That’s right. “VA Loans” (these are loans that are guaranteed by the Veterans Administration, and available ONLY to US Military Vets) will no longer have a maximum loan limit!
A VA home loan allows veterans purchasing a home to do so with no down payment, an arrangement very difficult to find for a civilian. It works for refinances too! While refinances aren’t my “wheelhouse” I will say I am unaware of any loan available to civilians that allows a refinance for 100% of the value of the real estate, so these loans are a true benefit for our vets.
The loan limit in our area is currently $726,525. But starting January 1st, 2020, there will be no limit, so long as the veteran can qualify for the loan.
Of course, like all loans, there are additional fees, not the least of which is a VA Funding Fee. But here’s the great news: For Veterans receiving disability benefits, that fee can be waived.
Interested in learning more about buying or refinancing with your VA Loan? Reach out to me and I’ll happily connect you with a lender that specializes in such loans.