Veterans Benefits Improvement Act of 2008 Brings Back the Hybrid Loan for Veterans
11/17/2008
Veterans now have assistance
that is law.
Congress and the President
have both acted in a bold move to help assist thousands of deserving military
home owners to prevent foreclosure and make the cost of home ownership easier
to bear. In October on this year (2008) President Bush signed into
law, the Veterans Benefits Improvement Act of 2008. This new law brings
many necessary and earned benefits to our nation’s military and veteran home
owners. As most of the country is now aware, we find ourselves sliding
deeper and deeper into a recession. It is the hope of all Americans
that our great country find its way out of this turmoil as soon as possible,
however until that time occurs, we cannot deny that owning and keeping our
homes seems more and more difficult.
Preventing Foreclosure and
lightening the burden of mortgage payments.
Veterans and military home owners across the
nation are faced with job losses, increased gasoline prices, increased food
costs and the emotional stress that comes with all of these recessionary
items. At times like this one of the places we find the most solace is in
the comfort of our own homes. Lately however, more and more of us worry
if we will be able to afford next month’s mortgage payment. For most
home owners in this country, the ability to lower their payments via a mortgage
refinance is pretty much impossible in today’s mortgage world. THIS IS
NOT TRUE for our nation’s veterans and military home owners thanks to the ever
expanding VA loan programs being offered by VA approved lenders.
This new law now makes it possible once again for veterans to harness the
saving power of the VA HYBRID LOAN. The VA has a loan program that
allows veterans the opportunity to take advantage of lower than normal interest
rates for a period of 3 or 5 years. This is the VA Hybrid Arm and is
not to be confused or feared as the sub-prime Arms or other conventional Arms
of yesteryear. “It is amazing how many veterans are initially
afraid to even speak about the VA Hybrid Loan at the beginning, and then once I
help them see through the media spin and realize how much this amazing program
can help them in the short and long term, they [veteran home owner] are
chomping at the bit to get the loan done.” Says Ryan Johnson of
Flagship Financial Group Branch 403. LowVARates.com, a
website designed and dedicated to assist and educate veteran home owners, has
been educating veterans on this VA
Hybrid loan since earlier this year. Unfortunately, just as veterans
were catching on, the government’s authority to offer such loans expired and
the program was no longer available until now. Veterans and active
military, do yourselves a favor and at least explore the new options available
to you through the Veterans Benefits Improvement Act. As this great
nation, which you have served so diligently continues to face economic
uncertainty, one this remains stable, and that is the va home loan program and
your benefits. As owning a home and making mortgage payments becomes more
and more difficult, consult with an approved VA lender and make sure you are
aware of all that you are entitled to.
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