Supporting our Troops: As of yesterday, the Department of Veterans Affairs can now back loans that exceed the conforming loan limit. The Blue Water Navy Vietnam Veterans Act (H.R. 299) allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any down payment. In an earlier draft of the bill, the cost of these benefits were to be financed by raising VA loan fees 0.35% to 0.5% for non-disabled veterans. National Association of Realtors, with a coalition of other trade-groups lobbied against such an increase, and lawmakers opted to raise the loan cap as a way to raise funds to support benefits instead. this bill was passed by the House, Senate and signed into law by the President.
“As we aim to ensure our nation’s veterans have every possible opportunity to achieve the American Dream of homeownership, the National Association of Realtors has remained a strong supporter of the VA home loan guaranty program,” said Smaby. “This vital tool encourages private lenders to offer favorable home loan terms to qualified veterans and provides a much-needed resource to those who have sacrificed so much for this country.”