Huge changes for VA borrowers in 2020

Here are a few of the VA guideline changes for 2020.

  1. 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.
  2. Now to refinance, you must wait at least 210 days after your 1st payment
  3. Cash Out refinances are maxed at 90% of appraised value as opposed to previously 100%
  4. 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.
  5. The VA funding fee for Veterans without a service connected disability went up. Here is the new chart.
  6. New Credit underwriting guidelines found here
  7. Additional Minimum Property Requirements were added here.
  8. Certificate of eligibility is now required to order appraisals.