Newrez

Most people assume you need years of service before VA loan eligibility kicks in.

Not always.

During active wartime, eligibility can start at just 90 consecutive days of service. And as Michelle Leesmann, Director of VA Education and Policy at Newrez points out, once a servicemember reaches their second duty station, homeownership is worth a serious look.

The numbers stack up when you consider no down payment requirement, no mortgage insurance, and potential state-level benefits like reduced or waived property taxes for disabled Veterans. It can be a great path into homeownership.

For brokers, it's a reminder not to overlook early-career servicemembers. They could be ready sooner than you think.

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Despite being around since 1944, a recent analysis shows that over 58,000 VA loan benefits went unused in 2024.*

For brokers, that’s worth paying attention to.

As Michelle Leesmann, Director of VA Education and Policy at Newrez, explains, the VA loan is built to help servicemembers and Veterans access homeownership without the usual barriers - no down payment, no mortgage insurance, and no need to save 20% before getting started.

It's a benefit that removes the usual barriers to homeownership for those who've earned it.

For any broker with VA-eligible clients, it's worth knowing inside out.

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*https://bit.ly/4uylSoh

Most borrowers think of a refinance as a way to lower their rate. A VA cash-out refinance can do something different.

As Michelle Leesmann, Director of VA Education and Policy at Newrez, explains, a VA cash-out refinance can be used for renovations, debt consolidation, college costs, a vehicle purchase, or whatever life stage a borrower is in.

VA refinances may allow eligible borrowers to pull out up to 100% of their home's value. If a home is worth $400,000 and the borrower owes $300,000, they may be able to access the full $400,000.

For brokers, it's a chance to reframe the conversation, from monthly payment to long-term financial tool - a lot of VA borrowers don't know the 100% cash-out option exists.

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When people hear "refinance," they think it means the full process - compete underwriting, new appraisal, and months of documentation.

The IRRRL is different.

As Michelle Leesmann, Director of VA Education and Policy at Newrez, explains, the Interest Rate Reduction Refinance Loan lets eligible VA borrowers move into a lower rate through a different process. No new appraisal. No full underwrite. Non-credit qualifying.

It's a VA-to-VA refinance only, so the borrower needs an existing VA loan. As long as a borrower meets program requirements and has a history of timely payments, the streamlined process does most of the heavy lifting, potentially at lower cost and in less time.

For brokers, it's a straightforward conversation to have with any VA client sitting on a rate that no longer reflects the market.

Most brokers know VA loans work for single-family homes. Fewer know how far the eligibility stretches.

As Michelle Leesmann, Director of VA Education and Policy at Newrez, explains, VA financing covers condos, manufactured housing, and even one-to-four unit properties, as long as the borrower occupies one of the units as their primary residence.

With a PCS scenario, a home previously purchased with VA financing can be turned into an investment property, with another VA loan used to purchase a new primary residence at the next duty station.

For brokers working with Military clients, understanding these scenarios isn't just useful. It's the difference between a client who uses their benefit once and one who uses it to build lasting wealth.

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Most brokers know VA loans work for single-family homes. Fewer know how far the eligibility stretches.

As Michelle Leesmann, Director of VA Education and Policy at Newrez, explains, VA financing covers condos, manufactured housing, and even one-to-four unit properties, as long as the borrower occupies one of the units as their primary residence.

With a PCS scenario, a home previously purchased with VA financing can be turned into an investment property, with another VA loan used to purchase a new primary residence at the next duty station.

For brokers working with Military clients, understanding these scenarios isn't just useful. It's the difference between a client who uses their benefit once and one who uses it to build lasting wealth.

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Check out more about Broker Buzz here 🔗 https://bit.ly/3WLwW29