New this year, eligible Veterans, servicemembers and reservists entering the real estate market have more resources on their side than ever before.
When servicemembers and their families decide to purchase a home using a VA loan from the U.S. Department of Veteran Affairs, they now have the flexibility of a new maximum loan amount. The VA loan limits were eliminated at the beginning of the year.
As a result of an unlimited loan amount, homebuyers may be freed up financially. Additionally, they can increase their buying power through a loan that features today’s low interest rates.
While the VA loan has eliminated a cap on the loan, buyers may qualify for a loan amount that fits within their budget and financial goals.
The new standard essentially allows for the borrowing threshold to be set by the individual buyer, not by a one-size-fits-all government cap.
This elimination of a max VA loan can be leveraged in order to buy more home than what might have been possible before. Income, credit score, debt obligation and other financial details will ultimately set the borrower’s loan threshold.
Applicants with low debt-to-income ratios and a higher credit score may be approved for a greater loan amount for a home purchase.
If you’re thinking about purchasing a home in Oahu, this new VA loan feature may get you into the home you’ve always dreamed about. Remember, today’s VA loan gives you more flexibility than ever before. Please contact us today to learn more about your options and how you can take advantage of these new VA loan benefits.