Company Grade Affairs

Hello MN Company Grade Officers:

I am honored to represent the MN Company Grade Officers for state related issues. If you feel that you have a concern that should be brought forward please feel free to contact me at Jason.hull@ngamn.org, or come join our monthly meeting.

 

Thank you for your service.

 

Capt Jason Hull

Enhanced VA Mortgage Options Now Available for Veterans Of Potential Benefit to Those in Financial Distress

FOR IMMEDIATE RELEASE:
October 24, 2008

Enhanced VA Mortgage Options Now Available for Veterans Of Potential
Benefit to Those in Financial Distress

WASHINGTON (Oct.24) -- Veterans with conventional home loans now have
new options for refinancing to a Department of Veterans Affairs (VA)
guaranteed home loan. These new options are available as a result of
the Veterans' Benefits Improvement Act of 2008, which the President
signed into law on October 10, 2008.

"These changes will allow VA to assist a substantial number of
veterans with subprime mortgages refinance into a safer, more
affordable, VA guaranteed loan," said Secretary of Veterans Affairs
Dr. James B. Peake. "Veterans in financial distress due to high rate
subprime mortgages are potentially the greatest beneficiaries."

VA has never guaranteed subprime loans. However, as a result of the
new law VA can now help many more veterans who currently have subprime
loans.

The new law makes changes to VA's home loan refinancing program.
Veterans who wish to refinance their subprime or conventional mortgage
may now do so for up to 100 percent of the value of the property.
These types of loans were previously limited to 90 percent of the
value.

Additionally, Congress raised VA's maximum loan amount for these types
of refinancing loans. Previously, these refinancing loans were capped
at $144,000. With the new legislation, such loans may be made up to
$729,750 depending on where the property is located.

Increasing the loan-to-value ratio and raising the maximum loan amount
will allow more qualified veterans to refinance through VA, allowing
for savings on interest costs or even potentially avoiding
foreclosure.

Originally set to expire at the end of this month, VA's authority to
guaranty Adjustable Rate Mortgages (ARMs) and Hybrid ARMs was also
extended under this new law through September 30, 2012. Unlike
conventional ARMs and hybrid ARMs, VA limits interest rate increases
on these loans from year to year, as well as over the life of the
loans.

Since 1944, when home loan guaranties were offered with the original
GI Bill, VA has guaranteed more than 18 million home loans worth over
$911 billion. This year, about 180,000 veterans, active duty
servicemembers, and survivors received loans valued at about $36
billion.

For more information, or to obtain help from a VA Loan Specialist,
veterans may call VA at 1-877-827-3702 or visit www.homeloans.va.gov.

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