How One Veteran Used His VA Loan Benefit Again After More Than 50 Years

The VA home loan benefit does not expire. An eligible Veteran can use it, pay it off, and use it again years or even decades later. Robert Floodeen is living proof. He first used his VA loan back in 1970, and after more than fifty years he used it once more to buy a home, summing up the whole thing in four plain words: "it was pretty simple." His story is worth reading for any Veteran who has assumed the benefit they earned quietly lapsed.

It Started With a Television Commercial

Buying a home was not something Robert had been chasing. His family had floated the idea for years without much traction. "My wife and kids have been talking about buying a house off and on for a few years, and I never paid much attention to it," he recalled.

That changed one evening at home. A NewDay USA commercial came on, one of the spots featuring Rear Admiral Tom Lynch, and it got him wondering. "I kind of applied by accident," Robert said. "So I said, gee, I wonder how much of a house I can borrow for. I wonder what the payments are gonna be. Can I afford this? So I called."

Someone at NewDay walked him through the numbers, and his reaction came quickly. He remembered thinking "Wow," and he started looking at houses the very next day. From there, things kept moving. In his own words, everything "rolled on smoothly," and there were no snags with the loan itself.

A VA Benefit That Never Expired

This was not Robert's first time using the VA loan, but it was his first in a very long while.

"It was like 1970 the last time I used it," he said.

The VA home loan benefit has no expiration date, and eligible Veterans can use it more than once. Your entitlement is restored once you have paid a previous VA loan in full, which lets you put the benefit toward another home. It is a point Rear Admiral Tom Lynch, NewDay's Executive Chairman, makes often, that the VA home loan benefit you earned never expires.

How Veterans Can Reuse the VA Loan Benefit

If it has been years since you last used your VA loan, a few basics are worth knowing:

• Your entitlement is generally restored after a prior VA loan is paid in full, which commonly happens when you sell that home.
• You can confirm how much entitlement you have available by requesting a Certificate of Eligibility, which the VA uses to show your lender what you qualify for.
• With full entitlement restored, there is no VA-set loan limit, so your borrowing power comes down to what a lender will approve based on your income, credit, and the home's appraised value.

None of that called for anything unusual on Robert's part. He called, he qualified, and the benefit was there waiting.

NewDay Home Advantage

A VA loan removes two of the heaviest costs most buyers carry, since the VA program asks for no down payment and no monthly private mortgage insurance. Closing costs are a separate matter, and they are the reason some Veterans may hesitate. NewDay points to those upfront costs as the largest barrier standing between service members and a home of their own.

Robert felt reasonably prepared for that part. He had money set aside and was not especially worried about closing. As the purchase came together, though, the extra help turned out to matter. "I didn't think I really needed it, but it turned out that I did," he said of the NewDay Home Advantage loan, which gave him a little additional cash at the point he needed it. He described its effect in a few words, saying it made the process "easier, less stressful."

The NewDay Home offering pairs the VA benefit with financing built around that exact hurdle.

What the NewDay Home Advantage Covers

• Works alongside the VA mortgage to help cover closing costs, so a buyer does not have to spend down savings to reach the closing table.
• Finances those closing expenses over five years, with no interest when the balance is repaid in full within the first year.
• Keeps a Veteran's ready cash available for the expenses that come after a move, from furniture to repairs.

Working With the NewDay Team

The financing is one half of the story. The people are the other, and Robert had good things to say about his loan officer, Joe.

"It was great," he said. "Never felt stressed out. Never felt like we were being left in the dark or out to dry or anything like that." Questions got answered, and the two of them kept moving forward.

Robert also worked with an Admiral-Certified real estate agent, part of a national network NewDay trains to serve military buyers. He spoke to the agent's help when a few bumps came up during the purchase, and he was clear those were about the house rather than the loan. "She took care of the hiccups we had very well," he said.