Great news for Veteran home buyers – the VA loan limit will be eliminated starting January 1, 2020! What does this mean for your clients?
More Buying Power
It’s much easier for Veterans to finance homes that would have been considered “jumbo” under the previous limits. This is excellent news for Veterans who want to buy homes in high cost areas or are looking at houses priced above the previous cap.
Additionally, even though the loan limit will be removed by the VA, it’s important to consider that secondary market conditions may drive investors and banks to develop loan limits for VA loans, so be sure to check with me about available loan amounts if you’re working with a jumbo VA buyer.
Under previous rules, Veterans who wanted a jumbo mortgage had to contribute a down payment. With the loan limit repeal, Veterans can finance jumbo loans without putting any money down. This represents a significant benefit for your buyers!
If you are working with a Veteran who needs home financing, reach out to me today! Let’s make the home buying process Better Together.