Attention Veterans, VA loan limit to increased by 39%

This may not be directly about foreclosures but it's in the subject of financing especially for veterans and active duty personnel who are planning to use VA loans. Congress proposed to increase the maximum home loan of $240,000 to $333,700. It's projected that about 15,000 eligible service members and veterans could benefit from this proposal once congress finalized this bill.

Under the current loan limit, the benefit is almost of little use to personnel living in high -cost areas. Places like San Diego, CA where the median housing price is $500,000 would subject veterans or service members of massive downpayment to meet the $240,000 limit. This equates a disabled veteran is almost impossible to own a home and probably would just settle to rent an apartment for the rest of his life. And in fact, there's a good number of veterans desiring to buy a home under VA program but they just can't affored the to meet the difference between very high priced home and insufficient loan limit.

Overall, it's about time that this issue gets resolved in favor of our troops and veterans who fought for the freedom of our country. It would be nice that veterans could finally afford to have the ultimate American dream of owning a home with the help from our government since they deserve it and now is the time.

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Written by Resty Malia
Buying a Home Foreclosures