VA Mortgage
Programs 2020

VA Loans 2020: Latest Changes

VA loan approved family
VA loan approved

VA Loans

Program Details

Recent Changes:

*As of January 2020

  • No more loan limits: You can have up to 100% loan-to-value with $0 down payment
  • Uniform Funding Fees: All eligible veterans –active military, National Guard, etc.– to pay the same funding fees.
  • Funding Fee Categories: Now based on your down payment amount — 0%, 5%, and 10%
  • New Funding Fee Exceptions: Purple Heart recipients and those are entitled to VA compensation are now exempt from VA loan funding fees

Funding Fees:

*Based on estimated home price

Down PaymentFirst UseSubsequent Use
10% +1.4%1.4%

VA Loan Requirements:

More on VA Loan requirements

  • *Credit Score: 620+ COVID-19 adjusted score, typically 580 (minimums set by individual lenders, not the VA)
  • VA Home Appraisal (not required for VA streamline refinances)
  • *Preferred DTI: 41% debt-to-income ratio, though some lenders will accept higher DTI provided you have sufficient residual income
  • 2020 County VA Loan Limits: Check out the “One-Unit-Limit” column for your county


Source: U.S. Department of Veteran Affairs


VA Loans vs. Other Home Loans

Whether you’re looking to purchase or refinance, VA loans offer flexible terms and some of the lowest interest rates on the market.
In fact, according to Ellie Mae, in 2019 VA loans were 23 basis points lower than their conventional loan counterparts. Moreover, the average credit score was also lower: 709 compared to 753 for conventional loans.


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