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Family Programs >> Legislation for Army Families >> Legislation Introduced to Help Veterans Refinance Their Mortgages Email this... Email    Print this Print


Legislation Introduced to Help Veterans Refinance Their Mortgages
05/13/2008

Legislation was introduced to assist veterans with refinancing their mortgages by increasing the refinance cap. The cap would move to the same level as conventional loans; a 25% limit for a single family home. This would triple the current standard cap and increase the cap four-and-a-half times its current percentage in Alaska, Hawaii, Guam and the U.S. Virgin Islands. The legislation also calls for a cut in the equity requirement from 10% to 5%, allowing the VA to provide refinance loans for up to 95% of the reasonable value of the dwelling.

[Source: http://www.military.com/military-report/bill-to-help-va-refinance-homes].

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