Veterans Affairs mortgages, better known as VA loans, are a benefit that many active duty military personnel and veterans will use in their lifetime. That makes it important to know as much as we can about VA loans and how they work.
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When the housing market collapsed a few years ago, many people were left with homes and mortgages they could no longer afford. Veterans and active duty military families were hit especially hard. Military families move, on average, once every three years. Many were accustomed to purchasing a home when they arrived at a new assignment and then selling it when they were transferred to a new posting. Then, the balloon burst, and housing prices plummeted. Military families and veterans found themselves stuck with houses that were worth a fraction of the purchase price. They couldn’t sell and they were underwater on the mortgage.
We have all seen famous actors on television advertising reverse mortgages and talking about how they provide seniors with a stream of income for their old age by tapping into the equity in their homes. It sounds great! But is it? While there may be real benefits for some people, reverse mortgages come with high costs and other serious drawbacks you need to consider. The more you know about reverse mortgages, the better equipped you will be to make a sound financial decision about something as important as your home.
The U.S. Veterans Initiative facility for homeless veterans in Phoenix recently received $250,000 in materials and services from local businesses. To read the article go to http://www.azcentral.com/story/news/local/phoenix/2014/10/29/phoenix-homeless-veterans-upgrade/18084529/
After a foreclosure is complete and the home is sold, a borrower may still owe money if the sale price of the house was not large enough to cover the amount owed on the loan, this is called a deficiency. In many cases borrowers are protected from a deficiency by Arizona’s anti-deficiency statutes, which prevent lenders from pursuing the borrower if the home is sold for less than the total owed on the home loan.
Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More
If you are a veteran or current service member and encountering problems making your mortgage payments, the US Department of Veterans Affairs (VA) urges you to speak with your servicer as soon as possible to explore options to avoid foreclosure. For more information see the VA’s Quick Reference Sheet for Veteran Borrowers in Delinquency.
Adapted Housing Grants help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. It provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
For more information please go to: http://www.benefits.va.gov/homeloans/
Native American Direct Loan (NADL) Program helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. Learn More