Special Help For Veterans

November 14, 2008

Veterans who are having problems in making their monthly payments on the subprime mortgage loan they use to finance the purchase of a home can now get a special break from the government. They can refinance those troublesome loans with a safe and affordable loan when they take advantage of the Veterans’ Benefits Improvement Act of 2008, recently signed by the President.

The act contains housing provisions for veterans who are already homeowners and those who aspire to homeownership. The law extends VA loan limit increases through 2011, helping veterans living in high-cost areas. With the help of this legislation, the VA can now offer adjustable-rate mortgages to veterans, making homeownership more attainable for military families and personnel who often have to move more frequently than most homeowners.

Posted in Lending, Real Estate