Up until recently, U.S. veterans were hampered by VA loan restrictions that made purchasing a home difficult, if not impossible, in some parts of the country. With the signing of a new bill this month by President Obama, reforms are being made to the VA Home Guaranty Program that help to ease the way toward achieving the American dream.
Veterans living in expensive regions such as California, Hawaii or the Eastern Seaboard are typically faced with higher real estate prices than elsewhere in the nation. This has created a barrier to entry in homeownership due to loan caps that dictate how much a veteran can borrow without having to make a down payment on VA-backed mortgages. With the new bill raising the amount from $625,500 to $729,750, veterans now have a greater opportunity to participate in homeownership opportunities. The cap is set to stand through 2014.
In addition, the VA will continue to offer adjustable rate mortgages and hybrid ARMs-originally to be discontinued at the end of 2012.
It would be our pleasure to assist you in your next real estate transaction.
Janine Kirchnavy - Broker Associate License #1048899
Richard Kirchnavy - Broker Associate License # 01016593
(909) 945-3662
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