Information
About lender
NewDay USA is a mortgage lender approved by VA. It provides financial solutions to veterans and their families. The company offers VA loans for military members, veterans, and their spouses.
The company was started in 2002 and has its headquarters in Fulton, Maryland. The lender is not Better Business Bureau-accredited but has an A- rating with BBB. The customer reviews left on BBB give the company 3.6 stars from 5.
Pros and cons
Pros
- You can take cash out to refinance up to 100% of the property's value
- You can get a Cash Buyer Certificate
- The company has over 20 years of experience
Cons
- You can only take a VA loan
- The company is not present in all the states
- You can't go through all the application procedures online
- There is no information on interest rates
Terms and conditions
NewDay USA offers its customers a 100 VA Cash out option or Zero Down VA Home Purchase Loan.
With cash out, you can get $60,000 cash out on average at a low rate. This option is suitable for refinancing a mortgage.
With a zero-down VA home loan, you pay no down payment and get a loan at a low rate. You won't need to get Private Mortgage Insurance, either. You can get a loan term of 15 or 30 years at a fixed rate. For example, a loan of $350,000 with no down payment taken for 30 years will come with a 5.375% interest rate.
The company states it doesn't limit the amount of home loan you can take. Once you apply for VA and are considered eligible, you get a Certificate of Eligibility. The document indicates to lenders you have VA mortgage eligibility and entitlement. The lenders themselves determine the amount you can get based on your creditworthiness.
There is a funding fee you have to pay unless you are a veteran receiving VA compensation for a service-related disability, a veteran entitled to receive such compensation, or the surviving spouse of a veteran dies in service or from a service-related disability. The fee is a percentage of your total loan amount, depending on the type of loan. It varies from 0% to 3.6%.
