Sentences with phrase «more military borrowers»

Not exact matches

As used in this paragraph, a «Covered Borrower» means any person who, at the time such person becomes obligated on a loan transaction or establishes an account for consumer credit, satisfies the requirements under any one or more of the following classifications, or is otherwise under applicable laws deemed to be a «Covered Borrower» under the Military Lending Act, 10 U.S. Code Section 987: (a) An active duty member of the Army, Navy, Marine Corps, Air Force or Coast Guard, or a person serving on active Guard and Reserve duty (a person described in this clause (a) of the definition of «Covered Borrower» is hereinafter referred to as a «Service Member»); or (b) Any of the following persons, relative to a Service Member: (1) The spouse; (2) A child under the age of 21; or (3) If dependent on the Service Member for more than one half of such person's support, any one or more of the following persons: (i) A child under the age of 23 enrolled in a full time course of study at an institution of higher learning; (ii) A child of any age incapable of self support due to a mental or physical incapacity that occurred before attaining age 23 while such person was dependent on the Service Member; (iii) Any unmarried person placed in legal custody of the Service Member who resides with such Service Member unless separated by military service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's hoMilitary Lending Act, 10 U.S. Code Section 987: (a) An active duty member of the Army, Navy, Marine Corps, Air Force or Coast Guard, or a person serving on active Guard and Reserve duty (a person described in this clause (a) of the definition of «Covered Borrower» is hereinafter referred to as a «Service Member»); or (b) Any of the following persons, relative to a Service Member: (1) The spouse; (2) A child under the age of 21; or (3) If dependent on the Service Member for more than one half of such person's support, any one or more of the following persons: (i) A child under the age of 23 enrolled in a full time course of study at an institution of higher learning; (ii) A child of any age incapable of self support due to a mental or physical incapacity that occurred before attaining age 23 while such person was dependent on the Service Member; (iii) Any unmarried person placed in legal custody of the Service Member who resides with such Service Member unless separated by military service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's homilitary service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's household.

More than 740,000 military borrowers obtained a VA - backed loan in 2017, and the program's growth is likely to contin... Full Article

None are particularly beneficial outcomes for borrowers, and all can prove more problematic for military buyers.

The VA's loan limits help level the playing field for military borrowers living in more expensive areas of the country.

VA streamline rates have never been this low and they have never been more accessible to military borrowers.

It relies on private mortgage lenders to extend financing to military borrowers who meet the VA's requirements, which range from service time to an acceptable debt - to - income ratio and more.

For military borrowers, refinancing your VA loan is a good way to lower your interest rate, thereby lowering your mortgage payment and putting more money in your pocket every month.

If the borrower indicates a preference for a short sale or, more generally, not to retain the property, the servicer may not stop collecting documents and information from the borrower pertaining to available home retention options solely because the borrower has indicated such a preference, but the servicer may stop collecting such documents and information once the servicer receives information confirming that the borrower has an applicable hardship under requirements established by the owner or assignee, such as military Permanent Change of Station orders or employment transfer.

Assume applicable requirements established by the owner or assignee of the mortgage loan provide that a borrower is ineligible for home retention loss mitigation options if the borrower states a preference for a short sale and provides evidence of another applicable hardship, such as military Permanent Change of Station orders or an employment transfer more than 50 miles away.

Rescinding this memo opens the door to servicers like Navient earning lucrative new government servicing contracts in spite of past abuses — including illegal acts like overcharging 78,000 members of the military, and charges by both the Consumer Financial Protection Bureau and multiple state attorneys general of steering struggling borrowers toward paying more than they had to on their loans.

Find out more at our Complete Guide to the VA Home Loan For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market.

(A) One or more of the borrower's FFEL or Direct loans were in a military - related deferment status at any time during the most recently completed award year;

49.30 % of borrowers would serve in the military, if it meant that they would have no more student loan debt.

Even with a down payment of 20 percent or more, using the VA loan as an eligible military borrower can save you money.

The VA's loan limits help level the playing field for military borrowers living in more expensive areas of the country.