As we had discussed in our last blog, with 2020 right around the corner, big changes are headed our way. These changes will have a huge impact on VA loans. Here are a few things to come for Colorado in 2020.
Starting January 1st, the VA will do 100% purchase loans, no matter the loan size. This means that Veterans planning to purchase a home in the higher price range will not be required to provide a down payment. This is a tremendous benefit for those looking at jumbo loans for larger purchase prices.
Another thing Veterans should keep an eye out for are low-interest rates. For the most part, if something seems too good to be true, it is. Veterans are flooded with mailers, phone calls, and even emails advertising rates below 3%. It is important to understand that these are not legitimate offers and usually come with huge buy down points, or the rates are adjustable. These lenders send out this information with the goal of getting the Veteran to call in and are rarely upfront about the actual costs.
These are just a few changes to watch out for in the upcoming year. When shopping for a home mortgage in Colorado, keep things local! You can trust the brokers at Indigo Mortgage Colorado to take care of you and your future. For more information on what’s to come for borrowers in 2020, reach out to us!