U.S. Military

This Monday is Memorial Day. For most people that means family BBQ's, heading to the beach or simply enjoying a day off. We need to keep in mind that this day is really put in place to honor the soldiers for their military service. This month I wrote an article for Delaware County Magazine on some government housing programs that benefit these men and women that serve us and our country. Here is a preview:

"....The most familiar program for our Vets is the Veterans Administration (VA) mortgage loan. More than 27 million veterans and service personnel are eligible for VA financing. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain 100% financing. Other benefits include no private mortgage insurance (PMI), competitive interest rates, and the right to repay without penalty.

If you already own a home and have financed through a conventional mortgage you may still acquire a VA loan. Veterans with conventional home loans now have new options for refinancing to a VA-guaranteed home loan. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008. 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, which is up from the previous limit of 90 percent.

In this economy it can often become difficult to make your monthly mortgage payments. When a VA-guaranteed home loan becomes delinquent, VA provides supplemental servicing assistance whose primary responsibility is to to help resolve the default. However, in cases where the servicer is unable to help the veteran borrower, there are Loan Technicians who take an active role in negotiating with the servicer to explore all options to avoid foreclosure. If VA is not able to help a veteran borrower retain his/her home (whether a VA-guaranteed loan or not), the HOPE NOW Alliance may be of assistance...."

Please contact me for the entire article or pick up a Free copy of Delaware County Magazine