Huge changes for VA borrowers in 2020
Here are a few of the VA guideline changes for 2020.
- There is no longer a limit on the amount you can use to purchase a home. The VA has lifter their loan limits. Now you can purcahse as big of a house as you would like without needing a down payment. More here.
- Now to refinance, you must wait at least 210 days after your 1st payment
- Cash Out refinances are maxed at 90% of appraised value as opposed to previously 100%
- If you own rental properties, in order to count the income, you MUST now have a 2 year history documented by 2 yr tax returns.
- The VA funding fee for Veterans without a service connected disability went up. Here is the new chart.
- New Credit underwriting guidelines found here
- Additional Minimum Property Requirements were added here.
- Certificate of eligibility is now required to order appraisals.