RAO Davao City

United States Military Retiree Activities Office Davao City, Philippines

VA HOME LOAN UPDATE – May 1 2008

Posted by Service Officer on April 30th, 2008

The Senate passed a large housing package aimed at increasing housing opportunities for veterans and offering mortgage relief for returning servicemembers. It also increased VA Home Loan limits to the levels offered in the Economic Stimulus package for other federal home loans. The bill now moves to the House for action. The Dodd-Shelby Housing bill includes:

• An increase in the length of time a lender must wait before starting foreclosure involving a returning servicemember, from three to nine months.

• One year of relief from increases in mortgage interest rates for returning servicemembers.

• The establishment of a counseling program carried out by DOD to assist servicemembers and veterans with financial issues.

• Eligibility for VA-provided home improvement and structural alteration payments to totally disabled members of the Armed Forces before their discharge or release from the Armed Forces.

• Extension of specially adapted housing benefits to certain veterans and servicemembers with severe burns

[Source: VFW Washington weekly 18 Apr 08 ++]

Leave a Reply

You must be logged in to post a comment.