In case you haven’t heard but VA loans closing in 2020 will now have NO LIMITS on Loan amounts! These changes are under the “Blue Water Navy Vietnam Veterans Act of 2019” which was signed into law in June and again will take effect January 1, 2020.
You still have to qualify for the VA loan (ratios/credit) but now a Veteran can buy a $1 million dollar home with NO down payment or even higher! Your veteran can have a down payment in order to qualify for a certain loan amount (meaning higher) .
Loan limits will still apply if a veteran has more than one active VA loan or has defaulted on a previous loan.
At TargetRate we’ve seen a rise in “bank statement” loans. What this means is that we are qualifying the borrower’s income based on their deposits into the bank account. It’s that simple. No tax returns, no profit and loss, and the lender doesn’t look at the expenses on the bank statements….just the income. Rates are very competitive too.
Rates are down and refinances are up. Anytime you can get a loan with rates this low it’s worth it. Whether you are consolidating debt, reducing your current loan or pulling money out for improvements, investment or college….now is the time.
To discuss your confidential scenario please contact Mitch HERE to set an appointment or email mitch@targetrate.com
Lender Partner
Mitch Lichterman – Loan Originator-TargetRate.com
Phone:310-478-4999
NMLS#:274609
DRE#:01952045
