Huge changes this year to VA Home Loans. As a result of the Blue Water Navy Veterans Act of 2019, all VA home loan limits have been lifted. VA reports that as of January 1, first-time homebuyers, or homebuyers who have sold their home and now have their full VA benefit entitlement available, will no longer have to worry about loan limits or down payment requirements when purchasing, refinancing, or constructing a new home.
What does that mean? If you have your full benefit available to you (you haven’t already purchased a home, or you’ve sold the home you purchased with your VA home loan benefit, so now your full benefit is again available to you) you will no longer be required to put down any additional money to purchase your home with the VA home loan benefit, no matter the home’s cost.
That’s right. Your VA Home Loan benefit will get you into any house you desire, with zero money down, no matter the cost. (You’ll still have to pay normal closing fees, though … inspections, titles, taxes, etc.)
How do you get this benefit? You’ve already earned it, and you just need to prove you can afford your new pad. That’s awesome, and this will potentially save veterans tens of thousands of dollars.
You looking for a new home? Get your VA Home Loan Certificate of Eligibility (COE) and take that to you realtor.