NewDay USA has announced its streamlined VA refinance program, which skips the income-verification process for veterans and service members.
In most states, the program does not require income verification. Borrowers only need to have made six payments on their VA loan to qualify for the program. Those who are refinancing a fixed-rate mortgage to another fixed-rate loan will also be able to lower their current interest rate by 0.50%.
NewDay USA Chairman Thomas Lynch said that the program also enables military families to finance closing costs and avoid paying for a full appraisal.
"Having earned their VA benefits through their honorable service to our country, and with rates near their lowest levels in a half-century, many veterans and active-duty service members can take advantage of a once-in-a-lifetime opportunity to lower their mortgage payments,” Lynch said. “We're trying to help every veteran and service member get back on the road to building their savings.”
VA rate for 30-year mortgages dropped to 3.96% at the end of July, according to data from Ellie Mae.
"Today's low-interest rates have created an opportunity for all current and former members of the military to take greater advantage of their VA benefits,” said Rob Posner, founder and chief executive officer of NewDay USA. “We are honored [to] play our part."