As of January 1st, 2020, there are no more VA Home Loan limits for those Veterans that have their full VA entitlement available.
This is major news for any Veteran that is looking to buy in an area where the real estate is expensive filled with high-priced properties.
In the last 10 years the Mortgage industry has undergone drastic changes.
Mortgage programs used to read like a menu from a Diner – where you can get anything you were in the mood for, but that menu has shrunk to a few basic choices The VA Mortgage being one of them & is now the ONLY mortgage program where you have NO mortgage limits.
With the elimination of so many Mortgage programs, the VA Mortgage is now more important than ever. For a Veteran, the only other Mortgage program that is normally feasible is the FHA Program where you have to pay Mortgage Insurance for the life of the loan, and which can cost you on average an additional $400 a month. In addition to having to come up with a down payment of 3.5% which equals $14,000 for a $400,000 Mortgage.
Now with no more VA Mortgage Limits the VA Loan is the most attractive mortgage program for Veterans buying in any price range as there is no money down & no mortgage insurance– regardless of the loan amount.
So, fear not Veterans, home ownership is a reality for you, even if you live in high-cost areas.
The Veterans Homebuyers Network as always, is here to help you realize the American Dream of Home Ownership.
Make 2021 the year of home ownership – for more information – please call 917-960-4260.
We will leave NO soldier behind.