In case you haven’t heard yet, the VA has eliminated down payments on all high-priced homes.
Right now, the conforming limit on a VA loan in most areas is $484,350. For a home purchase below that price, there is no down payment and no issue. For purchases above that price threshold, VA buyers have to pay 25% of whatever the overage is. For example, a veteran will need a $25,000 down payment on a home purchased for $584,000.
Starting on January 1, however, down payments for homes above that conforming limit threshold will not require any down payment. If a veteran wants to buy a home for $1 million, they’ll be able to without any down payment. This is a cool program that we’re excited to learn more about.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email today. It doesn’t cost a penny to talk!