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In This Issue
Housing Issues Update
NAR Shows Support for HOME Program
VA (Veterans Administration)
Housing Issues Update
NAR Shows Support for HOME Program
NAR joined a number of coalition partners to support the HOME program, as the House Financial Services Committee conducting an oversight hearing. HOME is a grant program that provides flexibility to states to respond to housing needs in the way that meets the needs of their communities. In the last 20 years, HOME has produced almost 382,000 rental units and assisted more than 428,000 home buyers.
Megan Booth, mbooth@realtors.org, 202-383-1222
Jerome Nagy, jnagy@realtors.org, 202-383-1233
VA (Veterans Administration) Housing
VA Funding Fee Update
Since the beginning of the fiscal year, October 1, 2011, the Funding Fee for mortgages guaranteed by the US Department of Veterans Affairs (VA) has changed and is likely to go through more changes. Loans closed on or after October 1, 2011, through October 5, 2011, have a fee of 1.4 percent for veterans. Loans closed October 6, 2011, through November 17, 2011, have a funding fee of 2.15 percent for veterans. Loans closed on or after November 18, 2011 have a funding fee of 1.4 percent for veterans. These fees assume a down payment of less than 5 percent. In a circular released in October, VA said it is likely that “Congress will pass other legislation in the coming weeks that will make additional changes to the funding fee structure”. NAR will continue to monitor this and report any additional changes to the funding fee.
Megan Booth, mbooth@realtors.org, 202-383-1222
Jerome Nagy, jnagy@realtors.org, 202-383-1233