Rates for home loans edged up as financial markets stabilized on hope about global trade, but held near long-time lows.
The 15-year fixed-rate mortgage averaged 3.18%, also up two basis points. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.45%, up from 3.39%. As MarketWatch explained last year, the notion of paying for benefits for an older generation of vets by increasing the cost of homeownership for younger ones was uncomfortable. No one wants to deny medical care for anyone who served his country, but the idea of passing the buck to those just settling down didn’t seem fair, either.
Many veterans have little to no credit history, since many join the military before they start working, using credit cards, paying back loans, and so on. So the VA uses an underwriting approach it calls “residual income,” which considers a borrower’s total cash flow for all expenses, not just housing.Another feature of the VA mortgage program is how well it serves those who have served the country.
Americans really don't give a fuck about their veterans, but will try to make me feel bad for not buying the troops a candy bar at walgreens. lol smh
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Source: CNBC - 🏆 12. / 72 Read more »