You've built up equity in your home through years of payments and rising property values. Now you can put that equity to work for your family with a VA Cash-Out refinance. 

 

What Is a VA Cash-Out Refinance? 

A VA Cash-Out refinance replaces your current mortgage with a new, larger VA loan (up to 100% of your home's appraised value) and puts the difference in your pocket as cash. You don't need an existing VA loan to qualify. Whether you currently have a conventional, FHA, or USDA loan, you can make the switch to a VA-backed loan and tap the equity you've built. 

The Department of Veterans Affairs guarantees a portion of these loans, reducing lender risk. The VA allows eligible Veterans to borrow up to 100% of their home's appraised value with a VA Cash-Out refinance, though individual lenders may set their own limits within that ceiling.

 

Benefits of VA Cash-Out Refinancing 

  • Access Up to 100% of Your Home's Value: VA cash-out refinancing can finance up to 100% of the VA‑established reasonable value of the property, including the VA funding fee.

  • No Private Mortgage Insurance (PMI): VA home loans do not require private mortgage insurance (PMI) or monthly mortgage insurance premiums, even with no down payment, because the VA guarantee and funding fee replace the need for ongoing PMI. 

  • Competitive Interest Rates: With a portion of the loan guaranteed by the VA, lenders are able to offer competitive interest rates. 

  • Limited Closing Costs: Not only can the VA Funding Fee be rolled into your loan, but there are limits to some closing costs typically associated with a loan. 

 

Flexibility Benefits for Your Unique Situation 

● Refinance Any Loan Type: You may be able to turn a non-VA loan into a VA-backed loan. 

● Flexible Credit Requirements: VA loans often have flexible credit requirements. 

● No Prepayment Penalties: Pay off your VA loan early without any penalties or fees. This gives you the freedom to make extra payments or pay off your loan completely if your financial situation improves. 

● Use Your Benefit Multiple Times: You can use the VA loan guarantee multiple times throughout your lifetime, though you may need to restore your entitlement between uses by paying off previous VA loans or selling the property.

 

Application and Process Benefits of a Loan Through NewDay USA

 

  • No Out-of-Pocket Costs to Apply: All costs and fees can be financed into your loan, making it easier to get started. NewDay USA will cover most of your upfront fees, including your appraisal and inspection costs, with no out-of-pocket costs to apply, though charges apply if your appraisal is transferred to another lender. 
  • Fast Processing and Funding: Just four business days after closing your loan, the money can be on its way to you. At NewDay USA, our process is designed to get you to the closing table as efficiently as possible.
  • Expert Veteran Support: NewDay USA VA Loan experts can help you every step of the way. They understand military life, frequent moves, and the unique challenges Veterans face. 

 

Financial Benefits 

 

  • Debt Consolidation Savings: Consolidate high-interest credit cards into your mortgage at today's VA rates. 
  • Build Financial Security: Create an emergency fund without touching retirement accounts or selling investments. Having three to six months of expenses saved provides peace of mind for your family. 
  • Home Improvement Investment: Use cash to increase your home's value through renovations while enjoying improvements immediately. Kitchen and bathroom updates can provide both lifestyle benefits and increased property value.

 

Who Qualifies for VA Cash-Out Refinancing? 

You've earned this benefit through your service. Eligible Veterans may include: 

● Active-duty service members 

● Veterans with honorable discharge 

● National Guard members and Reservists with sufficient time served 

● Surviving spouses of eligible deceased Veterans 

● Spouses of MIA/POW service members

 

What You'll Need to Apply 

 

Getting started with NewDay USA is simple. We’ll help you every step of the way.

 

Certificate of Eligibility (COE): This confirms you qualify for the VA home loan benefit. 

 

Basic financial documentation: This typically includes recent pay stubs (about 30 days), W‑2s and/or tax returns in some situations, and documentation of any retirement, Social Security, or VA disability income. Your NewDay team will let you know exactly what is needed for your situation.

 

For refinance loans: Your most recent mortgage statement and homeowners' insurance information may also be required.

 

At NewDay USA, there's no out-of-pocket expense required to close your loan, as closing costs can be rolled into your loan amount and repaid over time.

 

Understanding the Costs 

 

VA Funding Fee 

The VA funding fee is a one-time payment that helps keep the program running. The fee can be rolled into your loan, so you don't pay it upfront. 

You may not have to pay a VA funding fee if you're:

 

● Receiving VA compensation for a service-connected disability 

● Eligible to receive VA compensation but receiving retirement or active-duty pay instead 

● A surviving spouse receiving Dependency and Indemnity Compensation (DIC) 

● A service member with a Purple Heart 

 

Closing Costs at NewDay USA 

At NewDay USA, we make it simple to close your loan without a single dollar out of your pocket, as everything can be financed together with your loan. 

The loan origination fee is limited to a maximum of 1% of the loan amount, one of the VA loan benefits that helps keep your costs down. 

 

Interest Rates 

Call one of our Veteran Loan Experts to see how low we can go for you. VA loans offer competitive interest rates. 

 

The NewDay USA Difference 

● No Money Out of Pocket to Apply: NewDay USA covers some of your upfront fees, and any remaining costs can be financed into your loan. Note that charges apply if your appraisal is transferred to another lender.

● Fast Cash Access: Just four business days after closing your loan, the money can be on its way to you. 

● Veteran-Focused Service: Since 2009, we've helped over 100,000 Veteran families get the most out of their VA Benefits. Serving Veterans is all that we do. 

 

The Process 

 

  • Contact Our VA Cash Out Refinance Team: A friendly NewDay VA Loan Expert will help you every step of the way. Call 800-405-4187 or get started online. 

     

  • No Money Out of Pocket to Apply: At NewDay USA, we make it simple to close your loan with the potential for no out-of-pocket costs. 

     

  • Find Out How Much Cash You Can Get: Once your appraisal is complete, we'll let you know how much equity you can turn into cash - up to 100% of your home's equity. 

     

  • Get Your Cash: For most VA cash‑out refinances, funds are available a few business days after closing; exact timing may vary.

 

Your Next Step 

At NewDay USA, we honor your service and sacrifice and want you and your family to access all the benefits you deserve. You've earned the right to use your VA benefits to their fullest. 

The NewDay 100 VA Cash Out Loan can provide the cash you need for whatever's important to your family, whether you want to pay off high-rate debt, renovate your home, or put money in the bank. We're proud to help Veterans get the financial security and peace of mind they deserve. Serving Veterans is what we do.

Contact our VA Cash Out Refinance Team today: Call 800-405-4187 or Get Started Online

 

FAQs 

 

Do I need to have a VA loan currently? 

No. You may still be able to turn a non-VA loan into a VA-backed loan. Find out if you're eligible. 

Will I need a new appraisal? 

Yes, you will need a new appraisal to get a NewDay 100 VA Cash Out loan. 

What if I have less-than-perfect credit? 

Even if you've had credit challenges, give us a call. 

What's the current interest rate? 

Call one of our Veteran Loan Experts now, and we'll see how low we can go for you. 

How much cash are Veterans getting? 

Your amount depends on your home's value and current mortgage balance.