Congress authorizes mortgage relief package for veterans. This new initiative has the potential to save veterans who are presently homeowners and who served in the military up to $42,000 year on their mortgage payments. You won’t believe how much money is available to you if you qualify for it!
The COVID-VAPCP is designed for veteran borrowers who are prepared to begin making monthly mortgage payments at the original rate but do not have the financial means to catch up on any payments that may have been missed. The VA will create a second lien on the property and will acquire any missing payments.
What is the veterans housing benefits program for mortgage loans?
In addition, mortgage lenders have consented to contribute a total of ten million dollars to the Veterans Housing Benefits Program. Veterans can get loans through this program at terms and interest rates that are to their advantage.
What is a mortgage refinance relief program?
Your current loan will be replaced with a new loan that has a reduced interest rate and more manageable monthly payments if you participate in a mortgage refinancing relief program. The Home Affordable Refinance Program, or HARP, comes to mind for the majority of people whenever the subject of mortgage assistance from the government or Congress is brought up.
What is the VA loan assistance program?
The programs are intended to assist homeowners with VA-guaranteed home loans in bringing their mortgages up to date and getting back on track with making payments on a regular basis in order to stave off foreclosure.
How does the VA loan work for veterans?
The Department of Veterans Affairs (VA) will arrange a second mortgage on the property and reimburse the lender for any past-due mortgage payments as part of this program. There is no interest charged on the second mortgage, and the veteran does not have to make any payments until the first mortgage is paid off or until the house is sold.