Unfortunately, Many military families that are struggling in this housing crisis are not aware of the special benefits available to them. I have seen too many eligible service men and women that have been steered into mortgage programs that are not good for them. I suspect that it's because 1) the adviser that they worked with was not knowledgeable in military programs and/or 2) the other program was more profitable for the adviser;
There is little more rewarding to me then when I can help a military family. It's the very least that I can do to give back and thank them for the enourmous sacrifices they make. VA mortgage benefits work very well in many situations. I am disturbed by the trend of major banks to overlay the VA guidelines with their own stricter guidelines to make it harder to help our service men and women. (and Yes, I am talking about the banks that took our taxpayer money). We should show support for our military by not doing business with the banks that do not honor what the VA offers to them.
We have great mortgage programs to help purchase and refinances. The flexiblity of a VA Interest Rate Reduction Loan is critical in the current market. Moreover, the new HAP expansion gives us great tools to help the military homeowner sell their home even if it is in a negative equity position without struggling through the lender's short sale process. I know that there are many sellers that are eligible for these benefits that have taken the wrong route through either trying the wrong modification process or the wrong short sale process. I don't know why the lenders that they are working with won't advise them of the better options. We need to get the word out and help. These tools are great way to help Military homeowners. Some civilian employees may also be eligible. These solutions make sense and are good for the consumer. I know that's something that is rare in our current industry.