As the first quarter of 2019 comes to a close, mortgage lenders are preparing for the 2020 housing market. Foreshadowing this change in the market is VA loan growth which has been steadily increasing since Q4 2018.
VA Loans: What are They?
VA Loans are loans that are guaranteed by the Department of Veterans Affairs. This means that if you pay back your loan, the VA will reimburse you for 100% of the principal and interest. If you’ve been denied for a personal loan from a bank, this is the place to turn. What’s good about these loans is that they can be used to purchase a home, refinance an existing mortgage, or even pay for health care expenses. The VA also offers other types of loans such as zero-interest loans and low-interest loans with deferred payments.
A VA loan is a federally insured, low interest loan program available to eligible veterans and active duty members of the United States armed forces. The VA loans offers low-interest rates and flexible repayment terms to service members and their families who need money for home purchases or other major life events.
VA Loan Eligibility Requirements
The VA home loan is a great way to help veterans purchase a home. There are a few eligibility requirements that must be met in order for you to qualify for this loan. You must have been honorably discharged from the:
The VA home loan program is a popular financial assistance option for veterans and active duty military members. The application process is simple and there are no closing costs when purchasing a home with a VA loan. You don’t need to be a veteran to apply for a VA loan, but it is required that you have served on active duty in the United States Armed Forces, been discharged due to service-connected disability, or worked directly with the armed forces as part of your job duties.
VA Home Loans in 2020
The VA loans are one of the most popular government-backed mortgage options. However, it is important to know what you can expect from this loan when 2020 comes around. In just a few short years, we will see many changes in the home loan process. The 2020 requirements for a veteran looking for this type of financing will be far different than they were just a year ago.
The VA has made its requirements for 2020. It’s now easier than ever to get a VA home loan. The new rules are as follows:
-VA loans must be worth less than $625,000
-There is no more minimum credit score requirement
-You can’t have an older home or a second home right now
The requirements for home loans will change in 2020. Home loans are a type of loan that allows someone to borrow money in order to buy or build a home. Loans are typically taken from banks, savings and credit unions, mortgage lenders or other private institutions.
With the speed at which things are changing in home loan requirements, it would be a good idea to research your lender and make sure they’re up-to-date with what’s going on.