July 12th, 2019
Let’s take a look at another bill, one which was recently signed into law: H.R. 299. If you work with VA loans, this one will make you smile. Beginning Jan. 1 of 2020, H.R. 299 allows VA homebuyers to obtain mortgage loans that exceed the 2019 limit of $484,350. The bill has some other positive aspects as well, such as exempting Purple Heart recipients from paying loan fees, getting rid of funding fee differences between veteran borrowers versus borrowers who are members of the Reserve, and removing the limit for the Native American Direct Loan Program. The bill will also temporarily raise rates on certain loan (between 0.15-0.30%), the intention being to help finance the costs of health care for veterans suffering from Agent Orange effects.
If you’re a loan officer who specializes or work with VA loans, now would be a great time to start educating your veteran borrowers on the new benefits they can receive through VA mortgages. It’s the least we could do for our veterans.