THE MORTGAGE BROTHERS SHOW
New VA Loan — No Loan Limits
In this episode we went over some exciting changes that are effective January 1st, 2020. As of that date, there will be no VA loan limits for borrowers who purchase a home, subject to them having no outstanding used entitlement.
Does that mean a veteran can put 0% down on a $1 million home?
Yes! Subject to the entitlement eligibility and standard underwriting approval, absolutely! There are no longer any limits on VA loans and what you can borrow. This is great news especially for anyone who’s in the jumbo market (jumbo financing is anything above $510,000).
That being said, you still have to have good credit, be able to demonstrate that you have the ability to afford it, you need to have the underwriter review the file, and your certificate of eligibility has to be untapped. You have to have full entitlement. It could have been tapped in the past, but as long as it’s repaid back and you’ve got that full entitlement amount, there’s no problem.
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Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS number 210917, and 16186695 equal housing lender.