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A new law that recently passed at the federal level will remove the cap on the amount a Veteran can borrow through the VA Loan Program.

As part of the Blue Water Navy Vietnam Veterans Act of 2019, the Department of Veterans Affairs will leave it up to individual lenders to determine whether to deny a large loan amount through a VA Loan, and not prevent or require a down payment it because of a cap, which has been the case in the past.

VA Loans, which offer 100 percent financing* and no mortgage insurance requirement for Hawaii Veterans, active duty personnel and surviving spouses, are a good benefit for those who have sacrificed for our freedoms.

The new law will be effective on January 1 of next year.

The VA Loan program is backed by the Department of Veterans Affairs and the loans are distributed through approved lenders. Element Mortgage is one of those approved lenders and we take great pride in being able to extend this benefit to our nation’s heroes. The no down payment requirement can be an ideal perk for first-time home buyers who may be struggling to come up with enough of a down payment.

These loans can also be helpful through a streamlined refinance, which allows Veterans to decrease their interest rate without having to go through the re-qualifying process.

This new law opens the door for many more Veterans to take advantage of this benefit that they greatly deserve.

If you are interested in utilizing a VA Loan to purchase real estate in the Oahu area, make sure to contact one of our mortgage consultants. We will take the time to sit down with you to understand your financial goals and help guide you on a path toward home ownership.

Thank you for your service!

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.

 

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