VA Loan Updates and Changes in 2024: What #veterans and #military should consider before buying

One of the things I think is important to remember is that the VA Loan is constantly evolving. Over the years we've seen the VA Loan go from a max loan limit of $417,000 (in most counties across the nation) to now, no longer requiring a down payment up to any purchase price. VA Loan Limits are typically posted every year and it's important that before a Veteran or Active Duty Servicemember and their family consider purchasing a home that they educate themselves on the process. I'm confident this VA Loan will serve as a educational guide to prepare Veterans for homeownership in 2024 or years beyond.

#valoans #vahomeloan #veteran #homebuying #mortgage #veterans #valoan

WE SERVE VETERANS NATIONWIDE with ALL of their VA Home Loan Financing Needs.

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Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166

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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.

[JimmyVercellino]

Hello Everybody! Since the time I shot this video FHFA Announced that conforming loan limits increased to $766, 550 slightly higher than what I mentioned in the video. This means that Veterans can borrow (assuming they qualify) up to $766, 550 with no money down. It's also worth mentioning that VA Loans do not have a cap. Meaning this: If a Veteran wants to borrow more than that amount they can as VA will guarantee a VA Loan by 25% above that amount assuming the Veteran or Active Duty servicemember does not have any existing VA Loans.

[devildoctim]

Jimmy,

I can not thank you enough for putting this information out there in a way that is easy to access and understand. I knew I wanted to use some kind of VA benefit to purchase my first home, but I was unsure how to even go about it. Your videos helped me make a list to make sure all of my paperwork was squared away (the list made a mountain of uncertainties seem like a manageable feat) and with one afternoon I ended up getting pre-qualified for the right VA home loan that made sense for me and my needs and we are going to be moving to be Under Contract shortly.

My MLO was great, echoed a lot of your talking points, and I am so glad to be a part of the US military veteran community. We really do take care of our own as much as possible.

[yakimiaharris]

I'm trying to start my home buying process with my VA but I'm trying to get pointed in the right direction on who to speak to

[pjallday]

Hi Jimmy,

I appreciate your work for veterans. I’ve used the benefit once and it went well.

My question pertains to fees/interest paid over the life a 30 year fixed for VA vs. conventional.

A quick look at a 500k home in Oregon shows a monthly payment of $3, 772 for a VA loan at 6.010% vs. a monthly payment of $3, 351 for a conventional loan at 6.697%. That’s $421/mo more and over the life of the loan, the VA loan is $151, 560 more. Minus 100k if you put down 20% on a conventional, so the veteran ends up paying about 50k more over 30 years.

I didn’t see your video go into the VA loan fee which is 2.15% ($10, 750 for this example), or for me using the benefit for a second time 3.3% ($16, 500 on 500k).

Yes, it’s a great benefit for those who don’t have the 100k to put down. But am I correct to say veterans are actually paying more overall?

[Beefyhorchata]

Thank you for all the info Jimmy ! My spouse and I are looking into buying our first home at the end of the year and I’ve been binge watching all of your content.

[daviddiciccoii]

thanks for sharing this excellent and valuable info. Super appreciate you, Jimmy!

[Linxs]

I’m 100 P&T disabled. I never took out a VA home loan. My credit is good, and I make under 100k annually. I’m thinking about taking out a VA loan to purchase property in NY. I understand all banks are different in terms of percentages, location etc. From your experience what would be the closing cost ( at or around)5 to a home that’s valued at 250k.

[yrualeg]

I am looking use my VA loan but I need to understand the Construction aspect. I have 25 Acres of Property that I own free and clear, can I build new using my VA Loan benefit?

[johnbarber]

It's fun y when you said don't let people talk you out of using a VA home loan. I just spoke with a realtor that tried to say they're other loan that are just as good or better. Great advice!

[thegrayjedi]

I’m prior air national guard. Did 6 years. I’m just having trouble getting my dd214 and other forms to even begin signing up for pre qual on the VA website. Apparently guardsmen don’t have their records with the VA.

[johngoggins]

How do the new laws affect the VA home loan? If the point is no money down, and now we have to afford a broker fee out the gate, what’s the VA doing to keep it competitive?

[soniabanados]

Great video, new subscriber I m planing to buy a single family home with the VA loan very soon

[bnjmnhknsn]

How does VA loan work for buying a Modular Home or “kit” built houses?

[misstruth]

I’m a reservist. I’ve completed my 6 years, but I’ve had a few bad days. I’m concerned about this point system. I know I don’t have 50 points for every year. Is it a certain amount of points collectively that’s needed, or is specifically 50 points per year needed?

[xp]

Just subscribed brother, very informational video.

Semper fi

[dereknguyen]

Do you know if there is a way to use a VA home loan to purchase a home in another country, example Italy?

[nolannadrowski]

Is there anyway around the rule that you have to live in the dwelling for at least a year? I’m an Active Duty service member and don’t want to buy property that is close to an installation.

[johndoe-qmmh]

Do all lenders require 6 months reserves when buying a multifamily property including the rental income?

[javiersoriano]

Hello Jimmy. Are talking about a loan restructuring? Or rather what is the process of loan restructuring? I have fallen behind and need to do something quick.

[Brittanyeroden]

Subscribed! Thank you for answering this question!!