VA loan information UPDATES

VA Loan Information Guidelines UPDATES For 2023

Gustan Cho Associates are mortgage brokers licensed in 48 states

This guide will cover VA loan information guidelines updates for 2023. There are VA Loan Information UPDATES on Guidelines And Requirements on VA home mortgages. The housing market has been booming for the past several years. There is more demand for homes versus inventory.

Due to the strong demand for homes, home prices kept increasing yearly. Many homebuyers were having problems buying homes due to loan limits imposed on government and conventional loans.

Due to rising home prices, HUD, VA, and the FHFA have increased loan limits for the past four years. Alex Carlucci is a VA loan information expert and a senior loan officer. Alex explains the VA is removing the maximum loan limit on VA loans.

VA Loan Information UPDATES on Maximum Loan Limits

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FHA loan limits are now capped at $472,030. Conventional loan limits are capped at $726,200. VA loan limits normally follow conventional loan limits. However, as of January 1st, 2020, the VA eliminated the maximum VA loan limits. Effective January 1st, 2020, VA loans have no maximum loan limit caps.

VA loans no longer have a maximum loan limit. You can go as high as you can afford. As long as you get an approve/eligible per automated underwriting system and have strong residual income, you will be able to get an AUS approval with a high loan amount.

Borrowers can now buy a higher-priced home with a VA loan without worrying about the maximum VA loan limit. This article will discuss and cover the VA loan information updates on guidelines and requirements.

Positive News On VA Loan Information UPDATES

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One of the positive news on VA loan information 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. VA loans no longer have maximum loan limit caps on VA loans:

Homebuyers 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. Before 2020, military reserve members paid higher VA funding fees than active veterans. VA loan information updates include benefits for Vietnam Veterans through the Blue Water Navy Vietnam Veterans Act.

VA Loan Information UPDATES On Blue Water Navy Vietnam Veterans Act

The Blue Water Navy Vietnam Veterans Act now allows homebuyers eligible for VA loans to purchase a home without worrying about the VA maximum loan limits with a 100% down payment. Any homebuyer with a COE who wants to purchase over $726,200 can now purchase a home with a VA loan with 100% financing. No need to qualify for a jumbo loan.
VA loans are the best mortgage loan program in the nation. Due to the government guarantee, lenders can offer VA loans with 100% financing without mortgage insurance at competitive mortgage rates. VA agency mortgage guidelines are lenient. The VA promotes homeownership for homebuyers who are eligible with a certificate of eligibility (COE). VA loans have no minimum credit score requirements or maximum debt-to-income ratio cap.
Borrowers with a prior bankruptcy, foreclosure, deed-in-lieu of foreclosure, or a short sale can qualify for a VA loan after meeting a two-year waiting period. Borrowers in an active Chapter 13 Bankruptcy repayment plan can qualify for a VA loan without the bankruptcy being discharged and trustee approval via manual underwriting. There is no waiting period after the Chapter 13 Bankruptcy discharge date to qualify for VA loans. Any Chapter 13 bankruptcy discharge that has not been seasoned for 24 months needs to be a manual underwrite.

Qualifying For A VA Loan With A National Lender With No Overlays

Gustan Cho Associates is a five-star national mortgage company licensed in multiple states with no lender overlays on VA loans. Over 80% of our borrowers at Gustan Cho Associates could not qualify for a mortgage at other lenders due to their overlays.
Gustan Cho Associates are mortgage brokers and correspondent lenders licensed in 48 states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands.
Gustan Cho Associates has a national reputation for being able to do mortgage loans other lenders cannot do.  We are experts in helping borrowers with credit scores down to 500 FICO and high debt-to-income ratio. The team at Gustan Cho Associates can be reached at 800-900-8569.  Text us for a faster response. Or email us at We are available evenings, weekends, and holidays seven days a week.

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