Recently passed by Congress, the Veterans' Benefits Improvement Act of 2008 expands refinancing assistance to veterans in home loan distress. 

Under the new law, veterans may qualify to refinance their subprime or conventional mortgage for up to 100% of the value of the property.  The maximum Veterans Administration Home Loan amount has been raised from $144,000 to $697,500 for San Diego County, $500,000 for Riverside County, and $729,750 for Orange County. 

The Veterans Administration's ability to guaranty Adjustable Rate Mortgages (ARMs) and Hybrid ARMS has also been extended through September 30, 2012.  The VA offers greater consumer protection than traditional ARMS and hybrid arms as it limits annual and life of the loan interest rate increases.

For more information please visit:  www.homeloans.va.gov.  To speak with a VA Loan Specialist, veterans may call toll-free 1-877-827-3702.

Posted by:  Veronica Wong, Legislative Assistant - Veterans Affairs