VA Loans Left Out

The Congress and the Fed and Secretary Paulson all worked miracles to get a stimulus package passed in record time… they forgot one little thing, VETERANS!

Washington Report: VA Loans for Veterans Overlooked

On Capitol Hill, it’s known as the biggest goof-up relating to housing in years: Working with the White House, Congress passed a bipartisan $150 billion stimulus bill that raised mortgage limits for home buyers in high cost areas across the country.

But guess what? The stimulus increased loan maximums for Fannie Mae, Freddie Mac and the FHA to $729,750 from the previous $417,000, but totally forgot about a program that helps finance more than 11,000 homes a month: VA loans for veterans. ”

This is a fine time to say “Oooops!”  If you are a veteran who wants information about qualifying for a new home – please let us help you.  Not many people in this area are familiar with VA loans, because we are not located 15 minutes from base – but as “veterans” of this business, Steve and Eleanor totally understand VA loans and the paperwork that goes with them! (It’s a government program – trust me on this there’s a ton of paperwork!)

“We just blew it, we didn’t catch it,” said one committee staff member who is not authorized to speak publicly.   So for now, the VA limit for 100% financing remains $417250. (which buys a beautiful home right here in the Carolinas!)

For more information on VA LOANS:  Contact Steve and Eleanor Thorne, First Financial Services, 919-851-3031.