With a new decade comes new things for VA home loans. In this new year, we are seeing many changes for veterans and their families. In the past, VA home loans have had certain restrictions that are now being changed to best fit the lives of veterans. But what is changing? And how is it going to help the veterans?
The Changes
One of the biggest changes in this new year is loan limits. There used to be loan limits on VA home loans, but as of 2020 those no longer exist. The Blue Water Navy Vietnam Veterans Act of 2019 went into effect at the beginning of this year. This act has made many different changes, including changes to VA home loans specifically. It adds to the improvement of all veterans included in these benefits, but also allows for no limits to these loans. This does not mean that anyone can get any size loan they want. Veterans will still have to go through the correct circumstances in order to receive the amount desired. For example, you still need to have a sufficient income in order to receive the desired loan amount. Another thing is that the funding fee is going to increase depending on your down payment. But with this new act in place, it allows for more funding which only helps our veterans not only in Boise, Idaho but also across the nation as well. These changes are positive in the VA home loan world, but for more information on this contact a specialist today to get all of your questions answered and your quote started.
The Need To Know
There are a few things that you need to know along with the recent changes regarding VA home loans. Things are different depending on the area that you live in and the amount that you are allowed to borrow. Here are a few things to keep in mind when it comes to this type of loan:
- You must have a minimum credit score of about 620 for most VA home loans to approve you.
- You’re either active duty military or a veteran, honorably discharged.
These are not the only things to keep in mind when looking into this type of loan, so make sure you check local requirements and national requirements to see if you qualify.
