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Loan Options

Read Time: 6 Minutes April 30, 2024

Newrez is committed to meeting the specific mortgage needs of the brave men and women of the United States Armed Forces who serve our country with resolute sacrifice and bravery.

From traditional VA home loans to specialized programs catering to unique needs, uncover the spectrum of financing solutions tailored to support Military personnel. Equip yourself with knowledge to make in- formed decisions and unlock the full potential of VA loan benefits for your homeownership journey.

VA Loan Options

If eligible for a VA-guaranteed loan, below are VA loan options to consider.

VA Purchase Loan

Purchase your primary residence, such as a single-family, townhouse, or multi-family up to 4 units, a condo in a VA-approved project, a manufactured home, a farm residence, and even newly constructed homes.

VA Energy Efficiency Mortgage Add-On

The EEM is an add-on that covers the cost of making energy efficiency improvements to a home. VA allows up to $6,000 worth of improvements to be included in your VA purchase or VA refinance.

VA Interest Rate Reduction Refinance (IRRRL)

A VA IRRRL (aka Streamline Refi) provides you with a faster way to lower your interest rate when rates drop then traditional refinances.

VA Cash-out Refinance

With a VA Cash-Out Refinance, you can refinance for reasons like refinancing an existing mortgage into a VA Loan, access equity in your property to consolidate debt or for future use, or even to shorten the term.

VA Renovation

The VA Renovation loan is a mortgage program exclusively for veterans, offering the opportunity to cover renovation or remodeling costs in a single loan, simplifying the process and providing flexibility.

VA New Construction

The VA home loan can be used to construct a new residence. You can use the construction loan to build a home on property that you already own or want to buy as part of the loan.

VA Assumption

One feature of the VA home loan is that it is assumable. This means that anyone can assume, or take over your payment on a VA home loan, if they qualify. It is a unique feature that gives you the option to purchase a home with a previously set interest rate or, in a time of need, avoid foreclosure.

Conventional Home Loans

Conventional Loan

Conventional loans are not insured by the FHA or VA. Generally, these are a good option if you have a higher credit score and stable employment history. Interest rates for conventional loans are usually some of the lowest.


If you’re dreaming of homeownership but still saving for a down payment, you may be able to buy now with a HomeOneSM mortgage. It only requires a 3% down payment, and you’re not limited to a traditional residence.

Home Possible®

Home Possible® is a Freddie Mac® loan program designed to bring homeownership within reach to more borrowers. Home Possible® offers low down payments and easier credit scores.


HomeReadyTM is a Fannie Mae® loan program that is designed to extend the privileges of home- ownership to buyers with limited household incomes.

Other Government Home Loans

FHA Home Loan

If you are a first-time homebuyer, an FHA Loan might be a good choice for its relaxed requirements.

FHA Streamline Refinance

If you currently have an FHA mortgage, an FHA Streamline Refinance offers several options.

USDA Home Loan

If you are looking to buy a home in a rural location, a USDA Loan can be ideal if you do not quali- fy for a conventional loan.

Other Renovation Loans

HomeStyle® Renovation Loan

Remodel, renovate or repair your home with HomeStyle® Renovation loan from Fannie Mae. HomeStyle® is also available for new and existing homes – even new construction.

FHA 203k Home Loan

If you are looking to buy a home that requires repairs or renovations an FHA 203k can help provide those additional funds before moving in.

Freddie Mac®, Home Possible®, HomeOne®, and Freddie Mac BorrowSmart® are registered trademarks of the Federal Home Loan Mortgage Corporation. HomeStyle® and HomeReadyTM are registered trademarks of Fannie Mae®. The previously mentioned companies and programs are not affiliated with Newrez LLC. This is not a commitment to lend. All loan programs and availability of cash proceeds are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. Down payment assistance products may have a higher interest rate or higher finance charges than other loan products which may be available.