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New for 2020: No LOAN LIMIT for VA Buyers!

January 15, 2020 by Duplex San Diego

If you are a VA buyer interested in purchasing a 2-4 unit property for your first home, there is exciting news for you! As of Jan 1, 2020, the conforming loan limits for VA qualified buyers are no longer subject to conforming loan limit maximums.

Below is an excerpt from benefits.va.gov of the changes set forth as part of the “Blue Water Navy Vietnam Veterans Act of 2019.”

  • Conforming Loan Limits – Veterans will have greater access when using their no-down payment home loan benefit.  Veterans seeking to obtain what are commonly referred to as “jumbo” loans, or Veterans living in higher-cost markets, will no longer be subject to the Federally-established conforming loan limit maximums.  After January 1, 2020, Veterans may obtain no-down payment VA-backed loans in all areas of the country, regardless of home prices.

So what does this mean for you?

In the past, VA buyers who specifically wanted to buy with $0 down payment were limited to certain communities because higher priced areas would exceed conforming loan limits. Even if a VA buyer preferred a certain neighborhood and can find a great property in that neighborhood, the VA conforming loan limit could restrict them from pursuing those types of opportunities.

Now that there is no conforming loan limitation, VA buyers can now explore 2-4 unit opportunities all over San Diego. There is essentially no limitation on the loan amount with VA, as long as you can qualify. This new legislation may not be applicable to all VA buyers.

Here are some of the main points to consider:

  • You must still be able to qualify with the lender: The VA qualified buyer must still be able to qualify for the loan amount even though there are no conforming limitations.
  • You must have full VA loan entitlement available
  • VA will only lend up to appraisal amount: The property must still appraise for the contract price. If there is a discrepancy in appraised value and contract price, the buyer must pay the difference in cash, cancel the transaction, or try to negotiate with the seller to come down on price to appraised value. Sometimes, there is a solution that is a blend of options. This is an item we would personally assist you with and provide you options on how to proceed forward, if you ever encounter this situation.  

If you’d like to read in further detail, here is the link to the VA benefits website: https://www.benefits.va.gov/homeloans/bwnact.asp

Buyers should verify all the above information with your VA lender as rules, guidelines, and qualifications can change. If you’d like to know more, please contact us and we can answer any questions you may have and help you coordinate with an excellent VA lender to see if this is the right loan program for you!

Have any questions or would like to discuss further?

Call us for a FREE Consultation! 858-449-1253

You can also email us at Lawrence@DuplexSanDiego.com or write us a message below and we’ll make sure to respond as soon as possible!

We look forward to hearing from you!

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Filed Under: Blog, San Diego 2-4 Units, San Diego Duplexes, San Diego Fourplexes, San Diego Triplexes, Uncategorized

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Lawrence Dy

Broker Associate
Dycor Realty, Inc.
DRE Lic# 01749497

ADDRESS

11440 W. Bernardo Court
Suite 300
San Diego, CA 92127

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