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! With the new stimulus package, he goal is to get more people buying houses. And one of the ways they’ve done that is by having the US Government purchase mortgage backed securities. In addition to that, they’ve created laws that protect consumers from “subprime” mortgage practices, made Mortgage Loan Officers take tests, and get licensed.
They also created new mortgage refinance programs (called HARP loans) and mortgage loan modification programs to help underwater home owners. Congress also helped create guidelines for FHA that limits the number of Condos that the FED will be issuing insurance on. Additionally, new programs were created for First Time Home Buyers, and Mortgage Tax Credits to help them purchase their new homes. This has been a HUGE stimulus package – mainly aimed at helping the housing industry, and the real estate markets across the country.
Yep, Congress and the FED created programs and helped Hundreds of Thousands of home owners, and potential home owners… but we just saw this in the Washington Post, and had to shake our heads.
“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. ” The VA Home Loan Maximum Loan Amount is the same as the limit was for FHA Home Loans, and Conventional loan financing.
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 home loans, because we are not located 15 minutes from base – but as “veterans” of this business, we totally understand Veteran home loan requirements, 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 Home Loan Maximum Loan Amount for 100% financing remains $417,250. (which buys a beautiful home right here in the Carolinas!)
If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home!