Veterans Face Challenge When Buying a Home
After years in the shadows, the historic VA loan program is getting some time in the sun, but it may be short-lived.
VA loan volume has surged since the housing crisis. Veterans and military buyers have flocked to the program’s more flexible and forgiving requirements in a time of tight credit. But that momentum may be fleeting for veterans in some of the nation’s more expensive housing markets.
The VA’s loan limits for high-cost counties are set to roll back to 2008 levels at the end of December. Unless Congress takes action in the coming weeks, military buyers in costlier communities could suddenly face significant down payments that put homeownership out of reach. Read more here.
Source: MSN Money