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VA Guidelines are Changing Jan 1, 2020 - Here's What You Need to Know
Dated: December 2 2019
The VA loan is changing come January 1st, 2020 and we wanted
to discuss what is changing, exactly.
The VA funding fee on your first use is going from 2.15% to 2.30%.
This percentage is from the purchase price. Let’s say the home you
Are buying is $200,000. At the new Funding Fee of 2.3%, your total
Loan would be $204,600. This is not a fee that you are required to
Pay as part of any sort of closing cost, it is most commonly put into
The loan amount. Which, in turn, won’t cost you anything out of
Pocket but it does raise the monthly payment ever so slightly.
Subsequent use of your VA Loan used to carry a 3.3% funding fee
But that will now be increasing to 3.6% as of Jan 1st, 2020.
There's no limit, even though the non-conforming limit for 2020
Will be $510,400 up from the $484,350 that it used to be. When we
Say that there is no limit, we mean that you could purchase a
New home above that limit without having to pay a down payment.
Previously, you would have to pay a 25% down payment on the
Dollar amount above the non-conforming limit. Lucky for our
Veterans, that is being taken away! For those Veterans fortunate
Enough to purchase a higher priced home will be able to keep
Their money in their pocket!
For those that are using an investment strategy that you know,
if you've done a Buyers Consult with me with a VA loan before
I've talked about where you purchase your first home call it at a
Hundred and fifty or $200,000. Then you wait a couple of years
and you buy another home and make sure you're under that
$510,400 still so you don't have that down payment and then
you can refinance that first one out of the VA loan.
It's very wonky right now. We're not sure how that's going
to play out yet. What it is sounding like is it they may not be
allowing that on the same level. We're still trying to get clarification.
We will probably have to do another video and blog post or some
sort of post on the channel at that at some point because we're not
really sure if that's how things are going to work in January.
Andrew Iremonger started his Real Estate career shortly after leaving the United States Air Force in 2014. The qualities that the military instilled in him carried on in his work ethic. Just a few sho....
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