Service members, veterans and military families across the country are starting to worry about how these changes and how this new classification of mortgages might impact their ability to use their VA home loan benefits. Here's the good news: You have nothing to worry about.
We ask so much of those who serve our country, and the unique nature of their service and sacrifice can breed financial difficulties. This government-backed mortgage program continues to help level the playing field for those who volunteer to defend our freedom and the American Dream.
The Memorial Day holiday is a time to remember and thank our currently serving military and those who served their country in the past. It's also a time to remember that veterans get a very special deal on mortgages through the VA loan program.
Congress created the VA loan program in 1944 as part of the massive GI Bill. The government basically insures a portion of each loan, and that security help spur the country's post-war housing boom. Today, VA loans are more popular than ever.
A veterans omnibus bill now on its way to the president's desk contains some key changes and updates that will extend housing benefits to more surviving spouses and allow military dependents to fulfill the loan program's occupancy requirements.
A new report from seven housing and policy agencies suggests evidence of a two-tiered mortgage market in which borrowers and communities of color are increasingly cut off from prime conventional financing.