Mortgage assistance for veterans - WMC Action News 5 - Memphis, Tennessee

Reported By Andy Wise

Mortgage assistance for veterans

"Rose" of Memphis says she and her husband - one or both of whom are veterans -- are buried in bogus housing assistance letters:

"Andy, we keep getting letters from companies that say they are VA (Veterans Administration) loan specialists and we can refinance at lower interest with no appraisal, no credit check, no income or employment requirements, no out of pocket (costs) and skip two notes..."

No way.

Those offers are sub-prime lenders looking to cause a lot more trouble than they already have in our housing market.  Steve Westerfeld agrees with me.

Westerfeld handles veterans benefits at the VA's Washington D.C. headquarters.  He says if a veteran is looking for help on his/her mortgage, he/she should deal directly with the VA and one of its services:

* SUPPLEMENTAL SERVICING.  These are services designed to help veterans stay in their homes if they're having trouble making ends meet.

* REFINANCING.  Professionals at the VA can help veterans refinance their home loans, dealing either directly with their current lenders or with select lenders that work with the agency.

* LOAN GUARANTEES.  Westerfeld says some veterans may qualify for the VA's loan guarantee program.  They secure a 100 percent, no down payment loan that the VA guarantees for a certain percentage.

For more information on the VA's mortgage assistance, click here: 

www.homeloans.va.gov

You can also call 1-877-827-3702.

It's also worth checking out this VA release about enhancements to its loan assistance services: 

http://www.homeloans.va.gov/docs/home_loan_enhancements.pdf

 

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