User Tag List

Results 1 to 8 of 8

Thread: New Law Increases VA Home Loan Limits, Funding Fees

  1. #1
    Alumni Member & VIP V.I.P Achievements:
    50000 Experience PointsCreated Blog entrySocialVeteranTagger First Class
    Overall activity: 27.0%

    sargentodiaz's Avatar
    Join Date
    Jan 2015
    Posts
    22,049
    Thanks
    5,736
    Thanked: 17,169
    Rep Power
    21474863

    New Law Increases VA Home Loan Limits, Funding Fees


    How many vets will take advantage of this. And how many Realtors will have the info to help them take advantage of the Blue Water Navy Vietnam Veterans Act of 2019?
    Starting Jan. 1, any veteran who wants to take advantage of the VA's "zero-down payment" loan program will be able to do so, even in areas with high housing costs where veterans have historically been required to make a 25% down payment.
    Under current law, the VA's maximum loan guarantee amount is calculated as a percentage of the Federal Home Loan Mortgage Corporation Act (Freddie Mac) limit, which is $484,350 for most counties.

    Saint Junipero Serra's Legacy - the untold stories of California
    A Soldier's Stories - Reports of news and interesting stuff

    I proudly voted for President Trump!

  2. The Following User Says Thank You to sargentodiaz For This Useful Post:

    MedicineBow (08-21-2019)

  3. #2
    V.I.P V.I.P Achievements:
    50000 Experience PointsSocialVeteran
    Overall activity: 11.0%

    Old Tex's Avatar
    Join Date
    Dec 2016
    Location
    Texas
    Posts
    12,326
    Thanks
    2,908
    Thanked: 15,045
    Rep Power
    21474851
    I've bought 2 houses with VA loans & nothing down. I think it's a great program IF you aren't stupid. Both houses I paid off EARLY. I sold the first house & paid the money directly on the 2nd house. Great deal. Sadly though people can be stupid. For instance both my wife & I can get a VA loan & we can also join our benefits together for a much more expensive house...Much more expensive! If we bought at the top of what we are allowed we could never make those payment long term. Loans of any type can be good or they can be like giving a loaded gun to a 6 year old. And sadly we have a lot of adults out there that are financial 6 year olds.

  4. #3
    V.I.P V.I.P Achievements:
    50000 Experience PointsSocialVeteran
    Overall activity: 11.0%

    Old Tex's Avatar
    Join Date
    Dec 2016
    Location
    Texas
    Posts
    12,326
    Thanks
    2,908
    Thanked: 15,045
    Rep Power
    21474851
    Just a quick example of people being "not bright". We are in a military town & the result is that we get a lot of new people each year. Many of them come from high cost of living areas & they are SHOCKED as how cheap housing is here. So they very quickly take out those VA loans & buy nice house for cheap without doing reasearch on local housing prices. So the results are that they bought a house as much as 40% below what they would have paid at their last base.....But 10 to 15 percent higher than they should have paid here.

  5. #4
    Banned Achievements:
    31 days registered100 Experience Points
    Overall activity: 0%

    LForward1's Avatar
    Join Date
    Jul 2019
    Posts
    4
    Thanks
    0
    Thanked: 0
    Rep Power
    0
    It's a good news for the US but we, in Finland already have good loan conditions. At least they're good for me. Recently took a loan for my first house and I have to return 300 euros per mounth for the next 10 years. I consider it a good deal since I'm able to return the money from my salary. Our credit companies work very well for the interest of the citizens, you can (spam link removed) about them. But I think you can get a good deal on loans no matter the country, depending on your income and your plan. Besides the fact that America is a gold digger and makes a lot of money with the capitalism, you can find pretty good deals and there.
    Last edited by Trinnity; 08-20-2019 at 06:06 AM.

  6. #5
    Sr ADMIN/Founder IT Staff
    Forum Donor
    V.I.P
    TPF Moderator
    Achievements:
    SocialRecommendation First ClassTagger First ClassOverdrive50000 Experience PointsCreated Album picturesVeteran
    Overall activity: 99.7%

    Trinnity's Avatar
    Join Date
    Nov 2012
    Posts
    59,678
    Thanks
    8,144
    Thanked: 52,723
    Rep Power
    21474903
    I guarantee you no one looked at that link but me. Please don't spam the forum. If you wish to participate in discussions, then good.
    @LForward1

  7. #6
    Alumni Member & VIP V.I.P Achievements:
    50000 Experience PointsCreated Blog entryVeteranRecommendation Second ClassTagger First Class
    Overall activity: 52.0%

    patrickt's Avatar
    Join Date
    Nov 2012
    Location
    Oaxaca, Mexico, for over twenty years. Born and raised in Memphis, TN, and worked in Colorado.
    Posts
    29,005
    Thanks
    3,606
    Thanked: 17,357
    Rep Power
    21474873
    The VA Home Loan Program, which allowed veterans to buy homes without a down payment started in 1944. It was renewed and adjusted in 1966. But, when I bought my first home with no down payment I had to have a good credit rating, a steady job, and the VA didn't take my word for it. It wasn't welfare. They called my boss and asked what my chances of losing my job were. They checked with my landlord about how much rent I paid and how reliable I was.

    I wonder when we're going to hear how we all have to chip in and help pay people's mortgages?

  8. #7
    Forum IT Staff, VIP, Alumni IT Staff
    Forum Donor
    V.I.P
    Achievements:
    50000 Experience PointsSocialRecommendation Second ClassCreated Blog entryTagger First ClassVeteran
    Overall activity: 12.0%

    MrMike's Avatar
    Join Date
    May 2015
    Location
    Earth
    Posts
    14,889
    Thanks
    41,165
    Thanked: 23,087
    Rep Power
    21474855
    I've used the VA home loan program twice. Worked just fine.

  9. #8
    V.I.P. V.I.P Achievements:
    Social50000 Experience PointsTagger First ClassRecommendation Second ClassVeteran
    Overall activity: 8.0%

    MedicineBow's Avatar
    Join Date
    May 2015
    Location
    The Rockies
    Posts
    3,434
    Thanks
    4,170
    Thanked: 5,074
    Rep Power
    18723118
    Quote Originally Posted by sargentodiaz View Post

    How many vets will take advantage of this. And how many Realtors will have the info to help them take advantage of the Blue Water Navy Vietnam Veterans Act of 2019?
    Starting Jan. 1, any veteran who wants to take advantage of the VA's "zero-down payment" loan program will be able to do so, even in areas with high housing costs where veterans have historically been required to make a 25% down payment.
    Under current law, the VA's maximum loan guarantee amount is calculated as a percentage of the Federal Home Loan Mortgage Corporation Act (Freddie Mac) limit, which is $484,350 for most counties.

    I have used the VA home loans and it is a good deal. Might even use it again if I decide not to pay cash for a place.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •