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VA Home Loan Benefits
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About VA home loans
Being a Veteran, there are numerous benefits that you’ve earned and are now entitled to. One of the most important among these is a VA Home loan. Read on to discover the powerful advantages of a VA home loan.
The power of a VA Home Loan is that the VA guarantees a portion of your loan. Just this fact by itself leads to numerous benefits. The actual loans are provided by private companies such as NewDay USA, who are empowered to provide more favorable terms.
In fact, the VA has granted NewDay USA automatic authority. When banks say “no” to a Veteran, NewDay USA can say “yes.”
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What are the Benefits of VA Home Loans?
VA home loan benefits include:
Home Loan Guarantee BenefitThe 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 RequiredThe 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!
Competitively Low Interest RatesWith 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.
Limited Closing CostsNot 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 BenefitYou can use the VA loan guaranty multiple times.
Purchase LoansWith 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.
Cash Out RefinanceWith a Cash Out loan you can now afford to finally achieve those goals you’ve been planning for; from remodeling your home to enrolling in a course of study you’re passionate about, setting aside cash for retirement, or putting yourself in a better position financially.
Interest Rate Reduction Refinance Loan (IRRRL)This loan, also known as the “Streamline Refinance Loan” can help you get a reduced interest rate by refinancing an existing VA loan under different terms.
Foreclosure Avoidance AssistanceThe VA offers financial counseling to assist Veterans experiencing financial difficulty in avoiding foreclosure.
Availability of ResourcesVeterans benefit from a variety of resources designed to make homeownership more accessible, including personalized advice from VA loan specialists, educational materials, and VA-approved counselors to help you navigate the complexities of home buying and ownership & make informed decisions.
Purchase Your Dream HomeWith no down payment and, in many cases, better terms and interest rates than many other loans, this could help make your dream a reality – for yourself, for your family, and for future generations. Remember: you’ve earned this right thanks to your dedication and sacrifice.
Home Loan Guarantee BenefitThe 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 RequiredThe 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!
Competitively Low Interest RatesWith 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.
Limited Closing CostsNot 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 BenefitYou can use the VA loan guaranty multiple times.
Purchase LoansWith 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.
Cash Out RefinanceWith a Cash Out loan you can now afford to finally achieve those goals you’ve been planning for; from remodeling your home to enrolling in a course of study you’re passionate about, setting aside cash for retirement, or putting yourself in a better position financially.
Interest Rate Reduction Refinance Loan (IRRRL)This loan, also known as the “Streamline Refinance Loan” can help you get a reduced interest rate by refinancing an existing VA loan under different terms.
Foreclosure Avoidance AssistanceThe VA offers financial counseling to assist Veterans experiencing financial difficulty in avoiding foreclosure.
Availability of ResourcesVeterans benefit from a variety of resources designed to make homeownership more accessible, including personalized advice from VA loan specialists, educational materials, and VA-approved counselors to help you navigate the complexities of home buying and ownership & make informed decisions.
Purchase Your Dream HomeWith no down payment and, in many cases, better terms and interest rates than many other loans, this could help make your dream a reality – for yourself, for your family, and for future generations. Remember: you’ve earned this right thanks to your dedication and sacrifice.
Benefits of a VA Home Loan vs. a Conventional Loan
As we’ve seen, key advantages of VA loans include:
The ability to purchase a home with little to no down payment
No requirement for private mortgage insurance (PMI)
VA loans often have flexible credit requirements
Competitive interest rates
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 stricter credit requirements
May have higher interest rates
Common questions
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.
In Summary: Don’t Miss Out on VA Home Loan Benefits
This page explored how a VA home loan works, and why VA home loans are able to offer significant benefits, especially when compared to conventional loans. Major benefits included no down payment and no PMI requirements, keeping thousands of dollars in Veterans’ pockets.
The incredible benefits were explored, as well as common questions regarding VA Home Loans.
The next step for Veterans looking to utilize this benefit that you have earned through your service and sacrifice, is to contact NewDay USA to discuss your options. With more ways to help more Veterans, no bank, no lender, no one knows Veterans like NewDay USA.
You’ve served your country. Now allow NewDay USA to serve you.
