VA Home Loan Relief for those affected by COVID-19

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The Department of Veterans Affairs (VA) is making changes to its home loan process and asking lenders to provide relief to veterans affected by the COVID-19 pandemic.

Veterans Applying For Loans

If you are still in the process of applying for a loan, the VA is doing everything possible to allow you to conduct any necessary meetings by phone or other electronic methods. This includes meetings with lenders, appraisers, title companies and VA staff.

Anyone at risk for the novel coronavirus, who has flu-like symptoms, or who has other circumstances that may endanger them or make it a possible risk to others will be given full availability to organize meetings that occur. normally hold in person via electronic means, according to the ministry.

VA Working with lenders

The VA says it is also urging lenders to work with affected borrowers to ease the financial burden the COVID-19 pandemic is placing on veterans across the country.

He asks borrowers to give wiggle room to veterans who are unable to make their mortgage payments at the moment, to remove or reduce late fees, to suspend credit reporting reports on delinquent loans and take other necessary steps to allow veterans to remain in their homes during this period. unprecedented national emergency.

The VA also urges lenders to liberally enforce existing public laws and regulations designed to prevent foreclosures and losses to the government.

Many large mortgage companies that cater to veterans have already released statements that they will work with people affected by the economic fallout associated with the COVID-19 outbreak and make payment arrangements with those people. if necessary.

If you are experiencing financial difficulties due to 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 take no action, such as foreclosing on your home.

However, if your lender is not cooperating, you should contact the VA and see if they can offer you assistance. Most likely you will get help.

Go to the next stage

If you’re ready to go ahead or just want more information, the first step is to get quotes without obligation.

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