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VA Removes Loans Limits, Increases Fees
Wednesday, January 15, 2020
U.S. military veterans and active duty
personnel who buy or refinance a home in 2020 will have more buying power if
they use a VA loan. They will also pay more money for that loan. The Blue Water
Navy Vietnam Veterans Act of 2019, which become effective on January 1, 2020,
will eliminate loan limits on VA loans but will also increase many of the
associated fees. VA loans are available with a loan-to-value
ratio of 100 percent and in some circumstances the leverage can be even higher.
The loans however have always been subject to the same limit that applies to
conventional and FHA loans. That limit is $510,400 in most U.S. counties this
year, with larger limits in defined "high cost" areas. These limits will no
longer exist for veterans with full access to the benefit.
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