For over seven decades, a major element of that deal has been the VA loans that veterans can use to buy a home. The Mortgage Bankers Association recently warned the Department of Veterans Affairs that the program may be hurting the very vets it was designed to help. Here’s The DealUnder the VA loan program, veterans can borrow up to $417,000 ― or $625,000 in designated “high cost areas,” like parts of California ― without putting any money down for a house that will be their principal residence. A VA loan can also be used to refinance an existing loan. As a result, the mortgage bankers group said, veterans are under pressure to bypass the benefits of a VA loan and seek conventional financing instead.

Source: Huffington Post October 04, 2017 09:00 UTC