Posted on 03/01/2008 4:47:35 PM PST by 2ndDivisionVet
The National Association of Realtors testified today in Congress that the Veterans Home Loan Guaranty Program should continue to be a valuable asset in helping the nation's veterans achieve the dream of homeownership in a way that is safe, fair and affordable.
"The VA Home Loan Guarantee Program is designed to provide favorable loan terms for veterans who are unable to qualify for a conventional loan," said Tony Agurs, a member of the NAR Board of Directors and Realtor from California who is a 21-year U.S. Marine Corps veteran. "The VA program offers unique and important benefits for helping our military families achieve the dream of homeownership," Agurs said.
NAR cited a 2004 study that found that 82 percent of first-time home buyers through the VA program could not qualify for a conventional loan. The report also found that 61 percent of those borrowers could not meet the downpayment or debt-to-income ratios required to qualify for an FHA loan. "It is our duty as a country to make sure that our retired and active duty veterans and their families are given every opportunity to own and keep their home if they have the basic means and desire," said Agurs.
The VA Home Loan Guaranty Program offers protections for borrowers if they encounter financial difficulties by offering a variety of supplemental loan servicing programs to help military families avoid foreclosure. "This is especially important today while we are in an active war and given some of the challenges in today's housing market. In 2007, the VA successfully intervened and saved nearly 8,500 veterans' homes, also saving the government $181.3 million in avoided claims. These are big and important numbers and are more than just statistics," Agurs said.
NAR urged the House Subcommittee on Veterans Affairs to reform the Veterans Home Loan Guaranty Program so it can better serve many more veterans. NAR asked the subcommittee to make various program enhancements to give military families the opportunity to become homeowners. These enhancements include increasing the VA loan limits in high cost areas to 150 percent of conforming loan limits; easing the refinancing requirements and restrictions for veterans, especially those that have fallen victim to risky subprime loans; and offering permanent authorization for the guarantee of adjustable-rate mortgages and hybrid ARMs.
"NAR has a long history of strongly supporting housing opportunities for our nation's veterans and active duty personnel. It is our hope that this subcommittee will support our recommendations for enhancing and improving the VA Home Loan Guaranty Program," Agurs said.
No doubt. I will say I'd rather subsidize housing through VA loans for our veterans than bail out people with 2 huge brand new SUVs, a 60" plasma and upt 0 down on a $750k house on a $50k a year salary and a 520 credit score.
Me too, of course, but it’s not like the realtors are being 100% altruistic here.
Amen! As far as I'm concerned, you can't do enough for our veterans. If not for them, we would not be able to freely express our opinions on sites like this without losing our freedoms, and quite possibly our lives.
Yep, I have problems with some of the pension and free healthcare we have for some of our state/federal government jobs but the military is not one of them—especially for members who have served duty in a hostile country. Most of those guys/gals earn their paycheck and benefits and then some.
The same as Ocwen Mortgage? If so, they are a b*tch to deal with. When I’d try to get a payoff from them to refinance a loan, it’d take FOREVER!
Be glad it’s over (I hope it is). They are best to be avoided on every level.
For 30 years, I’ve specialized in creative real estate, exchanging, and consulting, mostly in commercial property and apartment buildings. I don’t remember ever being involved in a VA loan, so it doesn’t benefit me. That being said, instead of some of the insane programs for people who don’t need or deserve it, I will gladly have my tax money going to subsidize those who have defended our freedom. I would love to see a program for vets to get into the homes from which people are walking away. Hmmmmm, maybe I need to create a program for that.
Ocwen is New Company spelled backwards, Really. They used to be called Berkley.
On the other hand, few have given as much as veterans. However, I don’t think we need to devote all our resources to veterans.
Many vet groups are just another interest group looking for something.
I’m a Viet Nam vet, but I don’t get all worked up about it. When I got home, I got a family and a job, paid my taxes and did't act like I was owed anything, although I did utilize the GI bill to complete my education.
Not a bad idea at all. Certainly a better idea than freeing foreclosures for 6-12 months like Hitlery wants to do.
You will have us respectfully disageeing with you. You guys are owed everything.
If you are a Vietnam veteran, I would just say a plain and simple, Thank you!
“Amen! As far as I’m concerned, you can’t do enough for our veterans. If not for them, we would not be able to freely express our opinions on sites like this without losing our freedoms, and quite possibly our lives.”
Well, there isn’t anyone in the state of Idaho who will lift a finger to help a vet get a job.
22 months without an interview, and counting.
Fire the wet, hire the vet....
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