Monday, October 15, 2012

Big jump in VA mortgages reported

refinance, mortgages, reverse mortgages, closing, settlement,
Applications for VA mortgages jumped 50% according to a story in the New York Times.
MORTGAGES guaranteed by the Department of Veterans Affairs surged by 50 percent in the fiscal year ended Sept. 30, as tighter credit standards on conventional financing made these programs all the more attractive to current and former military members.
VA mortgages are available to former and current members of the military. My parents obtained one when they bought their home in 1960. The attractiveness of the VA loan program is due to low rates guaranteed by the US government. Borrowers also benefit now that rates have dropped.
Borrowers who already have a V.A.-backed mortgage can get an interest-rate reduction relatively easily. The department’s streamlined refinance program doesn’t require these borrowers to “re-prove” that they qualify, said Nathan Long, the chief executive of Veterans United Home Loans, an online broker of V.A. loans. Information about VA loans is readily available on the Internet.
 Read the full story here.

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