VA Removes Loans Limits, Increases Fees

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Posted To: MND NewsWire

U.S. military veterans and active duty personnel who buy or refinance a home in 2020 will have more buying power if they use a VA loan. They will also pay more money for that loan. The Blue Water Navy Vietnam Veterans Act of 2019, which become effective on January 1, 2020, will eliminate loan limits on VA loans but will also increase many of the associated fees. VA loans are available with a loan-to-value ratio of 100 percent and in some circumstances the leverage can be even higher. The loans however have always been subject to the same limit that applies to conventional and FHA loans. That limit is $510,400 in most U.S. counties this year, with larger limits in defined “high cost” areas. These limits will no longer exist for veterans with full access to the benefit. The removal of loan limits…(read more)

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