Veterans and active-duty service members will have more borrowing power when it comes to home purchases. As a part of the the Blue Water Navy Vietnam Veterans Act of 2019, which became effective Jan. 1, 2020, the law eliminates loan limits for borrowers with full entitlement to VA loans. It also increases the VA funding fee for most borrowers. VA home loans are a benefit for current and service members and veterans, with competitive interest rates and no down payment requirement.
Not all lenders offer VA loans, and requirements can vary. Experts recommend shoppers look to get quotes from at least three lenders.