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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.

In this review:

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

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 programsVA, FHA, USDA
Fixed-rate loan terms15, 20, 25, 30 years
Variable-rate loan termsContact lender for availability
Rates and fees
  • VA funding fee: 1.4% to 3.6%
  • FHA upfront mortgage insurance premium: 1 .75%
  • USDA upfront guarantee fee: 1%
Min. credit scoreMid-600s
Min. down payment
  • VA: $0
  • FHA: 3.5%
  • USDA: 0%

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.


  • 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


  • 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.

Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

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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

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 programsVA, FHA
Fixed-rate loan terms15, 20, 25, 30 years
Variable-rate loan termsContact lender for availability
Rates and fees
  • VA IRRRL funding fee: 0.5%
  • VA cash-out funding fee: 2.3% for first use; 3.6% after first use
  • FHA upfront mortgage premium: 1.75%
Min. credit scoreMid-600s
Max loan-to-value ratio
  • VA: 100%, including cash-out loans, if applicable
  • FHA: 97.75% for rate-and-term refinance; 85% for cash-out refinance

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.


  • Cash-out refinancing available for both VA and FHA loans
  • Refinance all or nearly all of your home’s value
  • Limited closing costs


  • 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

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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