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
|Cash Out Refinance||None||2.30%||3.60%|
As always, if you have any questions, give me a call at 360-459-1200!