Home Ownership Now Less Costly for Military

Under a 2003 law, active-duty service members are eligible to have their mortgage rates and some of their other debt fees capped at 6 percent.

     Jim Woodard reports that military personnel can now take advantage of a program that will reduce home buying costs significantly. The Obama administration announced a new agreement with five of the nation's largest banks aimed at helping active-duty military service members save hundreds of dollars or more each year on their mortgage, according to a report from the National Association of Realtors 'NAR'.

     'Under a 2003 law, active-duty service members are eligible to have their mortgage rates and some of their other debt fees capped at 6 percent. However, too many military members aren't taking advantage of the benefits that could lower their mortgage payments,' the NAR report noted.

     Recent research from the Government Accountability Office has shown many military service members never take advantage of such benefits available to them under the Service Members Civil Relief Act, either because they're unaware of the benefits or they don't want to do the paperwork involved.  If you have any friends or relatives in the military, let them know about this benefit!