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NewDay USA, a national mortgage lender that serves veterans, on Monday announced a new loan offering designed to help veterans and service members buy homes by addressing one of the biggest financial barriers — closing costs.
The product, NewDay Home, allows qualifying borrowers with steady employment, strong credit and sufficient income to secure a fully underwritten U.S. Department of Veterans Affairs (VA)-backed mortgage with no money down and competitive rates.
Borrowers who lack cash for closing costs can use a companion option, NewDay Advantage, which finances these expenses over five years — with no interest if they’re repaid within a year.
NewDay Home is meant to help veterans who might otherwise remain renters due to limited savings. According to data published by the Rental Housing Journal, average rents have climbed 31% over the past five years.
“Homeownership is a pivotal life moment marking the beginning of a new chapter and is a right earned by our Veterans and Service Members through their sacrifice for our nation,” Thomas Lynch, executive chairman of NewDay USA, said in a statement.
“NewDay Home is a real solution that strengthens military families’ buying power in today’s competitive market. For many Veterans, that means the ability to purchase a home without bringing a single dollar to the table upfront. Their service is their down payment.”
The product was created for veterans and active service members who have steady employment, strong credit, and solid income but who may not have the savings needed to cover closing costs. With this boost, veterans can compete with cash buyers and close in as few as 15 days.
NewDay said the program also connects borrowers with real estate agents who are familiar with VA home loan benefits, which differ from other mortgage programs. The company said it offers hands-on support from application to closing.
“NewDay Home was built to benefit our country’s heroes — full stop. As a Veteran myself, it is truly a privilege to work with a dedicated team that understands military life and what it means to serve,” said Neil Brooks, president of NewDay Home, which includes a national network of VA loan-certified real estate agents.
I knew I would get a lot of calls on this, so I looked into
**For any of the lawyers in the room. Super curious. First time I ever clicked on a website and clicked buy a home, entered basic info, and it said that I had to agree to terms and in those terms there is a class action waiver and arbitration agreement. Why would we need Veterans to agree to waive their right to a class action before they complete a loan application? Can you even do that?
1) What is the interest rate on the personal loan? I went to their site, and it is not disclosed nor is the 5 year repayment period etc…. How will the interest rate be determined?
2) Will the loan officers still let clients know they can ask the seller pay for closing costs? How will that be monitored?
3) The graphic on the website has a 300k loan with $10,500 in closing costs for a traditional VA loan and with them it is ZERO. But it is not because it is a 2nd loan…
Program link here https://lpsf.newdayusa.com/purchase?referer=bingprch&utm_source=bing&utm_medium=PPC&utm_content=1328212726289198_83013538983939&utm_term=newday%20home%20advantage_e&utm_campaign=662350038&campaign_code=kwd-83014806818612:loc-4084_o_c&msclkid=647b0cb45d451021de0165bd53a1ec27
corrected link https://www.newdayusa.com/va-home-loan