VA Blue Water Navy Vietnam Veterans Act of 2019
Public Law 116-23, Blue Water Navy Vietnam Veterans Act of 2019 (the Act), signed June 25, 2019, authorized several changes, effective for VA loans closed on or after January 1, 2020, to the VA Home Loan Guaranty Program as summarized in VA Circular 26-19-23.
New Maximum VA Entitlement and Guaranty
The Blue Water Navy Act has:
- Eliminated the cap for the maximum amount of guaranty and entitlement available to Veterans for Purchase and Cash-out refinance loans above $144,000
- The new maximum amount of guaranty and entitlement for Veterans, with full entitlement, will be 25% of the loan amount
- There is no change to Veterans with partial entitlement
NewRez will have a maximum $1,500,000 loan amount with 700 credit score.
Job Aids for calculating Veteran’s available entitlement and guaranty will be updated to provide examples.
Assisted Appraisal Processing Program (AAPP)
Effective for appraisal reports prepared on or after January 1, 2020, VA Panel Fee Appraisers may contract with another qualified person to inspect and provide information for VA appraisals under AAPP.
For a detailed description and requirements for AAPP, refer to VA Circular 26-19-31.
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