by: Gaye Jones ~ AnnieMac Home Mortgage
In June of this year a new bill was signed to give more back to our Veterans.
The Blue Water Navy Vietnam Veterans Act of 2019 which will go into effect on January 1, 2020 offers Veterans a few big wins when purchasing a home using a VA loan.
The most notable change is the elimination of loan limits. This allows veterans to purchase in higher priced housing markets where previous limits reduced options.
In addition, extending their zero-down buying power will save some veterans a lot of money and help them stay competitive with conventional buyers.
For those who have more than one VA loan, loan limits will remain in effect for 2020. When choosing a lender for your VA loan, make sure you ask if they are imposing any loan limits as lenders still have the ability to impose a loan limit if they choose.
Although there is a small increase in the funding fee, the fees will be the same for regular military, National Guard and reservists. Currently, National Guard and Reserve members pay slightly higher fees. In addition, active-duty service members who have received a Purple Heart or have VA related disability will be exempt from the funding fee starting next year.
Veterans in every market should take the extra step when choosing a lender for their new VA loan.
Look for a local lender that is available to sit face to face and explain the changes, take a personal approach and give the attention and respect that each has so bravely earned by serving their country.