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Major changes for VA Mortgages

[ 0 ] October 16, 2012 |
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VA Mortgage Loan Update

A recent act called the “Honoring America’s Veterans and Caring for Camp Lejune Families Act” has made significant improvements to the Veterans Administration (VA) mortgages.  Thanks to the changes, surviving spouses, veterans who are disabled, and single parents will have better options to help them fund a home.

Widows of Veterans

Previously, widows of veterans killed during active service could use the VA mortgage.  Now, a surviving spouse of a veteran that has passed away due to a service-related injury can apply for the home loan.  The injury must result in disability and the disability must be present for 10 years prior to the veteran’s death.

Military Couples and Single Parents

One of the requirements for a VA mortgage is that the veteran will be living in the home as their main residence.  For veterans serving in active duty over seas, that is not quite possible.  Now, the spouse can be considered to fulfill this requirement.  If an active duty soldier is a single parent, the children may fulfill the residency requirement.

High Cost Areas

Veterans applying for a mortgage in high cost areas can now take advantage of higher maximum loan amounts.  The old limit of $625,000 has been again increased to $729,000.  This will remain in affect until a undetermined date in the year 2014.

Thanks to these changes, more people will be able to apply for a VA mortgage loan.  The modifications to the program also greatly benefit the families of veterans as well as those left behind after active service takes our soldiers away.

For additional program information, see our VA mortgage page. Contact us or apply online to see if you qualify!

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Category: VA Loans

About Aiman Abozeid:

I am the Branch Manager at Inlanta Mortgage Madison office, I have been serving the state of WI and Madison area for over 13 years, starting first with First Wisconsin Mortgage and now with Inlanta Mortgage I have focused my attention in providing my customers with a easy, painless loan process.

Inlanta Mortgage has emerged as one of the leaders in mortgage banking in the Madison area by focusing on developing relationships and creating a “value” for each customer they service. One of my firm beliefs is handling each customer independently of the next, providing knowledge, accountability, and exceptional service. Inlanta incorporates each of these characteristics in maintaining their business strategies and insuring future customer loyalty.

By working with me, you have the ability to experience a processing system right here in Madison, yet get the benefit of many different lenders and the niche’s they serve. Local service means quick decisions and closings that will happen on time. Since buying a home is one of the most important decisions of a person’s life, I have to make sure it’s a smooth and enjoyable process. I specialize in many different purchase programs from first time home buyers to move up buyers or investment properties, we have all the latest mortgage programs available including Reverse Mortgages for people over 62 years of age which is becoming a very popular loan alternative.

Aiman Abozeid
Email Me
Toll Free: 877-240-5810
NMLS ID #237450

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