SWFL Real Estate and Community News

Native of SW Florida, Realtor® blog

April 12, 2024

New VA Program to Provide 2.5% Home Loans

New VA Program to Provide 2.5% Home Loans

Thousands of veterans are facing foreclosure as pandemic-era forbearances end. The new loan program is only available to eligible veterans

WASHINGTON – The Department of Veterans Affairs announced a last-resort program that provides 2.5% interest rate home loans to more than 40,000 veterans who are facing foreclosure.

Through the Veterans Affairs Servicing Purchase (VASP) program, the VA will purchase defaulted VA loans from mortgage servicers, modify the loans and place them in the VA-owned portfolio as direct loans. This allows the VA to work directly with eligible homeowner so the loans and the monthly payments can be adjusted. Borrowers – eligible veterans, active-duty service members and surviving spouses with VA-guaranteed home loans who are experiencing severe financial hardship – will have a fixed 2.5% interest rate.

The program comes after thousands of veteran homeowners were told to pay a lump sum to rectify their pandemic-era forbearances or refinance at higher interest rates. An NPR investigation found upwards of 6,000 borrowers with VA loans in the program are in foreclosure and 34,000 others are delinquent. In December, the VA called on mortgage servicers to pause foreclosures on VA-backed loans.

Consumer advocates at the National Consumer Law Center (NCLC) and the Center for Responsible Lending (CRL) expressed support for the new program and urged the VA to extend the foreclosure pause, currently set to expire on May 31, until the VASP program is widely available.

“The VASP program is badly needed as veteran borrowers have had no meaningful alternatives to foreclosure for over a year,” said Steve Sharpe, an NCLC senior attorney. “The VA must extend the foreclosure pause until VASP is implemented so that all eligible borrowers have fair access to the new program. We also urge VA to eliminate any rules that unnecessarily limit access to VASP for borrowers who previously received unaffordable loan modifications.”

The VA said mortgage servicers will identify qualified borrowers beginning May 31 and submit requests based on a review of all available home retention options and qualifying criteria. Veterans facing financial hardship should work with their mortgage servicers to explore available options, the VA said.

“When a veteran falls on hard times, we work with them and their loan servicers every step of the way to help prevent foreclosure — including offering repayment plans, loan modifications, and more,” said Under Secretary for Benefits Josh Jacobs. “But some veterans still need additional support after those steps, and that’s what VASP is all about. This program will help ensure that when a veteran goes into default, there is an additional affordable payment option that will work in a higher interest rate environment — so they can keep their homes.”

© 2024 Florida Realtors®

 

For more information call, text or EM anytime: 239.822.9196 / jim@realestateofswfl.com
James C Jones PA, Lic Realtor ® & native of SW Florida
Cornerstone Coastal Properties www.realestateofswfl.com
Native of SW Florida, Realtor® blog: https://www.realestateofswfl.com/blog/

April 10, 2024

Closing Day for another Veteran, Congrats Mr. Flock

Thank you for your Service and your business!!

 

April 10, 2024

Need a few more but Florida added the Eighth Property Insurer to the Florida market

Eighth Property Insurer Enters Florida Market

 
April 4, 2024

SW Florida Happenings / The Weekend SKINNY

 

 

  • Millennial Brewing Co.'s seventh annual Festival of Grilled Cheese returns;

  • The King of Queens' Kevin James is live at Barbara B. Mann Performing Arts Hall in Fort Myers for his Owls Don’t Walk comedy tour. Expect a family-friendly show, as the actor shares humorous perspectives on parenting, marriage and modern life. Kevin’s first show sold out, so this second show was added by popular demand.

CONTACT ME ANYTIME TO DISCUSS YOUR FLORIDA REAL ESTATE NEEDS: 239.822.9196 james

SEARCH ALL ACTIVE LISTINGS: https://www.realestateofswfl.com/search/advanced_search/

James C Jones PA, Lic Realtor ® & native of SW Florida

Cornerstone Coastal Properties

www.realestateofswfl.com / jim@realestateofswfl.com

 

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April 4, 2024

Buyers Preferences Shifting to smaller homes

April 1, 2024

ATTN: INVESTORS / PROPERTY FLIPPERS

CASH/FLIP DEAL - SOUTH FM VILLA
55+ Community
Beds: 2
Baths: 2
Garage: 1
Sq. Ft.: 1258
Year Built: 1975
Extremely cheap price for this community.  This unit is a two bed two bath with a recently remodeled kitchen.  It needs updating in both bathrooms still and we suggest replacing all flooring.  Newer roof and A/C.  This is a corner unit with a nice view from the lanai and is a short walking distance to all the amenities including the Golf Club Pro Shop.  After rehab we believe this unit to be worth $275,000 +/-.   HOA fees for 2024 are $618 per month and that includes insurance, pest control, reserves, land maintenance, water, sewer, amenities( excluding golf ), management, etc...  This is a 55+ community to occupy a unit and annual rentals are allowed.  Property is occupied and appointments are mandatory. 
PRICE: $192,000 
COMPARABLE SALES:
6928 BIRDIE WAY sold for $277k  Same unit 2/2/1 but showed very well 1/2 updated.

Property appraiser link: https://www.leepa.org/Display/DisplayParcel.aspx?FolioID=10215079