02 December 2008

Enhancement of Regular Refinancing Loans to Veterans

/PRNewswire/ -- The Veteran's Benefits Improvement Act of 2008, Public Law 110-389, was recently signed into law by the President. This law addresses changes to the VA (Veteran's Administration) Loan Guaranty Program of which MoneyLine Lending is a sponsored lender. This bill, in addition to low fixed interest rates, improves and enhances housing benefits for veterans.

"The federal government and the mortgage industry have partnered to assist veteran homeowners who have been negatively impacted by recent changes in the economy, or are concerned about the future," says Steve Gebhardt, Vice President, MoneyLine Lending. "This is an excellent opportunity for veterans to take advantage of saving money." Gebhardt adds, "The average American is carrying $9,200 in credit card debt. This is another way that veterans can take advantage of the benefits that lead to savings offered in this new law."

Effective immediately, the maximum guaranty amount for regular refinancing loans is the same as the maximum guaranty amount for purchase loans. This means that regular refinancing loans are now available for up to 100 percent of the appraised value of a home, an increase from VA's previous threshold of 90 percent. This allows veterans to take full advantage of the true benefits of Homeownership.

"For veterans, this translates to immediate savings and financial freedom." says Gebhardt. "Those who qualify can benefit by lowering their interest rate and eliminating debt. We encourage veterans to take advantage of this newly passed bill for their financial benefit. We can help veterans understand these benefits."

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