VA Loans help active members of the military, veterans, and other eligible borrowers to purchase a property or refinance a mortgage.
Mortgage Options for Military Members and Their Family
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What is a VA Loan?
Who is Eligible for a VA Loan?
There are specific requirements for VA Loans, depending on your minimum active duty. However, these borrowers are generally eligible
Military Members who are Currently Serving
Reach out to a Newfi Senior Loan Advisor today to discuss requirements for VA Loans.
Frequently Asked Questions
Once you’ve established eligibility and met the VA loan requirements, you will be able to submit the required documentation and choose your mortgage option. Newfi offers a wide variety of fixed rate and adjustable rate mortgages for VA borrowers and a number of loan terms. Civilian spouses can co-sign with eligible borrowers to help qualify or obtain better terms. Borrowers can also pay their mortgage at any time with no prepayment penalties. At closing, you’ll be required to pay a fee called a “funding fee” to the Department of Veteran Affairs.
The VA Funding Fee is set by the Department of Veteran Affairs, not your bank or lender. This fee is collected by the Department of Veteran Affairs as a way to ensure that this VA Loan program continues on to the next generation of veterans, service members, and their families.
- No Down Payment Requirements
- Lower Interest Rates
- No Mortgage Insurance Requirements
- Flexible Credit Terms
- Lower Credit Scores Accepted
- High Maximum Loan Amounts Available
- No Prepayment Penalties (PPP)
- Streamlined Refinancing Options for Current VA Loans
- Refinancing Available for Both VA and Non-VA Loans
- Funding Fee Can be Completely Rolled into the Loan Itself
Note that there are caps on the amount of a loan that can be made without any down payment. Disabled veterans may have access to additional benefits. Talk to a Newfi loan advisor for details.
- Borrowers with VA Loans are required to pay a one-time called a “Funding Fee”. This fee goes to the Department of Veteran Affairs at closing.
- VA Loans are only available on primary residences that are move-in ready. They are not available as investment property mortgages, mortgages for fixer-uppers, or home loans for vacation homes. (There may be limited exceptions for second homes.)
- Borrowers are required to provide proof of income and credit when they apply for a VA Loan.
You can refinance your mortgage using a VA Loan. Speak to a Newfi Senior Loan Advisor to learn more about your options today.
VA Loans are not permitted to be used for investment properties or rental properties. However, Newfi offers a variety of investment property mortgage solutions with flexible income and employment documentation requirements. Learn more here.
Conventional 30-Year Fixed Rate Loans can offer borrowers more flexibility when looking to purchase other properties. VA Loans do not allow borrowers to purchase investment properties or second homes, so Conventional mortgage options would be the better choice for those purchases.
However, these mortgages also have down payment requirements of as little as 3% and often require borrowers to pay Private Mortgage Insurance (PMI) for any down payment that is under 20%.
Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!