Here’s a really quick update on something significant that has hit the lending world. The President just signed into law the Blue Water Navy Vietnam Veterans Act, and this is going to allow home buyers to borrow above the 2019 limit of $484,350 without a down payment currently.
If you do a lot of VA purchases, you know, it’s always been a split. There’s the conventional Conforming VA and then there’s the Jumbo VA, which requires 25% down of the difference between the two. So that’s actually a pretty much gone and you can now have the veterans financing above the $484,350 and not have to bring any money down.
Additionally, just so you know, NAR along with other veterans benefits groups who really fought hard to keep from having the VA funding fee increased to offset this. So that’s actually super important because it looks like many folks in Congress wanted to do that and they were pushed back on that. So anyway, some really good news here in the VA lending world, and if you have any questions, give me a shout or shoot me an email.