VA Loan Updates

WASHINGTON, Feb. 6 /PRNewswire-USNewswire/ — On Monday, February 5, 2007, the Administration released its budget request for the federal government, including the Department of Veterans Affairs (VA). Randy L. Pleva, Sr., national president of Paralyzed Veterans of America (PVA), welcomed the proposed increase with caution. He stated, “Although the Administration has recommended a fair increase for veterans’ health care, there is still much more that can be done. PVA is very concerned that even as we begin to consider this budget, Congress has yet to approve funding for the VA for FY 2007.” He emphasized, “Even as the VA prepares for a possible increase in funding for the current fiscal year, it is still struggling to meet veterans’ health care needs under the current funding limitations.”

For FY 2008, the Administration proposes a VA health care budget of $34.2 billion, an increase of approximately $1.9 billion over the FY 2007 appropriation level established by H.J. Res. 20, the FY 2007 Continuing Resolution, yet to be enacted. The Independent Budget, a comprehensive budget policy document co-authored by AMVETS, Disabled American Veterans, PVA and the Veterans of Foreign Wars, recommends $36.3 billion in funding for veterans’ health care for FY 2008. This represents an increase of $4.0 billion over the projected FY 2007 appropriations level, and it is designed to meet realistic inflation and health care demand increases.

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February 9, 2007 — PIERRE, S.D. – Discharged U.S. military veterans can now purchase a home through the South Dakota Housing Development Authority’s (SDHDA) First-Time Homebuyer Program, even if the military veterans have previously owned a home.

The First-Time Homebuyer Program provides low-interest loans for qualified South Dakotan who have not previously owned a home.

“The recently enacted Tax Relief and Health Care Act of 2006 modified federal law and allows our discharged military veterans to purchase a home through this program, even if they have owned a home in the past. I’m honored to announce this incentive for our military veterans,” stated Gov. Mike Rounds. “Our military men, women and their families have sacrificed a great deal to protect our country and freedoms. This is one of many ways we can assist our veterans and thank them for their dedication to our country and to South Dakota.”

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Cindy Raybould knows all too well what it is like to have to maneuver through the difficult time of burying a spouse.

She also knows the difficult task of handling grief while maneuvering through the many obstacles the government has established to receive burial benefits for a veteran.

William Raybould, her husband, served for 23 years in the U.S. Army, so when he died he was eligible for burial in a national cemetery or to have some of his funeral expenses paid for in a private cemetery.

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Rick Scavetta lives with his wife and young daughter in a small town near New Haven, Conn. He joined the Army at 18, in part to earn money for college, and served in the regular Army and then the Reserve for a total of 15 years, reaching the rank of Sergeant 1st Class. In 2005, his Reserve unit was called up, and he served a year in Afghanistan.

Scavetta says he made a firm decision to leave the military last February, and planned to use his GI Bill benefits to pursue a master’s degree in political science and to study Arabic at Southern Connecticut State University. But he was told in his exit briefing that if he deactivated—in military terms, “left drill status”—he would not be eligible.

“Imagine if someone told you, ‘We promise you these benefits if you serve your country,’ and you held up your end of the bargain for six years in the Reserve, a year or two deployed overseas,” he says. “It’s frustrating, especially since school can be a very grounding thing for a veteran returning from war.”

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At Veterans Affairs, we are privileged every day to care for those who ensured America’s freedom and strength.

We strive to offer more than good medicine; we offer our patients a genuine connection with family, friends and community. Our veteran patients hold a very special place in our hearts.

During Valentine’s week, we celebrate the VA National Salute to Veterans. Each year VA Voluntary Service staffs plan and execute local programs of activities at VA medical centers. Valentine’s week is symbolic in many ways. - it is a time to share feelings of affection, respect and caring for loved ones, friends, and those we admire.

The annual VA National Salute program began in 1974. For many years, the late columnist Ann Landers devoted a newspaper column to the National Salute. She asked readers to send Valentine cards and letters to veterans at their nearest VA medical centers. The “Annie’s Mail Box” reader advice column has carried on this tradition. More than a million valentine greetings are pouring into VA hospitals nationwide addressed to “Dear Veteran.”

