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Financial Services Law Insights and Observations

Legislation eliminates VA conforming loan cap

Federal Issues Freddie Mac FHFA Department of Veterans Affairs Mortgages

Federal Issues

On June 25, President Trump signed HR 299, the “Blue Water Navy Vietnam Veterans Act of 2019.” Among other changes, the bill (i) adjusts the loan fees applicable to the Department of Veterans Affairs’ (VA) home loan guaranty program by providing a new loan fee table; and (ii) eliminates the program limit on the guaranty amount, which is based on the Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act. The bill will allow VA borrowers to borrow above the conforming loan limit, currently set at $484,350, for loans guaranteed on or after January 1, 2020.

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