assets
  • Returns on Taxes
  • Work experience
  • Account statements
  • Divorce decree, if applicable
  • Certificate of Eligibility (COE) if applying for a VA loan

Advantages and disadvantages


  • Focuses on VA loans
  • Options for low down payments are available.
  • Guides veterans through the VA loan application process.


  • There are no conventional loans available.
  • There is no information about rates on the website.
  • When requesting that the company contact you, you must agree to receive calls and possibly texts.

5 facts about Veterans First Mortgage

#1. Low down payment options have become the norm.

Veterans First Mortgage specializes in VA, FHA, and USDA loans, so low to no down payments are the norm, making homeownership more accessible to veterans and military families.

Qualifying veterans can get a VA loan with no money down, and FHA loans have down payments as low as 3.5%. USDA loans are available through the U.S. The Department of Agriculture also has a low or no down payment requirement for rural properties.

#2. The loan process is walked through with homebuyers.

Veterans First Mortgage guides homebuyers through the entire VA loan process, which can be especially helpful for veterans who are first-time homebuyers.

#3. Conventional loans are no longer available.

Veterans First Mortgage is a specialized company that only offers VA, FHA, and USDA loans—it does not provide conventional loans (though its parent company, Wintrust Mortgage, does, and Veterans First can direct you to Wintrust to explore that option). If you’re a military veteran with a strong credit history, it may make sense to shop around with lenders who offer conventional loans as well, so you can compare loan products across the board and determine which option is best for your situation.

#4. Rates are not disclosed.

Veterans First Mortgage’s website does not display any rates. To obtain that information, you must first contact Veterans First or fill out the online form.

Though it does not display rates, Veterans First’s website does list the typical fees associated with VA loans, such as an origination fee of up to 1%, a VA funding fee, a VA appraisal fee, a credit report fee, prepaid escrow fees, and typical closing costs such as title insurance and recording fees. The website also mentions the ability to buy interest-rate discount points. Veterans First also points out that VA loans have advantages, such as the prohibition of certain fees associated with conventional loans and the absence of the need for private mortgage insurance, or PMI.

To work with Veterans First Mortgage, you must agree to receive calls and possibly text messages, as well as be willing to communicate with your lender via phone and the internet. So, before you apply, make sure you’re comfortable working with your lender remotely. Veterans First Mortgage is probably not the best fit if you prefer in-person service.

What are the benefits of a VA mortgage?

The following are the main pillars of the VA home loan benefit:

  • There is no deposit required.
  • Interest rates are competitively low.
  • Closing costs are limited.
  • There is no need for Private Mortgage Insurance (PMI)
  • The VA home loan is a lifetime benefit: you can use the guarantee as many times as you want.

Who has the best mortgage rates for VA loans?

Best VA Loan Interest Rates in 2022:

  • Veterans United.
  • PenFed Credit Union.
  • Navy Federal Credit Union.
  • USAA.
  • LendingTree.

What is the lowest VA mortgage rate today?

Today, October 17, 2022, VA mortgage rates start at 6.75% (6.973% APR) for a 30-year fixed-rate loan. A daily survey of our lender network yields averages rates. Your personal VA loan interest rate will most likely be higher or lower depending on factors such as your credit score and down payment.

What is the lowest credit score for VA Home Loan?

Minimum Credit Score for VA Loans:

A VA loan has no minimum credit score requirement, but most mortgage lenders prefer to see a FICO credit score of at least 620. Lower credit scores are accepted by some lenders, but borrowers may face additional scrutiny and requirements.

How much can you borrow on a VA loan?

Loans over $144,000 are no longer limited to eligible veterans, service members, and survivors with full entitlement. This means you won’t have to make a down payment, and we’ll pay your lender up to 25% of the loan amount if you default on a loan worth more than $144,000.

What is a veteran loan?

A VA loan is a mortgage provided by a government agency in the United States. A program run by the Department of Veterans Affairs. VA loans are available to active and retired military personnel, as well as their surviving spouses. They are backed by the federal government but are issued by private lenders.

Can I borrow money from the VA?

A request for an instant loan using your Insurance online account, a completed VA Form 29-1546, an “Application for Cash Surrender Value or Policy Loan,” OR a written request for a policy loan specifying the amount desired are all acceptable ways to apply for a loan.

How much is the VA home loan?

Concerning VA Loan Limits

The standard VA loan limit for most U.S. counties in 2022 is $647,200, up from $548,250 in 2021. The maximum VA loan limit for a single-family home in high-cost counties has also been raised to $970,800.

Can anyone get a VA loan?

If you served for at least 90 days of non-training active-duty service, you have met the minimum active-duty service requirement. At least 90 days of active duty service, including at least 30 days in a row (your DD214 must show 32 USC sections 316, 502, 503, 504, or 505 activations).


Veterans First Mortgage specializes in VA loans, allowing veterans and active duty members to easily access their financing benefits when purchasing a home. When looking for a home loan, the veteran-trained employees understand the needs and challenges that veterans and their families face, and the company stands behind its mission to serve vets through community support.

Frequently Asked Questions

What is the downside of a VA mortgage?

Every type of financing, including VA loans, has a negative side effect: Funding fee – While a VA loan does not require mortgage insurance, you will be charged a funding fee at closing (although this fee can be financed into your loan, increasing the total amount you owe).

Is a VA loan really worth it?

VA loans have better terms and interest rates than most other types of mortgages. 100% financing — A VA loan typically requires no down payment as long as the purchase price does not exceed the appraised value of the home.

Why does Dave Ramsey not like VA loans?

Dave explains that VA Loans are more expensive, with fees and interest rates that result in you paying more than you should have. Another reason people prefer loans is that they allow you to buy a home with no money down.


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