Local lawmakers call for improvements to veteran mortgage program | WWTI
WASHINGTON, DC (WWTI) – Local lawmakers have sent a letter to the Department of Veterans Affairs asking them to make homeownership more accessible to veterans.
Congresswoman Elise Stefanik and 64 other members of Congress contributed to the letter, which was sent on June 1. In the letter, lawmakers specifically argue that the department should explore how VA mortgages can compete in today’s market and ensure veterans have bargaining power throughout the home buying process. treat.
The letter also referred to the housing market and the increase in selling prices. Lawmakers have argued that veterans are unable to compete with other buyers.
“Historically, VA mortgages have been attractive and competitive to sellers. Unfortunately, the current housing market and the increase in cash and conventional loans with waived contingencies may prevent veterans from competing with other buyers,” the letter states. “VA borrowers fare less well than borrowers using conventional loan products, with 11% of VA borrowers switching loan products during their home search, compared to just 1% of conventional borrowers switching their financing method.”
Lawmakers also urged the department to respond to a list of questions they drafted regarding their concerns. The questions focused on the VA’s future plans for how to make improvements, funding fees, how Congress can help the department, and more. The full letter that was sent to the department can be found here.