VA Home Loan Benefits

No one takes care of Veterans like NewDay USA

About VA Home Loans

As a Veteran, you’ve earned a valuable benefit with your service - your VA Home Loan benefit.

VA loans are backed by the U.S. Department of Veterans Affairs, which guarantees a portion of the loan. This guarantee allows private lenders like NewDay USA to offer favorable terms, including options with no down payment and flexible credit requirements.

In fact, the VA has granted NewDay USA automatic authority.
When banks say “no” to a Veteran, NewDay USA can say “yes.”

VA Home Loan articles

Refinance & Cash-OutPublished on July 10, 2023Unlock the Power of Your VA Benefits: Consolidate & Pay Down Your DebtRead more

Refinance & Cash-OutPublished on July 10, 2023Unlocking the Benefits of VA Cash-Out Refinance: Your Comprehensive GuideRead more

Buy a HomePublished on June 21, 2023Maximize Your VA Home Purchase Loan Benefit with NewDay USA: A Comprehensive GuideRead more

VA Loan BasicsPublished on May 14, 2023How to Know You're Getting a Good Deal with Your VA LenderRead more

Refinance & Cash-OutPublished on November 16, 2021VA Refinance: Cash Out vs. Rate & Term– NewDay USARead more

Published on June 21, 2021Admiral’s Advice: Don’t Rent When You Can OwnRead more

Buy a home without a single Dollar

With the NewDay Home Program, it’s possible - and it’s exclusively for Veterans. At NewDay, your service is your down payment.

What are the Benefits of VA Home Loans?

VA home loan benefits include:

Competitively Low Interest Rates

With a portion of the loan guaranteed by the VA, lenders are able to offer competitive interest rates, sometimes lower than conventional loans. Over thirty years, that can mean lower monthly repayments and overall savings of tens of thousands of dollars.

Home Loan Guarantee Benefit 

The U.S. Department of Veterans Affairs guarantees a portion of the loan. This enables lenders to offer more favorable terms, which could mean easier access to a mortgage, as well as massive long-term savings.  

No Down Payment Required 

The median down payment for all home buyers is around 14%. For a $300,000 home, if a Veteran opts for a NewDay Zero Down VA Home Purchase Loan, that’s $42,000 that a Veteran doesn’t have to put down!   

Limited Closing Costs 

Not only can one of the closing costs (the VA Funding Fee) be rolled into your loan, there are limits to some of the closing costs typically associated with a loan. For example, the loan origination fee is limited to 1% of the loan amount.

No Private Mortgage Insurance (PMI)

As an eligible Veteran, you can avoid this cost and save thousands of dollars every year. Enjoy a Lifetime Benefit You can use the VA loan guaranty multiple times.  

Purchase Loans 

With a VA Purchase Loan, you can finally afford that home – and life – you’ve been dreaming of. At NewDay USA, we believe that every Veteran family has earned the freedom and pride that comes with owning their own home.

Benefits of a VA Home Loan vs.
a Conventional Loan

As we’ve seen, key advantages of VA loans include: 

VA-Guaranteed

The ability to tap your home equity up to 100% of your home's value

No requirement for private mortgage insurance (PMI)

VA loans often have flexible credit requirements

Conventional loans on the other hand:

Are not guaranteed by a government agency

Typically require a down payment of at least 3-5%

Require PMI if the down payment is less than 20%

May have higher interest rates

May have stricter credit requirements

We're proud to help Veterans get the financial security and peace of mind they deserve.

Serving Veterans is all that we do.

VA Home Loan FAQs

While there are numerous VA home loan benefits, one of the most helpful is the ability to purchase a home with no down payment, making homeownership more accessible for eligible Veterans and service members.

VA home loans are generally considered good value, due to exclusive benefits like no down payment, competitive interest rates, and no requirement for private mortgage insurance (PMI).

While this depends on individual circumstances, generally speaking VA loans offer benefits over conventional loans, which often have stricter credit requirements, require a down payment, and may need PMI.

Eligible Veterans, active-duty service members, National Guard members, Reservists, and some surviving spouses can enjoy VA home loan benefits. Contact NewDay USA to discuss your eligibility.

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