VA Loan Updates

FORT KNOX, Ky. - The U.S. Army Recruiting Command introduced two new enlistment incentives yesterday.

A bonus of up to $51,864 is available to recruits signing up for a two-year enlistment in more than 45 active-Army military occupational specialties.

A maximum combined bonus for a three-year enlistment was also raised to $25,000 for MOSs. The previous maximum amount for a three-year enlistment was $10,000, or $20,000 for a limited number of priority MOSs.

Qualified recruits who enlist for two years plus training are eligible for an enlistment bonus of up to $15,000, which can be combined with the Montgomery GI Bill and Army College Fund of $36,864. These incentives are available to qualified recruits who enlist in one of more than 45 job specialties, including fire support specialist (13F), signal support systems specialist (25U), petroleum supply specialist (92F), pharmacy specialist (68Q) and health-care specialist (68W).

Payment of bonuses for which recruits qualify begins after completion of basic combat and advanced individual training.

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The Clinton campaign today announced the launch of Veterans and Military Retirees for Hillary, a national initiative to highlight Clinton’s support of the men and women of our Armed Services. Medal of Honor winner and Hawaii Senator Daniel Inouye will lead the national steering committee, which will advise the campaign on policy and outreach to the 26 million American veterans and their families.”I have had the privilege of working with Hillary Clinton since 1993, and her depth of experience makes her uniquely qualified to be President,” Senator Inouye said. “She has been a tireless advocate for our soldiers and veterans, fighting for life-saving body armor when they deploy, and the healthcare and benefits they deserve when they return home.

“My support of Hillary Clinton does not take away from, or speak any less of, the other Democratic Presidential candidates. They are all outstanding leaders, and, in fact, some are personal family friends. There is an excitement present among Democrats as we look ahead to the Presidential campaign, and a retaking of the White House on behalf of working families in 2008. I look forward to a vigorous campaign, and I believe Hillary Clinton is the best prepared to deal with the challenges facing our nation at home and abroad.”

Clinton has been a longtime advocate for veterans, calling attention to Gulf War Syndrome as First Lady, and leading efforts in Congress to provide life-saving armor for our troops and their vehicles in Iraq. She recently proposed a new GI Bill of Rights, which would expand opportunities for veterans to pursue education and home ownership and provide low-interest loans to start their own businesses. Her bill would also cut red tape for military personnel to receive the benefits and the healthcare they need, and crack down on predatory lenders who target military families.

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Too many veterans are struggling with medical or financial problems. 

On Memorial Day, America honors the men and women who, in Abraham Lincoln’s words, gave their “last full measure of devotion” to this country through their service in the U.S. armed forces.

It is wholly right and proper that we should remember those who gave their lives so that our nation and our freedom would endure. But honoring the dead is not enough. We must also repay our living veterans for their valor and sacrifices to the extent that it is in our power to do so.

Unfortunately, over the years, the U.S. government has often lavished more rhetoric than money on the problems of veterans who have survived their military service but are struggling with physical, emotional or financial problems in their efforts to readjust to civilian life.

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After six years, the global war on terror is often reduced to a sound bite.

It competes for attention with the latest Hollywood gossip. It can be replaced with sports or cartoons with the tap of a remote.

Soldiers say those living outside the war cannot notice the change it has brought to thousands of Alabama homes and businesses. In six years, it has slipped into churches and schools. It has left its mark in pharmacies and hospitals.

With all but two of Alabama’s 67 counties hosting Guard units, the war is an ongoing epic for the entire state. It’s one that Guard family members can’t turn off.

National Guard troops around the country face another tour of duty in Afghanistan or Iraq at the end of this year. Alabama Guard members know that they, too, could be trading Alabama’s hills and forests for sand-whipped deserts or craggy mountain canyons.

Only Texas, with its population of 22.8 million people, has deployed more Army National Guard members to Iraq than Alabama, where 4.5 million people make their home.

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Those who have risked their lives in serving our country deserve the best treatment. Yet what used to be a good deal for veterans and current military personnel has lost much of its luster.

