Broker, Appraisal Products; Investor Policy and Procedure Changes

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Posted To: Pipeline Press

VA lenders are talking about the “cap” being removed as the Department of Veterans Affairs can now back loans that exceed the conforming loan limit. President Trump signed the Blue Water Navy Vietnam Veterans Act which allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any down payment. (The bill revises the VA’s home loan guaranty program to adjust loan fee rates and eliminate the limit on guaranty amount that is based on the Freddie Mac conforming loan limit.) Now if only the industry could do something about closing costs in general. The recent closing cost data showed that in 2018 national average closing costs for a single-family property were $5,779 including taxes, and $3,344 excluding taxes. (ClosingCorp cost calculations include lender’s…(read more)

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