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Important Resources for VA Borrowers

January 20, 2011

Important Resources for VA Borrowers

First time home buyers and even experienced house hunters have a wealth of information at their disposal that can educate about VA borrower’s rights, home buyer’s rights and other important issues.

Some of the recommended reading for new borrowers is material that’s been around for decades, but some of the most important such as the Real Estate Settlement Procedures Act is newer or features new revisions and should be studied for the most up-to-date rights and responsibilities for home buyers.

One of the major pieces of legislation in the last half century that directly affects VA loan applicants is the Consumer Credit Protection Act. This act gives borrowers the ability to correct bad information on their credit reports when doing a check before applying for a VA home loan. That’s not all the act guarantees, but it’s one important right a VA loan applicant has in the planning stages of buying a new home.

Just as important–the Equal Credit Opportunity Act of 1975, which outlaws discrimination in any credit action based on race, sex, marital status, color, religion, age, handicap, or national origin.

As some borrowers have learned over the years, the mere existence of this law does not end attempts at discriminatory practices when it comes to lending or property sales, but it does give the consumer a clear course of action in documenting and reporting such practices if they occur. This law helps the home owner get justice when warranted, and provides clear guidelines for lenders and sellers.

The VA is serious about all such regulations, but it places great emphasis on the rules of the Equal Housing Opportunity laws and the Fair Housing Act. These two federal laws combined prohibit housing discrimination, but in the case of the Fair Housing act there is a specific prohibition of discrimination in any real estate transaction.

We’ll cover some of the other recommended reading in our next blog post.

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