A 3rd party broker that specializes in mortgages guaranteed by the US government

No More VA County Loan Limits

A loan limit is the max amount a lender can/will finance on a home loan. Loan limits used to be a problem for those looking to buy in more expensive housing markets, but beginning of January 1st 2020, VA county loan limits will disappear.

Currently, if the cost of your potential home is more than the FHA loan limit, then a down payment is required to use a VA home loan. Once the new law goes into effect, there will be no limit on the loan amount a veteran can receive without a down payment requirement.

VA loan lenders may still have a limit for the loan amount their willing to give a borrower. We can offer veterans a $3,000,000 VA loan with $0 down.

These new loan limits will make it much easier for those looking to buy a home in areas like Hawaii and larger California cities. In addition to homes, a VA loan can also be used to make improvements to your current home, purchase a manufactured home, or build a new home. Energy-efficient improvements can also be made to your home with a VA loan, including installing a new water heater, insulating garage doors, installing energy efficient windows and doors, and much more.


VA Resource:


Those with More Than One VA Loan

If you have more than one VA loan currently open, then the county loan limit will still be in effect. The average limit for these loans is $484,350 with the limit set to increase in 2020 to $510,400. These loan limits will be even higher in more expensive markets. A down payment may be required depending on how much VA entitlement is left.  

When you apply for a VA loan through us, we can help you determine if a down payment is needed.


VA County Limit Resource:


Changes to Funding Fees

There is the option to roll your funding fee into your total loan, but this will likely cause the long-term cost of your mortgage to be higher. This fee lowers depending on how much of a down payment you put on the home.

Funding fees are set to increase. Funding fees were once 2.15% of the total loan amount but will go up to 2.30% on January 1, 2020. Funding fees for subsequent use loans will increase from 3.3% to 3.6%. The increase is minimal and shouldn’t have that much effect on potential buyers.

There are good changes coming in 2020 for the National Guard and reservists in terms of funding fees. Members of the National Guard and reservists will pay the same amount in funding fees as regular military members. Currently, members of the National Guard and reservists are required to pay a bit more.

Some veterans will also find funding fees eliminated for them after the changes go into place. Active duty Purple Heart recipients will no longer be subject to funding fees.

According to Military, over 90,000 are expected to benefit from the changes made to the VA loan program.

More funding fee info:


Applying for a VA Loan

VA loans are usually easier to qualify for than traditional loans. Using a VA loan basically guarantees a lender that if a borrower defaults on their home loan, the Department of Veterans Affairs will repay a part of the loan.

The VA loan application process is quick and simple. Getting pre-approved with us is a good place to start. While not required, having a VA pre-approval letter will help you greatly when searching for a home. The pre-approval letter basically shows real estate agents and home sellers that you are a serious buyer.

Next, you’ll want to find a real estate agent who is clear on your needs and wants. While a real estate agent isn’t required, a good one can make the process much quicker and simpler. Once you have found an agent, then its time to begin your home search.

If you need a real estate agent, we can help match you with one that is familiar with the VA requirements.

You, your loan officer, and your real estate agent will then work together on an offer. If the offer is accepted you will just need to take care of any closing fees, then move into your new home!


VA Appraisal Process

The appraisal process begins after you’ve found a home you like. A qualified VA appraiser will look at the potential home and make sure it meets the minimum property requirements.


Apply for a VA Loan

VA Home Loan Centers will help you with every step of the home-buying process. Apply for a VA loan and get pre-approved today!

VA loans are usually easier to qualify for than traditional loans. Using a VA loan basically guarantees a lender that if a borrower defaults on their home loan, the Department of Veterans Affairs will repay a part of the loan.

The VA loan application process is quick and simple. Getting pre-approved with us is a good place to start. While not required, having a VA pre-approval letter will help you greatly when searching for a home. The pre-approval letter basically shows real estate agents and home sellers that you are a serious buyer.

Next, you’ll want to find a real estate agent who is clear on your needs and wants. While a real estate agent isn’t required, a good one can make the process much quicker and simpler. Once you have found an agent, then its time to begin your home search.

If you need a real estate agent, we can help match you with one that is familiar with the VA requirements.

You, your loan officer, and your real estate agent will then work together on an offer. If the offer is accepted you will just need to take care of any closing fees, then move into your new home!


VA Appraisal Process

The appraisal process begins after you’ve found a home you like. A qualified VA appraiser will look at the potential home and make sure it meets the minimum property requirements.


Apply for a VA Loan

VA Home Loan Centers will help you with every step of the home-buying process. Apply for a VA loan and get pre-approved today!