VA Home Loans 2020. Everything you need to know about VA loans in 2020.

Everything you need to know about VA Loans in 2020! Plus a little known secret! There have been some changes in Veterans (VA) loans this year. This video will catch you up on the latest VA loan changes. Especially helpful for the VA loan first time home buyer and information on VA funding fees.

VA Loan Program Changes include:
The “Blue Water Act” makes some important changes to the VA home loan program. Some of them are alterations to help pay for some of the measures required by the act, others are procedural changes, while still others are fundamental alterations to the basic structure of VA loans. The changes include:

No upper loan limit on VA mortgages as of 1 January 2020.
An increase in the VA Loan Funding Fee for all non-exempt borrowers.
Purple Heart recipients are now exempt from paying the VA loan funding fee the same as those who receive or are entitled to receive VA compensation.

Removal Of The VA Loan Guaranty Limit – No VA Loan Limits!

The Blue Water Navy Vietnam Veterans Act Act amends existing VA program guidelines with changes designed to “expand maximum guaranty amounts for purchase, construction, and cash-out refinance loans greater than the Freddie Mac conforming loan limit”.

That means that if you apply for a home loan using your VA loan benefits, you can apply for a loan for the most expensive home you can find (assuming you have full VA home loan entitlement) and the VA guaranty of the loan is 25% of the loan amount with no down payment.

Essentially, there is no upper limit on the price of the home you wish to purchase using a VA loan as of the law’s implementation date of 1 January 2020. However, if the asking price and the appraised value of the home do not agree, the VA loan amount will be based on the lower of the two amounts.

The borrower cannot be required to proceed with the loan in such cases because when the VA loan amount is lower than the asking price, the borrower must pay the difference in cash and cannot finance that amount. That’s something a borrower may choose to do, but VA loan rules prohibit forcing the borrower to buy the home and pay that difference out of pocket.

VA borrowers who wish to use their entitlement to apply for home loans “equal to or less than $144,000 regardless of Freddie Mac” are not affected by the rule changes and should expect their transaction to be handled in the traditional way.

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Ron Block
RE Florida Homes
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Видео VA Home Loans 2020. Everything you need to know about VA loans in 2020. канала RealRonTV The Realtor!