The Department of Veterans Affairs (VA) is making changes to its home loan process and asking lenders to offer relief to veterans who are affected by the COVID-19 pandemic.
Veterans Applying for Loans
If you are still in the loan application process, the VA is making every effort to allow you to conduct all necessary meetings by telephone or other electronic methods. This includes meetings with lenders, appraisers, title companies and VA personnel.
Anyone who is at-risk for the novel coronavirus, is having flu-like symptoms or has other circumstances that may place them at risk or make them a possible risk to others will be afforded every availability to conduct meetings that are normally held in person via electronic means, according to the department.
VA Working with Lenders
The VA says it is also urging lenders to work with impacted borrowers to ease the financial burden the COVID-19 pandemic is placing on veterans across the nation.
It is asking borrowers to give leeway to veterans who are unable to make their mortgage payments at this time, remove or reduce late fees, suspend credit bureau reporting of delinquent loans, and take other necessary action to allow veterans to remain in their homes during this unprecedented national emergency.
The VA is also urging lenders to liberally apply existing public laws and regulations that are designed to prevent foreclosures and loss to the government.
Many of the larger mortgage companies that cater to veterans have already issued statements saying they will work with individuals affected by the economic fallout associated with the COVID-19 outbreak and will make payment arrangements with those individuals if needed.
If you are experiencing financial difficulty as a result of the COVID-19 outbreak, you are urged to contact your lender directly to discuss your situation. In most cases, lenders will accept a few late payments and not take action, such as foreclosing on your home.
However, if your lender isn't cooperating, you should contact the VA and see whether there is any assistance it can offer you. Most likely, you will get some help.
Take the Next Step
If you're ready to move forward, or just want more information, the first step is to get no-obligation rate quotes.
Get the Latest Financial Tips
Whether you're trying to balance your budget, build up your credit, select a good life insurance program or are gearing up for a home purchase, Military.com has you covered. Subscribe to Military.com and get the latest military benefit updates and tips delivered straight to your inbox.
