Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
As its name suggests, Veterans First Mortgage specializes in serving military customers by offering VA purchase and refinance loan options. However, you don’t have to be a veteran to borrow through Veterans First.
The lender also offers FHA and USDA purchase loans, and you can opt for an FHA loan to refinance your current mortgage.
At a glance: Veterans First focuses on VA loans and offers other government-backed loans requiring low or no down payment.
In this review:
- Veterans First mortgage purchase review
- Veterans First mortgage refinancing review
- How does Veterans First stack up?
Veterans First mortgage purchase review
Best for:
- Military service members and surviving spouses
- Military borrowers who want to close quickly
- Borrowers who need a home loan with no or low down payment
Standout feature: Veterans First touts a quick closing process, taking about three weeks to close a VA loan after it receives your purchase agreement.
Whether or not you have a connection with the military, you can take out a home loan with little or no money down through Veterans First. But the lender specializes in serving current and past service members, and VA loans are by far its most touted loan product.
VA home loans have several advantages over USDA loans and FHA loans. For one, the VA imposes fee restrictions, forbidding lenders from charging certain fees like real estate commission or loan underwriting and processing fees.
In addition, you can pay off VA loans early with no penalty. Like USDA loans, VA loans don’t require private mortgage insurance (PMI).
You’ll need a certificate of eligibility (COE) to obtain a VA loan. Active service members and those with a DD-214 can get one within minutes by calling Veterans First. You can also request a COE online or by mail.
| Mortgage programs | VA, FHA, USDA |
| Fixed-rate loan terms | 15, 20, 25, 30 years |
| Variable-rate loan terms | Contact lender for availability |
| Rates and fees |
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| Min. credit score | Mid-600s |
| Min. down payment |
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Don’t Miss: How to Buy a House with No Money Down
Pros and cons of buying a home through Veterans First
Veterans First is a government mortgage lender, and with that come some pros and cons.
Pros
- Expertise in VA home loans
- Loan offerings have low or no down payment requirements
- Helpful website with good general information on each loan type it offers
Cons
- Must give contact information to see rates or begin loan application process
- No conventional mortgages
- Relatively high credit score requirements
You won’t find government-backed loans at Credible, but if you’re looking for a great rate on a conventional loan, we can help with that. It only takes a few minutes to compare personalized, prequalified rates from all of our partner lenders.
Veterans First mortgage refinancing review
Best for:
- Homeowners who want to cash out some equity
- Veterans looking to reduce the interest rate on their VA loan
- Homeowners who don’t qualify for a conventional refinancing
Standout feature: Veterans First offers both VA and FHA refinance loans with limited closing costs and no penalty for repaying your loan early.
VA refinance loans have a streamlined option called the Interest Rate Reduction Refinance Loan, or IRRRL, and it’s designed specifically to reduce the rate of your current VA loan.
Another VA option is a cash-out refinance that lets you borrow up to 100% of the value of your home. You can qualify for a VA cash-out refinance even if your current mortgage isn’t a VA loan. A VA cash-out loan doesn’t require mortgage insurance, and if you don’t qualify for a funding-fee waiver, you can roll the fee into your loan.
FHA refinance loans have stricter limits on how much you can borrow, especially with a cash-out refinance. Although you can roll the upfront mortgage insurance premium into your FHA refi, you’ll have to pay the mortgage insurance premium monthly.
| Mortgage programs | VA, FHA |
| Fixed-rate loan terms | 15, 20, 25, 30 years |
| Variable-rate loan terms | Contact lender for availability |
| Rates and fees |
|
| Min. credit score | Mid-600s |
| Max loan-to-value ratio |
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Pros and cons of refinancing through Veterans First
Veterans First could fit the bill for military members and other select consumers looking to refinance, but it might not be the best choice for everyone who qualifies.
Pros
- Cash-out refinancing available for both VA and FHA loans
- Refinance all or nearly all of your home’s value
- Limited closing costs
Cons
- No conventional refinancing loans available
- Adjustable-rate loans availability is not guaranteed
- Must contact Veterans First to start the process
Learn More: How to Refinance Your Mortgage in 6 Easy Steps
How does Veterans First stack up?
Military service members and others interested in Veterans First might also consider Veterans United, which is similarly focused on VA loans but has a wider range of mortgage products available.
Before you apply for a home loan, check out interest rates on Credible. You can compare personalized, prequalified rates on purchase and refinance loans from all of our partner lenders. With our process, you’ll also be able to secure a streamlined pre-approval letter in just three minutes — without having to talk to a loan officer.
Keep Reading: Can You Close on a House Remotely? Buying a Home Online
