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Hamilton for Heroes: Now Available to Help Even MORE Heroes!

Hamilton for Heroes: Now Available to Help Even MORE Heroes!

DID YOU KNOW?: The Hamilton for Heroes mortgage program is not only for active and retired Military and Veterans. These benefits are now available to active Police Officers, Firefighters and Emergency Medical Technicians (EMTs).

We want to thank our Heroes for helping to make our communities safer places to live! When our Heroes purchase or refinance a home, we will waive our lender fees (a value of $1,590).

  • First responders (firefighters, police officers and EMTs), active and retired military, veterans and surviving spouses are eligible
  • No limit to the number of times an eligible borrower can take advantage of this offer
  • A variety of Hamilton purchase and refinance loan programs are eligible for the offer in addition to VA loans
  • VA loans offer additional benefits such as no down payment and no mortgage insurance to military personnel
  • Dedicated service from a team of mortgage experts who understand the unique needs of our heroes
Please call or email me today to learn more about how we can work together to help our Heroes become homeowners! You can also apply online.
New Law Allows You to Get a Bigger VA Home Loan Without a Down Payment

New Law Allows You to Get a Bigger VA Home Loan Without a Down Payment

VA home loans are one of the best benefits available to veterans. The program allows honorably discharged veterans to buy a house without a down payment. But now the program is about to get even better.

A new law expanding VA disability benefits to more veterans who were exposed to the herbicide Agent Orange during the Vietnam War will change home loan limits for all veterans.

The bulk of Public Law 116-23, the Blue Water Navy Vietnam Veterans Act of 2019, which became law on June 27, 2019, addresses the expansion of VA disability benefits for Agent Orange exposure to those who served in ships off the coast of Vietnam during the war. Previously, only those who served in-country or on inland waters were eligible for disability benefits.

So what does that have to do with VA home loans?

To pay for the expanded disability benefits for the approximately 90,000 veterans who may now be eligible, the VA is removing limits on VA home loans.

Currently, VA limits the price of a home you can buy without a down payment to $484,350 for most of the country. This amount is based on limits set by the Federal Housing Administration (FHA), and it changes every year.

If you want to buy a house that costs more than the FHA limit, you can’t use a VA home loan without having to pay a down payment, and that down payment usually has to be enough to bring the purchase price down to the FHA limit. That means if you buy a $500,000 house you have to come up with a cash down payment of $15,650 ($500,000 – $484,350).

New VA Home Loan Limits Coming Jan. 1, 2020

Starting Jan. 1, 2020, when the new law takes effect, the VA will not cap the size of a loan a veteran can get, paving the way for veterans to buy higher-value homes. Of course, the lender may still issue a cap and deny a large loan. But the denial won’t be due to VA home loan rules.

A VA home loan is not the VA lending you money. Instead, the Department of Veterans Affairs “guarantees” to a lender that you, as a veteran, are a good credit risk. That guarantee allows you to get a home loan without having to make a down payment.

The other change that comes with the new law will affect fees for some veterans. VA charges most veterans a “funding fee” when a VA loan is issued. Veterans receiving any VA disability benefits are exempt from the funding fee. The funding fee for an active-duty veteran purchasing a home will increase from 2.15% of the purchase price to 2.35% of the price on Jan. 1, 2021. (There are different funding fees depending on the kind of loan and the situation of the borrower.)

The VA and Congress hope the increased money coming in from a combination of the increased funding fee and the eliminated loan limits will be enough to cover the disability benefits of the Vietnam veterans and their children who suffer long-term health problems due to Agent Orange exposure. That remains to be seen. However, for many veterans looking to get a new home loan, especially those in high-cost areas, the process has become easier.

Ready to buy a new home? Click here to apply.

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