A New Law Allows Some Veterans to Get More Expensive Home Loans Without Down Payments
Feb 13, 2020
Tampa, FL (Law Firm Newswire) February 13, 2020 – A new law aimed at expanding benefits for Agent Orange exposure during the Vietnam War will help veterans purchasing homes using loans backed by the Veterans Administration (VA). Beginning January 1, 2020, the new law eliminates limits on the amount of VA loans some veterans can get without making a down payment.
The Blue Water Navy Vietnam Veterans Act of 2019, which became law on June 27, 2019, and took effect January 1, 2020, gives VA disability benefits for Agent Orange exposure to veterans who served in ships off the coast of Vietnam during the war. The benefits were previously limited to veterans who served in-country or on island waters. To fund the expanded benefits, the VA is removing some restrictions on VA home loans.
Previously, the VA limited the price of a home a veteran could buy without making a down payment to between $484,350 and $726,525. The amount is based on the caps set for counties by the Federal Housing Administration (FHA). The limit is higher in some parts of the country, for example, in urban areas and Alaska and Hawaii. If the home costs more than the FHA limit, the veteran made a down payment of 25 percent of the difference between the purchase price and the FHA limit.
The new law, beginning January 1, removes the loan limit for down payments for veterans who are eligible for full VA loan entitlement purchases. The limit remains in effect for veterans with diminished VA loan entitlement, for example, veterans who have defaulted on previous loans. Qualifications for VA loans include the length of service.
The new law also affects the funding fee some veterans must pay when obtaining a VA loan. Veterans receiving disability benefits are exempt, but many veterans pay the funding fee. The new law eliminates the funding fee for purple heart recipients still on active duty.
According to a recent study, the number of VA loans used to purchase homes was more than 624,000 in the fiscal year 2019. Generation Z (people born between 1997 and 2012) and Millennial (people born between 1981 and 1996) buyers accounted for 45 percent of the home purchasers. The number of VA home loans rose for the eighth straight year.
Learn more at http://www.tampaveteranslawyer.com/.
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