VA Loans After 2020 Presidential Election
Now that the presidential election is over, what will happen to VA loans after the 2020 presidential election? It’s not too early to start thinking about how the election will affect VA loan rates. Read on for more information about how to take advantage of the changes that are likely coming next year.
Loan Limits in 2021
According to the Federal Housing Finance Agency (FHFA), loan limits in 2021 are up. That means the VA limit will be $548,250 nationwide. This means that more Veterans are eligible to get lower rates for larger loan amounts. So, if you have a larger VA loan, you may qualify to purchase a home or refinance your current loan to a lower rate. This means that the payments for a given amount of debt will be smaller, and you may find it easier to make your payments
How Will the Administration Change Affect VA Loans?
Every time the government experiences an administration change, the VA loan program also experiences changes. This can be frustrating for Veterans – after all, when you joined the military, no one asked you what political party you supported. Why should politics affect your mortgage now? Luckily, we are here to help. Some changes may make it harder to get a VA loan,
and other changes may make it easier. Contact us now to check whether you will be impacted by these changes.
So, What Should You Do?
As a Veteran, you’ve worked hard to serve our country. Now it’s time for our country to serve you. At HomePromise, we understand the sacrifices that you made, and we are committed to finding solutions for difficult problems. Since loan rates are nearly certain to rise in 2021, you should take advantage of low rates now. Contact us now for a free quote, and we will do our best to help you find a creative and low cost solution.