In June 2019, President Donald Trump signed a bill into law that will allow the Department of Veterans Affairs to guarantee loans that go beyond the normal conforming loan amount limit.
The name of this new bill, H.R. 299, will allow all eligible VA homebuyers and VA homeowners to borrow, either for purchase or refinance above the 2019 limit of $484,350 for most U.S counties, with zero down payment.
The Blue Water Navy Vietnam Veterans Act has already been unanimously approved, and for any loans that are guaranteed on or after January 1, 2020, will be eligible. We will keep you updated here on any new developments on this bill, as we should be getting updates later in the year 2019.
If you would like to follow the progress on this groundbreaking new program offered from the VA, you can look at the most updated VA Circular here.
This new program should be able to promote a lot of new homebuyers who otherwise did not have the large down payment required about the VA County Loan Amount limit, and either have not chose to purchase the home they wanted, and had to settle on a lower priced, smaller home.
About the Author
Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.