Mortgage Rate Cut For Military Personnel

Under the 1940 Solders and Sailors Civil Relief Act, HUD is advising all FHA approved lenders to reduce mortgage interest rates to no more than 6% for military personnel on active duty. The relief act also prohibits any mortgage lender from initiating foreclosure action against persons while on active duty and for three months thereafter. In addition, the act provides renters with protection against eviction and the ability to terminate leases. HUD has also established a toll free number for service men and women with questions concerning their mortgage. Contact U.S Dept of Housing and Urban Development, 451 7Th Street, SW, Washington D.C. 20410; 202-708-1112; 202-708-1455; Toll Free Mortgage Hotline: 1-888-297-8685 (7am to 7pm EST); {www.hud.gov}.

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