VA loans
The Veterans Administration has programs for current and former members of the military to help them get financing to buy a home. Serving in the military generally makes you eligible to take out a VA loan.

The VA itself isn’t a lender. Instead, military members can go to traditional lenders, including banks and mortgage brokers, to obtain loans. Many lenders participate in the VA loan program and therefore offer these mortgages, which have a number of attractive features.

For many, the most attractive feature of VA loans is that you can finance up to 100% of the cost of your home while obtaining some of the benefits of having made a substantial down payment. The VA provides a guarantee of part of the loan amount, which may help you get a loan you otherwise might not qualify for.

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Building on his pledge to make West Virginia’s veterans a top priority, U.S. Rep. Nick Rahall, D-WV, worked to pass a package of veterans legislation in the House of Representatives Wednesday, May 23, 2007 that will honor veterans by improving veterans’ health care, strengthening benefits for our men and women currently serving, and providing long overdue benefits for veterans and military retirees who have already served.

“In a few days, on Memorial Day, we will come together across the country to somberly pay tribute to the sacrifices made by so many men and women in our Armed Forces,” Rahall said. “It is fitting that we precede this day of remembrance by passing legislation that honors the service of our soldiers beyond mere words and passing celebrations, but through action and tangible assistance.”

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Whether or not you agree that Sen. James Webb is a good writer – which he is – or a good senator – verdict’s still out – there should be strong agreement on his proposal to upgrade the G.I. Bill of Rights.

Briefly, he wants expanded and improved benefits for American soldiers who have been through combat since Sept. 11, 2001.

This is such a good idea it’s a wonder no one ever suggested it before.

Sen. Webb has introduced a bill that would provide college tuition, room and board plus $1,000 a month stipend to veterans who have served at least two years’ active duty since the 2001 terrorist attacks in the United States.

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For a homebuyer, first-time or otherwise, the words no money down and 100 percent financing can be the difference in actually buying the home of your dreams or only wishing that you could. However, in the world of home buying there are quite a few different ways to secure a loan with 100 percent financing being just one of them. The other three most popular are the conventional, FHA and VA – all quite different, but each holding an allure depending on the buyer and his needs. The question, which one is right for you?

For example, an FHA loan is described by Direct Lender.com as “designed to make housing more affordable for first-time homebuyers and those with low to moderate income.” Fixed and adjustable-rate loans of this type are available and are insured by the U.S. Department of Housing and Urban Development (HUD). Additionally, the standards to qualify are not as strict as the conventional loan, which is not guaranteed by the Federal government.

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WASHINGTON - Military support groups on Wednesday hailed plans to expand military education benefits, VA home loans and small business grants for veterans under new legislation under consideration on Capitol Hill.

The measure was introduced in the Senate by presidential candidate Sen. Hillary Rodham Clinton, D-N.Y., and in the House by Iraq war veteran Rep. Patrick Murphy, D-Pa. The lawmakers and their supporters said the Montgomery GI bill, passed in 1994, has been an invaluable tool but one that sorely needs updating.

“The aim isn’t just to get them to simply re-integrate into civilian society, but to give them the means to achieve positions of corporate, federal and private sector leadership,” said Dennis Cullinan, legislative director for the Veterans of Foreign Wars.

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The National Association of Realtors(R) endorsed the 21st Century G.I. Bill of Rights Act introduced by Senator Hillary Rodham Clinton (D-N.Y.) and Representative Patrick Murphy (D-Pa.). The new legislation will expand housing, educational and entrepreneurial opportunities for service members, veterans and their families.

“As the leading advocates for homeownership and affordable housing, Realtors have long supported policies that make housing more accessible and affordable for America’s veterans,” Pat V. Combs, NAR president, said while joining Clinton and others at today’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live,” Combs said.

The 21st Century G.I. Bill of Rights Act will exempt veterans from paying loan fees and expand opportunities for veterans to purchase, build, repair or improve a home by increasing access to low interest loans through the Veterans Affairs Home Loan Guaranty Loan Program for homes valued up to $625,000. The current program caps loans at $417,000, the conforming loan limit.

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