Experience with NewDay USA, Veterans? Financing Methods?

Question

Hello everyone,

I received a "VA-Guaranteed Cash-Out Loan Offer" in the mail for up to 100% refinance cash-out option. I'm looking for some capital to make a 6 unit purchase to increase my portfolio to 9 doors. I'm considering to do this 100% cash-out refinance to pull the equity out of my current properties to make this package purchase of 3 duplexes all side by side set up kind of like a small apartment complex. Does anyone have past experience with this lending company? Also open to other suggested financing methods.
Thank you in advance!

Lara White · Answer

@Lee Whited I don't know anything about NewDay USA's product (other than getting a letter from them in the mail 2-3x week trying to get me to do it).  Here is a good site to learn about what options are available to you with a VA cash-out refinance. https://www.va.gov/housing-ass...I did an IRRRL earlier this year myself (at 2.25% for 30 years!!) on my primary, so the IRRRL is a good loan product too (different though).  I'd just be cautious about a lender that has to spam to get business.  https://www.va.gov/housing-ass...

Personally - I would find a local lender that can do the same thing for you but will save you time and heartache more than likely.

Melvin List · Answer

I would reach out to a broker in your area.  I good broker should be able to find you a completive rate with no fees on a VA loan.