Veterans Affairs Mortgage Assistance News

"VA's Last Resort Loan Program Aims to Aid Injured Veterans Facing Foreclosure"

The Department of Veterans Affairs has introduced a new program, VASP, to aid veterans at risk of foreclosure due to a pandemic aid program misstep. However, many financially impacted veterans may not qualify for this assistance, as those who accepted higher-cost loan modifications following the VA's abrupt end to its COVID mortgage forbearance program won't be eligible. The VA's new program aims to offer modified home loans with a 2.5% interest rate, but strict eligibility criteria and limitations on who can benefit from the program have left many veterans uncertain about their future housing stability.