As we roll into the new year 2020, VA is rolling out some significant changes that impact Veteran’s with full entitlement.
- VA is eliminating the loan amount cap that is currently in place and tied to conforming loan limits
- No down payment will be required regardless of the purchase price or conforming loan limit
NOTE: Veteran’s with partial entitlement will still be required to make a down payment based on VA’s formula. Give me a call and I’m happy to do the necessary calculations for you.
For the first time in a number of years, VA is increasing the VA Funding Fee. See below for the updated Funding Fee for loans closed January 1, 2020 or after.
| TYPE OF LOAN | DOWN PAYMENT | 1st TIME USE PERCENTAGE | SUBSEQUENT USE PERCENTAGE |
| Purchase & Construction | None 5% to < 10% 10% or more |
2.30% 1.65% 1.40% |
3.60% 1.65% 1.40% |
| Cash Out Refinance | None | 2.30% | 3.60% |
| IRRLs | None | .50% | .50% |
| Loan Assumptions | None | .50% | .50% |
As always, if you have any questions, give me a call at 360-459-1200!
Mortgage Info By Michelle Wickett 