VA Loans Changes in 2020

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A lot of things have happened this year, some of which have distracted us from notable industry news! One thing that shouldn’t be overlooked in 2020 is one of the most significant changes in our industry that needs to be highlighted: changes in the VA loan program.

2020 Changes to VA Loans

At the beginning of 2020, the VA came out and said that they are doing away with loan limits. Before, they used to cap the loan at a specific amount. Now, you can go up to a million, two million, or as much as you need – as long as you can qualify for the payment.

All these programs are still zero down, and they still have the same flexible guidelines that the VA has always offered. This is one of the major changes that I’ve seen with the VA.

Qualifying for a VA Loan

Of course, there are other qualifications that need to be met if you are interested in a VA loan. These loans come from private lenders, but they are partially guaranteed (or backed) by the Department of Veteran Affairs.

These loans are designed to support military borrowers in accessing quality financing for a home purchase. Millions of people have benefited from the VA Loan program, but not everyone knows about the available benefits.

Not only do you need to qualify for the payment on the loan, but you also need to meet minimum active duty service requirements – which vary depending on the time that you served in the armed forces.

If you want more information about VA loans, then you can call or text me at any time. I’m happy to connect you with one of my trusted loan officers to find the right financing solutions for your needs.

My team offers full-service real estate solutions in Temecula. We’re happy to help when you are buying or selling a home. Call or text me at your convenience to learn more about VA loans and other financing solutions: (951) 473-0390 or [email protected].