VA Loan Articles

Veterans Administration Reaching Out to Homeowners

The VA has long been a source of help for vets who want to own their own homes. VA loans are one of the most important benefits of military service, and service members looking to purchase their first homes with a VA mortgage save thousands when applying for a VA guaranteed loan instead of a conventional mortgage.

When the American housing market began to experience the current slump, thousands of service men and women were affected, too. Those who found themselves in dire financial straits often don't realize just how much assistance is available from VA sources.

That's one reason why the VA started its financial counseling hotline; any veteran in need of help can call 1-877-827-3702. But some make the wrong assumption about this hotline. Did you know that financial counseling and even VA intervention is available even if you don't hold a VA guaranteed home loan? For some, the hotline is just the first step in the process. Localized assistance is also available from nine regional loan centers for those who have VA mortgages.

Whether you are a veteran with a VA guaranteed loan or you're an active duty service member with a conventional mortgage, VA reps can intercede on your behalf to help you keep your home. Loan forbearance, modification plans and other assistance are available to veteran homeowners, and one phone call could put the VA to work on your behalf with your lender.

If you are a veteran having trouble making house payments because of current economic problems, or are in a variable rate mortgage with payments that suddenly ballooned higher than you can afford, one possibility is VA refinancing. When you make the call to the VA hotline, be sure to explain your current circumstances and ask about VA refinancing options open to you. It's important to know that every circumstance is different, and the options available to you depend greatly on your record of on-time payments, current employment status and other factors.

As always, if you experience difficulty with your VA home loan, contact your loan officer and the VA immediately for assistance--don't wait until you risk default or foreclosure to take action.


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