2020 VA Loan UPDATES On Guidelines And Requirements
In this article, we will discuss and cover the 2020 VA Loan UPDATES On Guidelines And Requirements.
Positive News On 2020 VA Loan UPDATES
One of the positive news on 2020 VA Loan UPDATES is a new law allowing homebuyers eligible for VA loans with a valid COE to purchase higher-end homes with no money down.
- Effective January 1st, 2020, there is no maximum VA loan limit
- Homebuyers who are eligible for VA loans can purchase a higher-end home with 100% financing
- Also, VA funding fees paid by reserve members of the military and active veterans will now be the same
Prior to 2020, reserve members of the military paid higher VA funding fees than active veterans.
2020 VA Loan UPDATES On Blue Water Navy Vietnam Veterans Act
2020 VA Loan Updates include benefits for Vietnam Veterans through the Blue Water Navy Vietnam Veterans Act.
Jammi Cash of Gustan Cho Associates is an expert on VA loans. Jammi Cash said the following about the Blue Water Navy Vietnam Veterans Act:
Originally, non-disabled Veteran home buyers would pay for new VA benefits by increased VA loan fees. Actually, as much as .35% – .50% of the loan amount would be added in fees. However, the final version of the bill will lessen the burden of additional fees and supposedly add a smaller percentage to certain loans. In addition to providing more health benefits to Vietnam Veterans, there is another huge benefit for VA qualified buyers within this new law! Regretfully, many Vietnam Veterans have experienced serious, service-related health issues, mostly resulting from exposure to Agent Orange. One example includes Veterans contracting ALS or Lou Gehrig’s disease. Often, this doesn’t show up until later in life. Due to serving on land, contracting ALS is presumed to be from exposure to Agent Orange and VA is providing assistance to keep him comfortable. Conversely, assistance has been lacking for service members who served off-shore of Vietnam and now have Vietnam related health issues. They are known as “Blue Water” Veterans. The part of this wonderful Act which helps military buyers and homeowners is that VA loan limits are going away. VA loan limits 2019 and before were tied to conventional loan limits Therefore, this is a huge win for several types of VA borrowers!