The House of Representatives finally approved to adjust the veterans’ cost-of-living adjustment bill, sending it to the White House for President Bush’s signature with debt relief for thousands of service members and veterans who are facing increasing home loan payments.
The VA announced it will begin implementing a geo-targeted approach in elevating the ceilings on its no-downpayment home loans from the current $417,000 limit up to $729,000 in some regions. The raised loan limits in the general VA home loan program for all veterans’ home purchases or construction will be based on local housing costs, tied to the similar locality adjustments of Freddie Mac.
The recent drop in interest rates has caused many veterans to reconsider their mortgage. The VA streamline enables borrowers to refinance with no appraisal and in some cases borrowers are allowed to skip mortgage payments.
Debt consolidation loans are typically secured if greater than $25,000 and approved for an applicant who owns real property. The other debt relief alternative, credit card debt settlement enables a person to negotiate their credit cards for pennies on the dollar. Keep the home equity posts coming!
Comment by debt consolidation loans — December 18, 2008 @ 4:42 am