After months of negotiation, the country's five big mortgage banks agreed to compensate military homeowners for illegal foreclosures and other violations of the Servicemembers Civil Relief Act.
The Department of Veterans Affairs guaranteed almost 360,000 loans in FY11, a 14-percent jump from FY10. Since FY07, when the VA backed just over 133,000 mortgages, the number of these flexible, government-backed loans has soared an astounding 168 percent.
The last few years have proved a mixed bag for home buyers and homeowners alike.
The Veterans Administration launched a new awareness campaign this week that will promote its toll-free hotline to help homeless veterans and those on the brink.
Thousands of American service members can still take advantage of the $8,000 tax credit for first-time home buyers that ended in the fall for civilian consumers. But time is running out….. Service members who qualify have until April 30 to sign a purchase agreement on a home and until June 30 to close on their [...]
There’s an array of legislation and regulations aimed at helping American service members avoid foreclosure. Nearly 75 percent of the VA borrowers who defaulted in 2009 were able to keep their homes, thanks in large part to the dedication of agency officials. But some service members still fall through the cracks. Now, those who lose [...]
Foreclosure is off the table for scores of military families struggling to make mortgage payments, at least for the bulk of 2011. Freddie Mac recently instructed its mortgage servicers to hold off on starting foreclosure proceedings against service members who are released from active duty. These companies must now wait at least nine months from [...]
The VA Loan program has weathered the foreclosure crisis, despite the fact that nine in 10 borrowers purchase a home without a down payment. In fact, these flexible, low-cost loans remain the safest on the market. The foreclosure inventory rate for VA loans was 2.5 percent in the second quarter of 2010, better than both [...]
Record-low interest rates have made VA refinance loans more attractive than ever. But they’re proving increasingly elusive for some service members to secure. In response to the lingering credit crunch, VA-approved lenders have tightened their requirements for borrowers seeking an Interest Rate Reduction Refinance Loan (IRRRL), better known as a VA Streamline. The reality is [...]
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