Your Next VA Home Loan
On Jan. 1, 2020, it became easier for you to use your VA home loan benefit to purchase, refinance, or construct a home with no down payment, regardless of the cost of the home. The VA home county loan limits were eliminated as part of the Blue Water Navy Vietnam Veterans Act of 2019 for Veterans and service members with full entitlement.
Historically, VA only guaranteed home loans up to the county conforming loan limits (CLL) as determined by the Federal Housing Finance Agency. These loan limits reflect the changes in average U.S. home prices at the county level. If you chose to purchase, refinance, or construct a home above the CLL, the lender would likely require a down payment from you before they would choose to close on the loan. In counties such as San Diego, Calif., or Arlington, Va., the limit is much higher to reflect the average cost of a home. This meant that when using your VA benefit, the lender–not VA–would require you to pay up to a 25% down payment on any amount above the county limit.
As of January 1, first-time homebuyers, or homebuyers who have sold their home and have full benefit entitlement available, will no longer have to worry about loan limits or down payment requirements when purchasing, refinancing, or constructing a new home.
Learn more here.
The Veterans Initiative Needs Your Help
Objects taken from the battlefields of Vietnam are more than souvenirs or war trophies. Maps, stories, after-action reports, pictures, military items may have a story that could result in finding the location of missing war dead. Can you help?
Contact the Veterans Initiative at:
Vietnam Veterans Of America
8719 Colesville Rd., Suite 100
Silver Spring, Maryland 20910