VA Mortgage change

[Berta]

If you have read the Blue Water Navy Vietnam Veterans Act of 2019, some changes came with it regarding VA mortgages, that affect all veterans.

http://www.mortgagenewsdaily.com/01152020_va_lending.asp

[Buck52]

Just what we need more increases   eh!

Thanks for posting this Ms Berta

[broncovet]

Well, "they used" to waive the VA loan funding fee for disabled Vets, but this says something about a purple heart?

According to this website, the VA waives funding fees for disabled Vets:

https://www.valoans.com/purchase/closing-costs/

 

Edited January 16, 2020 by broncovet

[blahsaysme2u]

here is come clarification on this. VA put out a lending fee chart

https://www.benefits.va.gov/HOMELOANS/documents/docs/funding_fee_table_01012020.pdf

 

and here is the websites explanation

https://www.benefits.va.gov/homeloans/purchaseco_loan_fee.asp

 

Edited January 21, 2020 by blahsaysme2u
additional info

[paulstrgn]

On 1/16/2020 at 6:14 PM, broncovet said:

Well, "they used" to waive the VA loan funding fee for disabled Vets, but this says something about a purple heart?

It also states: 

The following persons are exempt from paying the funding fee:

Veterans receiving VA compensation for service-connected disabilities.

I will assume by the statement that disabled vets will continue to be exempt the VA funding fee. Since I hope to by a new home later this year that I am correct. 

[broncovet]

I think Paul is correct.  (Sometimes we dont know the dates, so there is a conflict, sometimes with regulations).  However, regardless of the date on this, I think the DAV, VFW, etc., etc., would have their "underwear in a knot" if the VA suddenly eliminated the funding fee exemption for disabled Vets.  

[ShrekTheTank]

I got my house back in 2011 and when we got done I actually got money back at closing and did not end up paying for anything except a home inspection we wanted!