VA Loan Updates

The U.S. Army paid bonuses of $660 million to soldiers who re-enlisted this year. The same amount is planned for next year. Each year, the army seeks to get over 110,000 veteran troops to sign on for another three or four years. Over 60 percent of troops who reenlist get a bonus, but the amount varies a lot. On the low end, it can be only $2,500. On the high end, for experienced Special Forces troops, it’s $150,000. In addition, there are additional special payments, like combat and danger pay. There are also special programs that allow troops to transfer some of their G.I. Bill educational benefits to a spouse.

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With hundreds of veterans returning to eastern Iowa and western Illinois the past year, adding to the many from past wars, organizers decided it was once again time for a Veterans’ Benefits Fair.

The welcome home event will have booths of different groups that provide services for veterans as well as seminar sessions on topics including mental health and family support, said Kirt Sickels, public relations specialist for the Iowa City VA Medical Center and Veterans’ Benefits Fair organizer.

Fair participants will include the:

• Iowa City VA Medical Center,

• Veterans Benefits Administration,

• U.S. Department of Labor,

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Atlanta lenders and brokers break down pros, cons of main products

A day hasn’t passed in recent weeks without some discussion of the home lending and liquidity crisis.

Cable business news networks, newspapers, magazine and Internet blogs have been rife with reports of a mortgage meltdown. The crisis forced some lenders, such as Atlanta-based HomeBanc Corp., into bankruptcy protection. Other metro-area lenders, including SouthStar Funding LLC, simply ceased operations.

The fallout spooked global markets, and banks nixed the credit lines mortgage lenders depended upon to make loans. Investors who previously had bought those loans in pools of mortgage-backed securities scrambled away.

In the midst of the concern and confusion, what’s the best strategy for those in the market to buy a home or refinance a mortgage?

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Question: How does the Department of Veterans Affairs specially adapted housing grant work?Answer: Veterans with specific service-connected disabilities could be entitled to a grant for the purpose of constructing an adapted dwelling or modifying an existing home to meet the veteran’s needs to provide a barrier-free living environment. For information go to www.homeloans.va.gov/sah.htm. Or contact the VA loan guaranty department at (800) 827-1000, option 2.

Q: If I enroll in the VA health care system, must I use the VA as my exclusive health care provider?

A: There is no requirement that VA become your exclusive provider, but the authority to pay for non-VA care is limited. You can use your private health insurance benefits as a supplement for your VA health care benefits. For information call the VA Medical Clinic at 433-0600.

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WASHINGTON, DC — The Government National Mortgage Association (Ginnie Mae) recently announced that, effective Sept. 1, it is eliminating the restriction on the size of mortgage loans guaranteed by the Department of Veterans Affairs that can be used as collateral for Ginnie Mae securities. Currently, Ginnie Mae limits the size of VA-guaranteed loans that can back Ginnie Mae mortgage-backed securities to the conforming loan limit of $417,000.

Approximately 30 percent of the loans that back Ginnie Mae MBS are guaranteed by the VA. Unlike the Federal Housing Administration’s program, the VA program does not include a limit on the size of the guaranteed loan.

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After 33 years, Humboldt vets lose college prep program

When the noon whistle goes off in Arcata, most people just think it’s time for lunch. But for James Frasche-Russell, a 26-year-old army veteran majoring in computer science and math at Humboldt State University, the whistle brings back bad memories.

“It really freaked me out, because that was the get-into-your-bunkers-we’re-being-bombed alarm in Iraq,” he says.

Frasche-Russell, a native of Eureka, enlisted in the army when he was 21 after having worked a string of odd jobs and taken a few classes at College of the Redwoods. He joined because of the educational benefits the military offered, he says. When he was discharged from the Army in 2005, he enrolled in the Veterans Upward Bound (VUB) program at Humboldt State University, the only university-affiliated VUB on the West Coast.

Humboldt’s VUB program has been operating since 1973.

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Trustee’s Office has set aside two Saturdays to help applicants with paperwork 

The Montgomery County Trustee’s Office is hoping to make it easier for those homeowners applying for the Veterans Property Tax Relief benefit this year.

State legislation made effective July 1 says all veterans who are rated by the Department of Veterans Affairs with a “total and permanent” disability should qualify for the tax relief. The change to the law includes service-connected disabled veterans instead of only combat-related injuries and illness.

That will bring the number of eligible veterans from 80 to about 500 in Montgomery County who could apply.

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$15 million in additional funding follows program’s success; more than 100 veterans and active duty members helped in first four months

NORMAL – Officials from Governor Rod R. Blagojevich’s Administration today announced $15 million in additional funds to support the G-I Loan for Heroes program that helps qualified veterans and active duty personnel afford to buy a home.  Launched last May as a $15 million pilot mortgage program, the G-I Loan for Heroes has already helped 115 Illinois veterans and active duty members secure low-interest mortgages and closing cost assistance during the program’s first four months.

“The brave men and women who have served, or continue to serve our country make huge sacrifices in order to preserve our freedom.  They deserve to know that when they come back they will have a safe and secure home for their family and the chance to achieve the American dream of homeownership,” said Gov. Blagojevich.  “This additional funding from the Illinois Housing Development Authority is in response to the success we’ve had so far with the G-I Loan for Heroes program.  I believe it is our responsibility to ensure we continue to support the needs of our current and former service men and women.”

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Q: Can a VA home loan guaranty be given to a spouse?

A: A VA loan guaranty to acquire a home may be available to an unmarried spouse of a veteran or service member who died as a result of service-connected disabilities, a surviving spouse who remarries after age 57, or to a spouse of a service member officially listed as MIA or who is currently a POW for more than 90 days. Spouses of those listed MIA/POW are limited to one loan. For additional information on VA home loan guaranties, contact the VA at (800) 827-1000, and follow the dialing instructions to reach the home loan department.

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