After 26 years in Hawaii, Henry Elow was ready to come home. Two heart valve replacements had ended his 47-year truck driving career and forced him into retirement at 65. His grandchildren were growing up across the country, and his children wanted him closer in case something happened. The plan was simple, but the financial path forward was not.
A fixed income, savings he didn't want to drain, and a long-distance move with two dogs, six cats, a vehicle, and a household of tools to ship made the cost of buying a home in Tennessee feel out of reach. What Henry didn't know was that the VA loan benefit he'd used decades earlier was still available to him.
A Benefit He Didn't Know He Could Use Again
Henry first used his VA loan benefit roughly 30 years ago in Alaska, where he'd been stationed during his Air Force service. He took out a 15-year note. When he eventually sold that home, the buyer happened to be a fellow Veteran who assumed the loan and paid it off, which restored Henry's entitlement.
That detail mattered more than he realized at the time. Years went by, and Henry didn't think the VA benefit was something he could use again. The misconception is common. According to the Department of Veterans Affairs, eligible Veterans can use the VA loan benefit more than once, with full entitlement restored when a previous loan is paid in full, and the home is sold, or when another eligible Veteran assumes the loan and substitutes their entitlement.
When Henry started looking into financing his move to Tennessee, he initially tried other lenders. They quoted him higher down payments and interest rates, which he described as roughly four points above what he ultimately received. He saw the NewDay USA commercials repeatedly before making the call. The conversation that followed changed everything.
The Advantage Loan Protected What He'd Worked For
Henry's situation reflects a reality for a lot of Veterans on a fixed income. He could have covered closing costs out of savings. Doing it that way would have drained an account he'd spent 50 years building.
The NewDay Home Advantage Loan, a companion personal loan that helps borrowers cover closing costs alongside their VA mortgage, gave him another option. Around $10,000 in closing costs were financed through the Advantage Loan instead of being pulled from savings. Aside from some required termite remediation work, Henry put virtually nothing down.
"That was a blessing to me," he said.
The cushion mattered for a second reason, too. Moving from Hawaii to the mainland isn't cheap. Shipping his vehicle, his tools, and his household, plus relocating his pets, came close to the cost of closing on the home itself. Keeping his savings intact meant he could absorb the move without trading one expense for another.
A Family Transaction Made Simpler
The home Henry is moving into is his daughter's and son-in-law's house in Del Rio, Tennessee. They're relocating to Colorado, and the family decided to keep the property in the family. No real estate agents were involved on either side of the transaction, which saved both households a significant amount in commissions.
The location was what he'd been looking for. Quiet country in the Smokies, a few hours from Nashville. Cold winters that don't drag on for half the year like the Alaska he remembers. Most importantly, close enough to family that his children can be there if something happens, and close enough that he can finally spend time with grandchildren he hasn't seen in years.
What His Story Says to Other Veterans
Henry's experience speaks to something a lot of Veterans don't realize. The VA loan benefit doesn't expire. It can be used more than once when entitlement is restored. And on a fixed income, the ability to buy without depleting hard-earned savings can be the deciding factor.
"If you didn't have much money in the bank, yes, that would be the way to do it," Henry said about the Advantage Loan. "For somebody that's on the wire, that would be a really big help."
He'd originally planned to wait until his Hawaii home sold before buying in Tennessee. He didn't have to. With the option to refinance the Tennessee home in seven months once the Hawaii sale closes, he was able to move forward now, on his timeline, not the market's.
Learn more about VA loans and how to put your earned benefit to work.
Henry's Path to Homeownership
Saw the NewDay USA commercials. Watched the ads many times before deciding to make the call.
Called NewDay USA after striking out with other lenders. Earlier quotes from other companies came with bigger down payment requirements and rates he recalls as roughly four points higher.
Learned his VA benefit was still available. Because a fellow Veteran had assumed his original Alaska loan and paid it off, his entitlement had been restored.
Used the Advantage Loan to cover closing costs. Around $10,000 in costs were financed rather than pulled from his savings.
Closed with no money down and no real estate agents involved. The only out-of-pocket cost was the required termite remediation work.
Moving forward on his timeline, not the market's. He's set to refinance the Tennessee home in seven months, once his Hawaii property closes.
