Vets to get Housing Refinance Aid

[unhappycamper]

Vets to get Housing Refinance Aid
October 28, 2008
Richmond Times - Dispatch

Veterans with conventional home loans now have new options for refinancing with the U.S. Department of Veterans Affairs' guaranteed home loans.

"These changes will allow VA to assist a substantial number of veterans with subprime mortgages," said James Peake, secretary of Veterans Affairs. "Veterans in financial distress due to high-rate subprime mortgages are potentially the greatest beneficiaries."

The VA never has guaranteed subprime loans, but because of the new law, the federal department can help more veterans who have subprime loans, the agency said.

Veterans who want to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the property's value, the VA said. These types of loans have been limited to 90 percent of the value.

Additionally, Congress raised the VA's maximum amount for these types of refinancing loans.


Rest of article at: http://www.military.com/news/article/vets-to-get-housing-refinance-aid.html?col=1186032310810