Housing-Related Special Programs and Benefits: Available for Active Duty and Veterans
Thursday, November 9, 2017
Housing-Related Special Programs and Benefits: Available for Active Duty and Veteran Service Members
The Service Members Civil Relief Act (SCRA) covers all active duty, reservists and members of the National Guard and was enacted to postpone or suspend financial civil obligations to prevent the service member being disadvantaged while on active duty and away from home. These include protection from mortgage foreclosure, cell phone contract cancellation without penalty and rental eviction under certain circumstances as well as many other protections. Check out the comprehensive list of these at
http://www.military.com/benefits/military-legal-matters/scra/servicemembers-civil-relief-act-overview.html or click here.
The Veterans Administration Loan Guaranty Program (VA LGP) provides a US government guaranty of mortgages for active duty and veterans. The government guarantee generally provides a lower interest rate on a mortgage and the VA LGP supports no down payment purchase loans and refinances (or 100% of the appraised value of the property) for eligible veterans and spouses of deceased veterans. This eligibility can generally be used multiple times (if the original VA mortgage is not assumed by a subsequent buyer of the property). Review all of the benefits at https://www.benefits.va.gov/homeloans/index.asp or click here.