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WASHINGTON, D.C. - Continuing to honor the nation’s commitment to meet the needs of America’s veterans, Secretary of Veterans Affairs Jim Nicholson announced today that President Bush will seek a landmark budget of nearly $87 billion in fiscal year 2008 for the Department of Veterans Affairs (VA), with health care and disability compensation for veterans receiving the majority of the spending.

The FY ‘08 proposal represents an increase of $37.8 billion, or 77 percent, from the budget in effect when the President took office.

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One of the tests of whether Americans truly support the troops is with the support of veterans benefits.

Leaders in Congress are working to increase funds for veterans services, which have come under renewed focus with the war fronts in Iraq and Afghanistan. Some of those promises are taking shape. Veterans benefits for medical care were among items that gained in a spending bill the House passed Wednesday. A $3.6 billion increase in funds was part of the vast $463.5 billion bill meant to make up for unfinished business from the last Congress. The Senate is expected to approve it before Feb. 15, and the White House has indicated the president will sign the bill.

Military services are seeing increases in the number of veterans who need health care, suffering from post-traumatic stress disorder among other ailments. Rep. Bob Filner, D-Calif., chairman of the House Veterans Affairs Committee, has pushed for health-care funding, as well as improving collaboration between the departments of Defense and Veterans Affairs and updating the GI Bill. Sen. Dan Akaka, D-Hawaii, chairman of the Senate Veterans Affairs Committee, says an increase in funds for veterans should be viewed as part of the costs of war, not as a separate budget item. Akaka says the caseload of requests is so heavy it is impeding the ability of veterans to get help.

Filner’s proposal to revisit the GI Bill would be a major update, the first in almost 20 years. The GI Bill was enacted in 1944 and served as an all-encompassing package that helped soldiers returning from war in terms of education, housing, jobs and health care. One of the goals is to extend more benefits to National Guard members. Filner and Akaka joined each chamber’s leadership in announcing reinstatement of traditional joint hearings on veterans’ affairs.

Without additional funding, fears have existed that it could result in the rationing of much-needed health care for veterans. Democrats are also warning that the recently announced plan by President Bush to increase troops in Iraq will add to the burdens of the Department of Veterans Affairs.

Any time someone challenges some of the strategy in the war on terror, the cry goes out that it’s unpatriotic to raise such questions and that it undermines the troops in the field. The nation must show it values the troops every bit as much when they’re at home recovering from war duty as when they’re part of a shock-and-awe attack. It is refreshing that some congressional leaders are stepping forward to make the case that veterans benefits are important. There should be no lack of support for the troops once they get home.

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VA refinance allows veterans to take advantage of special offers to reduce their home mortgage payments, take out cash on the equity of their homes, and/or save interest on the life of the loan. Our government believes that veterans and military personnel deserve better-than-average home mortgage deals, so they insure mortgages through the Veterans Administration, which lets the lenders offer excellent mortgage programs. Any veteran of military service should look into the special veterans’ offers.

Whether one currently has a conventional mortgage or a government mortgage, they can take advantage of these borrower-specified offers. One of the best offers is called a streamline mortgage. This is usually a hassle-free interest rate reduction program. The VA streamline refinance rates are currently still low enough that most veterans will benefit. This particular program is popular because of not needing to pay any out-of-pocket fees. Any costs associated with the VA refinance can be rolled into the loan. Also, appraisals, income documentation, and job verification are typically not required, cutting down significantly on the time it takes to close on the new mortgage.

Another option is the cash-out plan. If a home has sufficient equity, this option can be used to take out cash for any purpose, including debt reduction, vacations, home improvements, and savings. Speak to a specialist in veterans’ assistance at one of the mortgage lenders who specialize in veterans financing to determine how much can be qualified for and what the specific terms of such a loan might be. For someone currently holding a conventional mortgage, converting to a VA refinance loan may be very beneficial. One of the appealing aspects of this plan is that the borrower is not be required to pay mortgage insurance each month. This can save considerably on monthly payments. A funding fee is charged for these mortgages but, as with the other options, the funding fee and any other closing costs can be rolled into the loan.

Researching veteran’s financing programs is easier than ever because most mortgage lenders are available online. Contact a refinancing specialist for a free estimate, to have questions answered, and to apply for a new mortgage. Since the paperwork for most VA refinance programs is minimal, the closing process is typically much shorter than with conventional mortgages. As with any major financial decision, be sure to fully understand all of the terms and the obligations that being agreed to before signing on the dotted line.

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