By: Nick Deonas
VA loans have not been as popular as they once were. I believe we will see a revival of these loans though. There are many veterans in the mortgage trap who are looking for relief, and with a new generation new veterans coming onboard daily, VA loans will be one option they will be considering.
Thanks to the Veterans Benefits Improvement Act of 2008 signed by President George W. Bush last week, expanded homeownership opportunities are now available to Veterans. If you are currently in a home or aspiring to become a homeowner, this bill is just for you.
The new law will make it easier for veterans who have fallen victim to risky sub prime loans. It will allow them to refinance their loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The amount that the VA has also been increased through 2011, this will help those living in high cost areas. The VA can offer adjustable rate mortgages; this will also help families who are in the market for a home.