Recently, changes to the U.S. Department of Veterans Affairs’ home loans went into effect under the 2019 Blue Water Navy Vietnam Veterans Act, including the removal of a conforming loan limit, according to a San Antonio Business Journal article.
These changes include a no-downpayment home loan regardless of loan amount, the removal of a loan limit for Native American Veterans who are trying to build or purchase a home on Federal Trust Land, and the exemption of the VA home loan funding fee for Purple Heart recipients serving on active duty.
Previously, the limits to garner a loan from the VA were restricted to the Federal Housing Finance Agency’s maximum conforming loan limit.
Additionally, the VA said that there will be a temporary congressionally mandated increase to its funding fee from 0.15 percent to 0.30 percent over the next two years for veterans and service members, the article stated. Members of the National Guard and the Reserve, however, will see a slight decrease in their funding fees. Those that have been exempt from the funding fee will not be impacted, including veterans with service-connected disabilities.
The Blue Water Navy Vietnam Act also recognizes 14 service connection conditions for veterans who may have been exposed to herbicides, such as Agent Orange, while serving as far as 12 nautical miles from the shore of Vietnam, or in the Korean Demilitarized Zone.