Why Is the VA Eliminating Down Payments?
Real Estate Podcast with Patrick Fitzgerald
English - July 23, 2019 15:20 - ★★★★★ - 7 ratingsEducation texas veteran loans va loans the va loan guy loans for active military mortgage banking firm mortgage banking in texas va mortgages Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In case you haven’t heard yet, the VA has eliminated down payments on all high-priced homes.
Right now, the conforming limit on a VA loan in most areas is $484,350. For a home purchase below that price, there is no down payment and no issue. For purchases above that price threshold, VA buyers have to pay 25% of whatever the overage is. For example, a veteran will need a $25,000 down payment on a home purchased for $584,000.
“This is a cool program we’re excited to learn more about.”
Starting on January 1, however, down payments for homes above that conforming limit threshold will not require any down payment. If a veteran wants to buy a home for $1 million, they’ll be able to without any down payment. This is a cool program that we’re excited to learn more about.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email today. It doesn’t cost a penny to talk!