Utilizing VA Resources to Refinance a Subprime Loan
The Department of Veterans Affairs is utilizing new authority to provide veterans with effective refinancing on high-interest subprime mortgages. Veterans will be able to refinance these mortgages into lower-interest home loans.
Veterans wishing to take advantage of this service must not have defaulted on an existing mortgage and the home needing refinancing must be worth as much as the borrowed amount. The latter of those stipulations may cause many veterans to be disqualified from the refinancing service if they purchased their homes at the peak of the market and are located in areas with falling house prices.
The refinancing service comes as part of a “Veterans' Benefits Improvement Act of 2008,” which increases the maximum loan refinancing by upwards of $500,000, depending on the area. The improvement bill also allows for 100% loans on refinancing.
For more information on home loans, the VA has set up a national toll-free number for customers and connects them with the appropriate regional office nearest them. The number is: (877) 827-3702.
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