Good news for our veterans in Kitsap County! The Blue Water Navy Vietnam Veterans Act now allows homebuyers to borrow above the typical 2019 limit of $484,350, without requiring any down payment.
Among many other important provisions, the bill revises the VA’s home loan guaranty program to adjust loan fee rates and eliminate the limit on guaranty amount.
The National Association of Realtors® (NAR) commended Congressional and White House efforts to protect the VA Home Loan Program after the Blue Water Navy Vietnam Veterans Act was signed into law by President Trump on June 25, 2019.
“Realtors support efforts to boost veteran participation in this program, but we also believe VA loan guarantee fees should be based on the risk of the loan made, not the costs of other VA programs or benefits,” said NAR President John Smaby. “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. […] 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.”
The VA home loan guarantee program encourages private lenders to offer favorable home loan terms to qualified veterans without requiring a down payment. It has helped raise veteran homeownership rates to over 75% – much higher than the national average.
