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Military Loan Options

Read Time: 4 Minutes October 31, 2024

Newrez is committed to meeting the unique mortgage needs of the brave men and women of the United States Armed Forces. From traditional VA home loans to specialized programs, our full range of financing solutions are tailored to support Military personnel and families. 

VA benefits are earned through your service, and VA home loan programs are offer some of the best mortgage features out there. We’ll guide you through the opportunities available to you so you can reach your homeownership goals.

VA Loan Options

If eligible for a VA-guaranteed loan, you may have several options to choose from:

VA Purchase Loan

You found the perfect place to call home—now make it yours. VA loans are government-backed loans, meaning the U.S. Department of Veterans Affairs guarantees a certain amount of the money to your lender, which makes lenders more willing to take them on even if the applicant has damaged credit or can’t afford to put much (or any) money down at purchase. These loans are available to active duty Military members, Veterans, surviving spouses and their families, and may feature more flexible terms than conventional loans.

A single-family property, townhouse, manufactured home, multi-family building of up to 4 units, an approved condo, a farm residence, or even new construction houses are all eligible property types considered by the VA.

VA Energy Efficiency Mortgage (EEM) Add-On

Adding an EEM provides funds to cover the cost of projects that improve your home’s energy efficiency. Finance up to $6,000 worth of enhancements like solar upgrades, insulated windows, and energy-saving appliances made within 90 days before closing.

VA Interest Rate Reduction Refinance (IRRRL)

Also known as a Streamline Refi, an IRRRL offers a faster way to lower your interest rate when rates drop than a traditional refinance. You could reduce your monthly payments this way or set up more favorable loan terms to support your goals.

VA Cash-out Refinance

Work with our lending team to access cash and improve your mortgage in one go. You may be able to refinance an existing mortgage to make it a VA Loan, shorten your current loan term, access equity in your property to consolidate debt, or pay for large expenses.

VA Renovation

Upgrade your home with this mortgage program meant for the exclusive benefit of Veterans. Take advantage of the opportunity to cover renovation or remodeling costs in a single loan for simplified finances and ultimate flexibility.

VA New Construction

You can use a construction loan to build your dream home from scratch on property that you already own or want to buy as part of the loan. You may not even need a down payment!

VA Assumption

A unique feature of VA home loan programs: VA home loans are assumable, meaning anyone can “assume,” or take over your payment, on a VA home loan if they qualify. Preserve the option to purchase a home with a previously set interest rate or, in a time of need, avoid foreclosure.


Conventional Home Loans

Neither the FHA or VA insure conventional loans, but they’re a great option if you have a higher credit score and stable employment history. Interest rates for conventional loans are usually some of the lowest!

HomeOneSM

Still saving for a down payment? You could be able to buy now with a HomeOneSM mortgage. You can make a down payment as low as 3%, and you’re not limited to traditional residences.

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

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, you may benefit from the relaxed requirements of an FHA Loan.

FHA Streamline Refinance

If you already have an FHA mortgage, the FHA Streamline program offers several paths to refinance.

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 qualify 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.

Owning a house isn’t just about having a roof over your head; it’s about providing a sanctuary for you and your loved ones to call home. Set up some time with our lending specialists and maximize your earned benefits to get the most out of homeownership.

Freddie Mac®, Home Possible® and HomeOne® are registered trademarks of the Federal Home Loan Mortgage Corporation. HomeStyle®, HomeReadyTM and Fannie Mae® are registered trademarks of the Federal National Mortgage Association. 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.