NewDay USA, a national mortgage lending company serving the veteran community, recently announced the launch of NewDay Home, a transformational product designed to empower veterans and service members to achieve homeownership, according to a release.
“The most significant barrier to homeownership for veterans and service members who are looking to buy is not meeting the monthly payment on a mortgage,” the release stated. “Instead, it’s the challenge of saving enough money to cover closing costs. In cases when they do have enough cash on hand, many veterans and service members don’t want to wipe out their savings accounts, which may be needed for other priorities or potential emergencies.
“As a result, they are often trapped in paying rent, which, as reported by Rental Housing Journal, has increased an average of 31 percent over the last five years — and goes up every year.”
NewDay Home was created for veterans and service members who have steady employment, strong credit and solid income but who may not have the savings needed to cover closing costs.
By combining the power of the Veteran Affairs Home Loan Benefit with innovative features that help cover closing costs, NewDay is redefining how the mortgage industry supports America’s Veterans and their families. With this boost, veterans can compete like cash buyers and close in as few as 15 days. According to the 2022 Survey of Consumer Finances from the Federal Reserve System, the average net worth of a homeowner is nearly $400,000, compared to less than $11,000 for a non-homeowner.
“Homeownership is a pivotal life moment marking the beginning of a new chapter and is a right earned by our veterans and service members through their sacrifice for our nation,” Admiral Thomas Lynch, executive chairman of NewDay USA, said in the release. “NewDay Home is a real solution that strengthens military families’ buying power in today’s competitive market. For many veterans, that means the ability to purchase a home without bringing a single dollar to the table upfront. Their service is their downpayment.”
“I am honored to join the Admiral’s team and be part of NewDay’s mission to put one million veterans in homes,” Neil Brooks, president of NewDay Home, said. “NewDay Home was built to benefit our country’s heroes — full stop. As a veteran myself, it is truly a privilege to work with a dedicated team that understands military life and what it means to serve.”