VA announces new program to help more than 40,000 Veterans stay in their homes

[LoriDee]

VA announces new program to help more than 40,000 Veterans stay in their homes
https://news.va.gov/press-room/va-servicing-purchase-program-avoid-foreclosure/
Published Online. VA News April 10, 2024, 10:00 am

On May 31, 2024, the Department of Veterans Affairs will launch a new program — the Veterans Affairs Servicing Purchase (VASP) program — to help more than 40,000 Veterans experiencing severe financial hardship avoid foreclosure and stay in their homes.

This will empower VA to work directly with eligible Veterans to adjust their loans — and their monthly payments — so they can keep their homes. With VASP, these borrowers will have a fixed 2.5% interest rate, which will provide a consistent, affordable payment for the remainder of their loan.

Veterans will not apply directly for VASP. Instead, beginning May 31, mortgage servicers will identify qualified borrowers and submit requests on behalf of Veterans based on a review of all home retention options available and qualifying criteria. Veterans facing financial hardship should work with their mortgage servicers to explore available options.

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If you are having financial difficulty and have a VA home loan, talk to your mortgage company about these options. Let's fight Veteran Homelessness in any way we can.