New Limits and Increased Fees for VA Loans

Mortgage and Lending with Franklin Advantage Inc. NMLS Lic. # 343946



Veterans nationwide may, or may not have, noticed recent changes enacted by the Blue Water Navy Vietnam Veterans Act of 2019 which became effective on January 1, 2020.


This Act eliminated loan limits for VA loans, and also raised some fees for VA loans.


ALL Veterans may now apply for a No Down Payment VA Loan up to 1.5 million dollars with this change.  Veterans must still be required to qualify based on income and credit.  There are also restrictions on these limits depending upon whether they have an existing VA loan, or have defaulted on a previous VA loan.


Also important to note is that many lenders are adding Lender overlays to these changes.  Most notably so far are overlays relating to credit score. For example, some Lenders that I have seen require a credit score of 700 and above for loans over 1 million; however this varies depending on the Lender.


Other notable changes involve increased fees for what is commonly referred to as the VA Funding Fee.


This fee has been increased from 2.15 percent to 2.3 percent for Veterans who have never used their VA Entitlement and also putting No Down Payment.  For Veterans who have had previous VA loans, the Funding Fee will increase from 3.3 percent to 3.6 percent.


Note:  These Fees will "Sunset" after two years, and will return to 2019 levels.  


To review the full article and explaination published on Mortgage New Daily, please click on the following Link:


Mortgage New Daily Article on VA Changes



Photo Courtesy of Master Isolated Images /


Verterans or Real Estate Agents in California where I am licensed who have questions may contact me thru this site, or you can also find my contact information on my profile.  Those outside California should contact your favorite local lender.


Posted by


Wayne L. Brown, NMLS # 343946
Licensed Mortgage Specialist
Franklin Advantage, Inc.
Direct: 858-997-6300

Online Application:



L/O CA DRE LIC. # 00906571

Corp. NMLS # 285786

CORP CA DRE LIC. # 01837286


Equal Housing Lender


About Wayne Brown


Wayne is a Licensed Mortgage Banker, and is based in San Diego.  With over 35 years in commercial and mortgage banking, he serves all of California and has closed more than 5,600 loans in his career.


He specializes in Conventional, FHA, VA, and Reverse Mortgages for residential lending purposes.  Both he and his company always strive to exceed each client's expectations through knowledgeable, ethical, and transparent representation to service their financial needs. 


Contact Wayne for a Free and Confidential mortgage analysis and pre-approval without obligation, or to simply get answers to your mortgage questions.  Wayne can be reached directly at 858-997-6300.

Equal Housing Lender                     

Comments (1)

Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Thanks for mentioning that in addition to the new limits on VA Loans that there is an increase of fees which should sunset  after two years plus the credit score requirements.  

Jan 16, 2020 06:35 PM