Originally posted by The Federal Savings Bank
Sean Pisapia and Coldwell Banker AB have no affiliation with Federal Saving Bank and the information contained in this article is deemed reliable but guaranteed. Readers are to do their own due diligence.
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Federal Push May Increase Availability
of Veteran Home
Loans and Housing
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House representatives are pushing to remove the cap on loan
guarantees offered by the Department of Veteran Affairs as part of a
recent federal push to increase veteran homeownership and decrease
veteran homelessness.
As reported by The Military Times, the U.S. House of
Representatives passed legislation to update the U.S. Department
of Veteran Affairs' Home Loan Guaranty Program. While
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VA home loans are provided by private lenders, through this
program, the federal government guarantees a portion of the loan. This
allows lenders to offer more favorable rates and often enables veteran
home buyers to secure a mortgage without a down payment. In addition to
purchasing a home, veterans may use these loans to build, repair, retain
or adapt a house for personal occupancy.
"In 2015, VA
mortgage lending spiked to the highest levels seen since 1994."
Currently, the VA is able to guarantee a loan of up to $417,000, though
the proposed legislation would lift this cap. Industry experts, including
Sherri Meadows, vice president of the National Association of Realtors,
testified before the House that the current cap is limiting veterans in
certain real estate markets.
"Veterans should be able to purchase a home wherever they choose to
live," Meadows told lawmakers.
At this point it is unknown when the Senate will consider the
legislation. However, even with the current cap, the program is helping
more veterans secure housing than it has in 21 years. According to The
Mortgage Reports, during the 2015 fiscal year, VA mortgage lending spiked to the highest levels seen
since 1994. More than 631,000 home loans were guaranteed by the VA last
year, a 19 percent increase from fiscal year 2014. Use of the VA's home
refinancing program also doubled last year.
Increasing
affordable housing for veterans
In addition to a push to update the loan guarantee program, the federal
government is bolstering its efforts to end veteran homelessness. In June
2014, the Obama administration officially issued a challenge to state and
municipal governments to increase both temporary shelter and affordable
permanent housing to veterans.
In fact, as The Pew Charitable Trust reported, federal efforts to reduce
veteran homelessness have been increasing for several years , with funding for
programs that serve this population tripling from fiscal year 2009 to
fiscal year 2014. The effort has already begun to see results: since
2011, the number of homeless veterans living on the streets or in
shelters has fallen by 27 percent nationally. Some states, including
Colorado, Louisiana, New York and Texas have seen veteran homeless
reduced by half. Recently, Connecticut became the second state after
Virginia to end veteran homelessness according to federal standards - meaning the
state has identified all homeless veterans living in its jurisdiction,
can provide immediate shelter when needed and is capable of swiftly
moving veterans into permanent housing.
The Federal Savings Bank is owned and operated by veterans with a mission
to help serve veterans. Securing a VA home loan with The Federal Savings
Bank means you’ll be well taken care of by our team of VA specialists.
Learn more about your options at www.thefederalsavingsbank.com.
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I specialize in helping clients purchase
and refinance homes in all 50 states.
I can finance your
primary residence, vacation home, and investment property.
Please call or
email me today if I can help you or anyone you know!
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This letter is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms and conditions are subject to change at any time.This letter was sent by: The Federal Savings Bank,Company NMLS # 4115001823 Centre Pointe Circle Naperville, IL 60563
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