Not all military personnel qualify or use VA or government-backed loans. For those that do not, private mortgage lenders have made life uncomfortable for some military personnel over the last couple of months.
A number of soldiers and veterans who are wounded or disabled, however, are being offered a relief program. Those wounded warriors with mortgages through Citigroup are being offered reduced interest rates as well as forgiven late fees and past due amounts. These benefits are being offered through their Homeowner Assistance Program.
Qualified homeowners will have their interest rates cut by 2.5% on mortgages they already hold. The program will be extended to surviving spouses as well and does not require any showing of hardship to qualify.
The only qualifying documents applicants will need to show are:
- DD-214s or discharge paperwork; and
- VA correspondence.
In order to qualify for the two-year reduction, veterans must not be eligible for a “permanent mortgage modification.” Further, the offer is not being extended to any homeowners with government-backed loans, such as FHA, VA, USDA, or those mortgages made under the Service members Civil Relief Act.
If you are a disabled veteran who has been denied disability compensation or have not yet applied for benefits from the VA, contact Veterans Help Group. You may be entitled to certain programs and benefits so contact our veterans disability rights firm today.