Lack of Second Lien Guidance Disrupts VA Assumptions

February 16, 2024

Home Equity Lending News, February 16, 2024
The assumption process on first mortgages guaranteed by the Department of Veterans Affairs is broken, and one of the reasons is the lack of clarity from the agency about subordinate financing, according to Congressional testimony.

Those comments came Thursday from Mark A. Jones, president of Union Home Mortgage and chairman of the Mortgage Bankers Association, at a House Committee hearing about the current state of VA’s home loan program.

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