3 things you should know about VA loans in 2022
For the first few months of 2022, we've been paying attention to what's going on with the VA loan program this year. And while there aren't any big bills in the works that will shake up the program itself, there are still 3 important trends we want you to be aware of this year.
For starters, the VA released a circular that stated they were accepting the same FHFA loan limits for 2022. While this news doesn't affect veterans who have their full entitlement, it DOES affect those with partial entitlement. The increase to these loan limits means that your VA loan benefits will go further if you decide to get another VA home loan.
In addition to the loan limits going up, mortgage rates are also increasing this year. In order to stave off inflation, the Fed will be adjusting the Federal Funds Rate, which will then trickle down to other rates, including those for mortgages. Because of this situation, another update is that VA cash-outs will be more popular than ever, in order to improve cash flow and consolidate debt.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.