Florida VA Homes

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Step five: Check here for any recent updates on VA Loans

Who can get a VA loan, and what types are most common?

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Here are three types of VA Loans

Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance.

Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. 

Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. 

VA Loan Limit Increase


On August 9th, 2019, VA announced interim guidance of the “Blue Water” law approved by congress.  On November 15th, VA announced circular 26-19-30 that sets forth updated guidance and implementation of the Blue Water Navy Vietnam Veterans Act of 2019.  By this act, VA sets forth the following changes that go into effect for loans CLOSED on or after 1/1/2020:

 

  1. VA will no longer factor in the conforming loan limit for loan amounts over $144,000 for Veterans with full entitlement. In other words, VA will no longer require that the veteran have a down payment when the loan amount exceeds the county limits for fully entitled veterans with loan amounts over $144,000. For Veterans who have unrestored partial entitlement, the maximum guaranty will be the lessor of 25% of the county limits minus non-restored entitlement or 25% of the loan amount.

  2. The VA Funding fee is being raised in most circumstances. First time users with less than 5% down payment will be changed to 2.3% while subsequent users will be increased to 3.6%. The chart for the amounts can be found below. Again, these fees are in effect for loans closed on or after 1/1/2020 so it’s possible that we have active loans that will need to be updated.

  3. Purple Heart Recipients will be exempt from the VA Funding Fee.

Tom Wiles