Veterans turning to other options besides VA mortgage program.
A letter from members of Congress to Secretary Denis McDonough of the Department of Veterans Affairs was released on Thursday. In the letter, 65 federal legislators cautioned the secretary that home sellers are not preferring VA loans and that his department should “explore how VA mortgage loans can compete in today’s marketplace and ensure veterans have negotiating power throughout the home-buying process.”
“Historically, VA mortgage loans were appealing and competitive to sellers,” the legislators stated. “Unfortunately, the current housing market and the rise in cash and conventional loans with waived contingencies can leave veterans unable to compete with other buyers.”
As the Lord Leads, Pray with Us…
- For wisdom for Secretary McDonough as he considers the recommendation by Congress.
- For VA officials as they evaluate improvements to the VA mortgage lending program.
- For wisdom for federal legislators as they alert Cabinet secretaries to their concerns.
Sources: Military.com, Military Times
