Struggles to set and control the federal budget are not new issues in America. Congress and the White House regularly look for ways to reduce spending throughout the federal government, and the Department of Defense is a frequent target for those looking to cut costs. The Base Realignment and Closure (BRAC) process is one of those attempts to cut costs within the Armed Forces. 
It’s the American dream: House, kids, dog, Chevrolet in the driveway. Sit on your property a few years, flip it for a profit and move up the real-estate ladder. Unfortunately, the days of flipping your house for profit are long since over. Things change.
Earlier this year, JPMorgan Chase Bank admitted to overcharging thousands of military members and their families on their mortgages, and even erroneously foreclosing on more than a dozen families. The bank is now set to pay out over $26 million to settle the class action lawsuit that arose as a result.
In addition to providing standard fixed rate, adjustable, and jumbo rate mortgages, Pentagon Federal Credit Union adheres protocol designed to make it easier for veterans and current military personnel to purchase a home.
The difference between a conventional mortgage loan, such as the types mentioned above, and a VA mortgage is that a conventional loan is not insured. Conventional loans are not backed by the Government, and thus are generic in that they are available to any individual that wishes to take out a loan. Conversely, the VA mortgage program was implemented by the Department of Veterans Affairs as a loan guarantee program geared specifically to benefit veterans.
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Chris Mandia is a Southern California writer who writes on military issues. Serving two tours in Iraq as a Marine machine-gunner, ... |
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Ryan is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the US Air Force. He's the pri... |
