Better launched a fully digital zero-down VA loan program designed to expedite and simplify the buying process for veterans.
Better Mortgage VA Loans offers home loans for up to 100% of the purchase price of a primary residence, with no down payment required. The company says they will be 40 bps cheaper than traditional VA loans.
It is available to eligible US Veterans, service members, and National Guard and Reserve members in all 50 states. In some cases, veterans’ spouses may also qualify.
“Better has brought the traditional mortgage into the digital era, launching our 1 Day Mortgage Product and funding over $100 billion of fully digital mortgages. With Better’s VA Loans, we are opening the door for even more hardworking Americans who have served their country to achieve the American Dream of homeownership,” said Better CEO Vishal Garg.
VA loans are guaranteed by the U.S. Department of Veterans Affairs and popular for their low- or no-down payment options.
Better says this offering is the latest example of its investment in tech and automation, which speeds up the buying process and allows Americans who served to compete in a difficult housing market.
Late last year, it partnered with consulting firm Infosys to launch a mortgage-as-a-service platform.
The company suffered a tough 2023 driven by its embattled IPO. It merged with special purpose acquisition company Aurora Acquisition Corp in order to go public in August, but quickly faced cratering stock prices.
The market downturn after the pandemic buying boom greatly reduced the company’s profits, forcing it to let go of 7,000 employees in the last two years, including Garg’s infamous 900-person layoff over Zoom. It ultimately reported a $340 million loss in Q3 2023.
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