What is the NewDay 100 VA loan program?


Quick Answer

The NewDay 100 VA loan program is a financial system where veterans and other actively serving members of the military are allowed to apply for quick loans against the value of their homes. It is guaranteed by the U.S. Department of Veterans Affairs and issued by qualified lenders.

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Full Answer

The spouses of the veterans or actively serving military members are also eligible for the loan, provided they do not remarry. The NewDay 100 VA loan program takes not more than one month to process the loan request submitted by the client, according to NewDayUSA.com. Therefore, this type of loan is suitable for people who want to consolidate their debts, upgrade their homes, lower their monthly payments or have extra money to fund other expenses.

As of January 2012, veterans and actively-serving members of the military were allowed to borrow up to $417,000, but the amount has since risen up to more than $1,094,625 in counties that have high standards of living.

When applying for the loan, clients are required to fill an application form available at NewDayUSA.com and then wait for not more than 30 days. The company sends the loan documentation package through express mail. However, if required, NewDay USA sends its staff for one-on-one guidance with clients at their homes to finalize the application.

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