TIME TO USE THE GI BILL HOME LOAN GUARANTEE
Q: The feds just raised the interest rate by 75 basis points, which I understand will result in escalating mortgage rates! I have been trying to decide whether I should buy a different home. This brings a lot of uncertainty into the decision equation. I have a lot of equity in my current home, but I have a very low mortgage rate, about 3.5%. I am a veteran and I believe I am eligible for the VA Loan Guarantee program backing. What are the advantages of getting the VA loan guarantee mortgage over waiting to completely pay off my mortgage?
A: Advantages of VA home loan guarantee financing include that the VA does not require a down payment. (Some lenders, under certain circumstances, may require a down payment.) The program should result in a more competitive interest rate than the borrower’s personal credit could provide. There are only limited, and sometimes no, closing costs. The veteran normally does not have to pay mortgage insurance. The veteran often does not have to pay, as a part of monthly mortgage payment, into an escrow account to pay for the taxes and insurance when they become due. This means the monthly payments will be lower, but that the borrower would be responsible for paying the taxes and insurance out of pocket when they come due. Finally, the VA home loan is a lifetime benefit. You can use the guarantee multiple times, but only one loan at a time.
LEGAL SERVICES FOR HOMELESS OR AT-RISK VETTERANS
The VA has published an Interim Final Rule that allows the VA to enhance the provision of legal services for veterans experiencing or at risk for homelessness. VA will, through the Legal Services for Homeless Veterans and Veterans At-Risk