The 2203 Service members Civil Relief Act (SCRA) already makes active duty military members eligible for home loan interest rates capped at 6%. But the Government Accountability Office (GAO) found that many men and women in uniform don’t benefit from SCRA because they are unaware of the benefits, or are put-off by the red tape.
President Obama announced a plan to have five of the country’s largest mortgage lenders join the federal government to make the process easier and more accessible to service members. The companies have agreed to increase the frequency in which they check DOD databases to see whether their customers are entitled to unclaimed benefits, which would save the service members money.
According to White House officials, Bank of America, Quicken Loans, Citi Mortgage, Wells Fargo Bank, and Ocwen Loan Servicing are participating in the program.
“We’re announcing a new partnership in which some of America’s biggest banks and financial institutions will simplify the process, proactively notify service members who qualify for lower rates and make it easier to enroll,” Obama said at the American Legion National Convention. “In other words, we’re going to help more of our troops and military families own their own home without a crushing debt.”
It is expected that the partnership could help tens of thousands of military families save money on their mortgage rates.
Military Connection proudly serves those who serve in the Army, Navy, Air Force, Marines, Coast Guard, Guard and Reserve, Veterans and their Families. We are the go to site for Veteran Employment and information on Veteran education. Militaryconnection.com provides Veterans with and Directory of Employers, a Job Board, information on the Post-9/11 GI Bill, and a blog that offers Veterans boundless information. Be sure to visit Militaryconnection.com, the go to site.
Military Connection: Lower Loan Rates for Troops: By Debbie Gregory
Dive into World War II's finest literature, perfect for history buffs and those seeking captivating…
Explore 7 Pivotal Moments in US Military History: From the Birth of the Continental Army…
Explore a diverse group of military influencers and veterans as they share their unique experiences,…
Understanding Agent Orange Effects, VA Benefits, and Veteran Support: A Comprehensive Guide for Vietnam War…
Explore the top ten must-read books about World War One, including memoirs, historical non-fiction, and…
Discover the enduring legacy of Vietnam Veterans and the profound impact of the Vietnam War…
