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VA Wants More Power to Refinance Subprime Loans.
Byline: Brian Collins
Washington-More military veterans are turning to the Department of Veterans Affairs for purchase mortgage loans, but VA is limited in its ability to help vets refinance out of unaffordable subprime loans.
Congress recently passed a major housing bill so veterans can get zero-down VA loans with a maximum loan amount of $729,750 for the rest of this year.
This bill (H.R. 3221) puts VA on par with the Federal Housing Administration, according to VA home loan director Judy Caden. On Jan. 1, the maximum VA and FHA loan limit will adjust to $625,000.
"We needed the fix to get our loan amounts the same as FHA, which we now have," she said in an interview last week.
Now VA wants Congress to make it easier for veterans with subprime loans to refinance into a VA loan. Currently, VA cannot refinance a conventional loan with a loan amount above $144,000. Plus, the veteran has to have 10% equity. This forces struggling veterans to turn to FHA for relief.
VA could help a lot more veterans if Congress "fixes" the $144,000 limit and raises it to $625,000. Ms. Caden said.
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