New VA Loan Changes!
There’s some exciting news coming to VA loans!
Effective January 1, 2020, here's what will be changing for qualified military homebuyers:
- No down payment
Right now you can get a hundred percent financing on a VA loan, no money down, up to a certain dollar amount. After that dollar amount, you have to bring in 25 cents on every dollar after that limit as part of a down payment. After these changes on January 1, 2020, there will be no down payment required.
You can get a hundred percent financing beyond that dollar limit!
- Funding fee changes
The second change that's coming is related to the funding fee on VA loans.
If you have a service-related disability, you won’t have a funding fee; otherwise, the funding fee is going up by a certain percentage.
That funding fee is what funds the VA program, which is just an insurance program to guarantee the loans. It’s going to get a little more expensive on that funding fee for VA loans as a result.
The biggest impact is no down payment on the very big (“jumbo”) VA loans.
We have a lot of experience doing VA financing. If you have questions about VA loans, or if you're active duty or retired military, contact us today. We’d be glad to help.
