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VA Loan & General FAQs

Who is NewDay USA?

NewDay USA is a VA-approved mortgage lender, which provides financial solutions to U.S. Veteran homeowners and their families. Led by a retired Navy Rear Admiral, we’re proud to have on our board of advisors and management team distinguished Veterans. Our mission is to make sure Veterans and their families have access to valuable VA benefits they’ve earned, and talk with them about ways to achieve the financial security they deserve.

How much can I borrow for a VA home loan?

The maximum guarantee amount set by the VA allows a Veteran or Servicemember to purchase a home with a loan up to $453,100 without requiring a down paymentLoans over this limit may require a down payment. Note that this loan limit figure adjusts based on location.  Refer to 2018 VA loan limits for more information

Is there a down payment requirement for VA loans?

Generally, there is no down payment requirement for VA Purchase loans as long as the consumer stays within the loan limit for his or her geographic area and the sales price do not exceed the appraised value of the property.

Take advantage of a Zero Down VA Home Loan today with NewDay.

What is a NewDay VA Cash-Out Refinance Loan?

NewDay VA Cash-Out Refinance Loan is for homeowners who want to turn their home equity into cash to address such concerns as paying off *high-interest debt, funding school, making home improvements, or just to have the security of cash in the bank. This type of refinance loan can also be used to refinance a non-VA loan into a VA loan.

* Consolidating your debts may increase the length of time needed to repay the debts and your total finance charges may be higher over the life of the loan

What about my credit cards?

With a NewDay 100 loan, our average customer lowers their payments by $607 a month, $7,279 a year.

What is the VA funding fee?

Generally, all Veterans using the VA Home Loan Guaranty benefit are required to pay the VA funding fee. This fee is a percentage of the total loan amount, and the exact percentage depends on the type of loan, the Veteran’s military category, if they are a first-time or subsequent loan user, and the amount of the down payment. The VA funding fee can be financed or paid in cash, but it must be paid at the time of loan closing.

How much is the VA funding fee?

Depending on service history and loan type, the VA funding fee is between 0.50 percent and 3.3 percent of the total loan amount. More information about the funding fee amount is available from the VA.

Who is exempt from the VA funding fee?

Not everyone is required to pay the VA funding fee. According to the VA, you do not have to pay the fee if you are a:

  • Veteran receiving VA compensation for a service-related disability, OR
  • Veteran who would be entitled to receive compensation for a service-related disability if you did not receive retirement or active duty pay, OR
  • Surviving spouse of a Veteran who died in service or from a service-related disability.

Do disabled Veterans have to pay the VA funding fee?

Disabled Veterans who are receiving compensation for a service-related disability are exempt from the VA funding fee. Additionally, Veterans who are eligible for disability compensation for a service related disability but are receiving retirement or active duty pay instead, are also exempt.

What did the GI Bill of Rights provide to Veterans?

One of the most important pieces of legislation passed by the federal government, the Servicemen’s Readjustment Act, commonly known as the GI Bill of Rights, established the VA home loan guaranty.

To learn about the VA home loan, call us at 800-405-4187.

Are reservists and/or Guard members eligible for VA loans?

Members of the Reserves and National Guard are eligible for VA home loans if they meet certain qualifying requirements set forth by the VA. Please refer to these VA loan eligibility guidelines for Reservists and National Guard members.

What is a DD214, and do I need it for a VA loan?

You may need your DD214 to help the VA lender confirm your eligibility for a VA-guaranteed home loan.

A DD214 is proof of military service. It displays the nature of your discharge, dates of service, and current classification (retired, separated, Guard or Reserve status).

Consult the Certificate of Eligibility table provided by the VA to determine which specific pieces of evidence you may need to provide to the lender.

 

Can a spouse of a Veteran apply for a VA loan?

Today, spouses of Veterans may apply for a VA home loan if they are the:

  • Un-remarried spouse of a veteran who died while in service or from a service-related disability
  • Spouse of a Servicemember missing in action or a prisoner of war
  • Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
  • Surviving spouses of certain totally disabled veterans whose disability may not have been the cause of death

Can I pay off a VA loan early?

Since VA loans do not have any prepayment penalties, you can pay off a VA home loan early without worrying about a prepayment fee.

What are the benefits of a VA-guaranteed loan?

VA-eligible borrowers can take advantage of the many benefits offered by VA-guaranteed home loans:

  • Zero down payment requirements (unless required by the lender or the purchase price is more than the reasonable value of the property)
  • Zero private mortgage insurance (PMI) requirements
  • Competitive interest rates
  • Ability for eligible veterans to take out more than one VA loan
  • Limitations on closing costs
  • Loan is assumable by or transferable to qualified borrowers
  • No prepayment penalty

Is the VA Home Loan Benefit a reusable benefit?

The VA Home Loan program benefit is not just a one-time benefit—it is reusable. However, in most cases, eligible veterans can only have one VA loan at a time.

Call us at 800-405-4187 if you have any questions regarding this benefit.

Who is eligible for a VA loan?

Please refer to the latest eligibility guidelines set forth by the VA.

Where can I find VA approved condos?

It may be possible for you to use your VA home loan benefit to apply for a VA loan to purchase a condo in a VA-approved project. Servicemembers are often happy to learn that they can purchase a condominium with a VA home loan. However, the condominium must meet qualifying guidelines set forth by the VA.

The easiest way to determine if a prospective condo is approved by the VA is to visit the Department of Veterans Affairs condo report page. From there, you simply need to enter in the condo name or ID, the regional office with which the condo is registered, and location of the condominium.

Apply today for a NewDay Zero Down VA Home Loan if you are interested in buying a condo that is eligible for a VA loan.

How can I opt out of receiving mail from NewDay USA?

If you are receiving mail from NewDay USA and you would prefer not to, please send an email to RFL@NewDayUSA.com. The subject of your email should read " Remove from list", your email should include your name, address where you are receiving mail, and the NewDay USA reservation number from a piece of mail you have received. Please note, due to the mailing cycle, it may take 3-4 weeks for you to stop receiving mail from NewDay USA.