House panel votes to expand VA home loans

[unhappycamper]

House panel votes to expand VA home loans
By Rick Maze - Staff writer
Posted : Friday Apr 25, 2008 17:12:48 EDT

A House subcommittee voted April 23 to update the veterans home loan program to expand availability of government-backed mortgages to service members, cut loan fees and stall foreclosure on mortgages for troops returning from deployment.

The House Veterans’ Affairs economic opportunity panel passed two bills — one that would provide increased foreclosure protection, mostly for National Guard and reserve members who have been mobilized, and another that would expand the loan program by:

• Increasing the maximum loan available to $625,500, a 50 percent increase from the current limit of $417,000.

• Setting a flat 1 percent fee for all loans.

• Expanding opportunities to refinance existing loans with Veterans Affairs Department-backed loans.


Rest of article at: http://www.armytimes.com/news/2008/04/military_valoans_042508w/



uhc comment: At least the troops won't have to fight them (the mortgage companies) here if this passes.