No More VA Loan Limit Caps

Veterans may qualify to purchase larger homes in pricier communities – still without having any down payment – after Jan. 1, 2020. Those taking out  a VA Loan (Veteran Affairs) backed mortgages will find caps removed on what they can spend in 2020.

No More VA Loan Limit Caps

The Blue Water Navy Veterans Act of 2019 removed the caps for the new year. But military members on active duty and veterans will still need to qualify for the mortgage and verify that they can afford the monthly payments.

“It gives the veterans the opportunity to buy homes in the areas they want to buy in,” says Kyle Reed, a real estate pro with Pauly Presley Realty in Austin, Texas. “It opens up some areas in cities to VA loans … that maybe veterans didn’t have access to before without putting a bunch of money down.”

VA loans have been capped at different amounts nationwide. Borrowers could take out more on a VA loan in a high-priced area like San Francisco, for example, than they could in Detroit, where homes have a tendency to be cheaper. If they exceeded the set limits in the city where they lived, they were required to put down 25% of the difference on the mortgage. If they stayed within the loan limits, they were able to get a 0% VA loan.

Inside of the new rules, vets can get any loan amount via VA that can independently qualify to receive, though banks may still put in some restrictions to safeguard themselves against defaults. For example, some lenders might have to have higher credit scores or debt-to-income ratios in qualifying for the loans. The loans likely apply only to a borrower’s primary residence too.

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.

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