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Veterans with conventional home loans now have new options for refinancing to a loan guaranteed by the Department of Veterans Affairs, according to a news release. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which President Bush signed into law on Oct. 10.
The VA now can help more veterans who have subprime loans. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value.
Previously, these refinancing loans were capped at $144,000. Now such loans may be made up to $729,750, depending on where the property is located.
The VA’s authority to guarantee adjustable rate mortgages and hybrid ARMs also was extended through Sept. 30, 2012.
Information is at (877) 827-3702 or www.homeloans.va.gov.
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