|By PR Newswire||
|January 31, 2014 10:00 PM EST||
SAN DIEGO, Jan. 31, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Home loan borrowers can continue to rely on Loan Love for support with their many article guidelines, including the recent VA loan changes. Using the VA loan information 2014 provided in the newest article, VA loan borrowers can determine what may be in store for their VA loans with all the new mortgage loan adjustments.
"The calendar is pointing to a new year and along with it, some changes in loan programs for home owners. If you are planning to take advantage of a VA loan to purchase a home this year, it's important to know whether any changes could affect your loan" states the Loan Love article. There may be a few changes to how mortgages may work in 2014, but according to the article, there may be little to no impact on VA loan borrowers. The biggest change that will be seen this year will ultimately be the Qualified Mortgage rule, or QM for short.
The Qualified Mortgage implementation is further described with the following statement: "While the requirements for a Qualified Mortgage have garnered their fair share of press and consumer attention, these changes are not really news to lender, most of whom have already been following these guidelines in the post-crisis home lending era. Unfortunately, misinformation and assumptions have caused confusion about what these changes mean to service members and their families. The most important thing to know about QM requirements is that the VA loan program has long been following these guidelines, so VA borrowers should not anticipate any new bumps in the road."
Despite what little impact qualified mortgages may have on VA loan borrowers, there are a few changes when it comes to working with a VA loan in 2014, which is seen in the form of VA loan limits. This change is now reflected with the new higher costs of living in some counties, which in turn means some loan borrowers may now have higher loan limit, even with the standard limit being set at $417,000. The article also provides an in-depth example of how these loan limits will work: "As in the past, VA loan participants have two "layers" of loan entitlements. The first is $36,000, while the second is $68,250, for a total of $104,250. The loan limit is calculated as $104,240 x 4 or $417,000, based on the VA's commitment to guarantee about a quarter of the loan amount, representing the maximum VA borrowers can receive without putting money down (in most areas of the country)." The article also maintains that even with these newly imposed limits, loan borrowers may still be able to bypass these limits in favor of a larger loan, but at the expense of possibly having to make a down payment.
With everything considered, the good news for loan borrowers is that VA funding fees will experience no changes in 2014. The article reaffirms that the funding fee for taking out a VA loan for the first time remains at 2.15 percent, with each ensuing VA loan taken having a funding fee of 3.3 percent. Moreover, here can be exceptions to this paying this fee, such as service members who are receiving compensation for a disability or have been identified as having a service-related disability. The article elaborates more on this by saying: "Surviving spouses of veterans who died on active duty or from a service-related disability are also exempt from the funding fee."
To learn more on the VA loan changes in 2014, please visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-677-8083, [email protected]
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