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No more VA Loan Limits in January 2020!

October 27, 2019 by Scott Sheldon

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What you need to know if you are seeking an FHA mortgage with student loans

HR 299 is a new VA Bill recently signed by the president that makes some big changes to VA financing. If you’re thinking about buying a house and you’re an eligible VA mortgage applicant. Here are some things you ought to consider..

VA financing allows you to purchase a house with no money down. Presently this is permitted up to the maximum conforming loan limit in the area in which the county is located. Technically the VA does not have a limit, but it does if you exceed the maximum high balance loan limit in the area in which the property is located and then you have to come up with a 25% coverage ratio meaning you have to put in your own cash to purchase the property when it exceeds the maximum high balance loan limit.

This new bill that starts for all qualified VA applicants in January 2020 removes that high balance loan limit cap for 100% financing opening the door for more eligible veterans and their families to pursue homeownership.

The VA loan is particularly attractive because of the following things

  • Interest rates are generally lower when stacked up against FHA and or conventional mortgages
  • The loan is guaranteed by the Department of Veterans Affairs making the loan less risky to the lender allowing the lender to push the ratio in terms of qualifying ability. Note this is on a case-by-case basis with each lender
  • The loan allows for no money down at all. Couple that with a seller credit for closing costs and you can purchase a primary home without putting in any of your own funds
  • Loan also allows for no monthly mortgage insurance which is incredibly huge $300- $400 a month of PMI for example when stacked up against an FHA or conventional loan can really improve borrowing power.

If you’re thinking about VA financing or looking to get a jump start on your eligibility prior to January talk to a qualified lender now who can best position you to be pre-approved in January.

Get a no cost Va Rate Quote now!

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Filed Under: Credit Score Info, Credit Score Questions and Answers, Economic News, Interest Rates Tagged With: BAD CREDIT MORTGAGE, buying your first home, home buying, sonoma county home buying, SONOMA COUNTY LOANS, Sonoma County Mortgage Rates, VA, va home buying, VA IRRL

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Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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