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Refinancing Bill for Military Introduced by Reps. Hunter and Davis

Active-duty military members currently cannot refinance if their homes are not “owner-occupied;” the proposal aims to change that.

Members of the military would have a much easier time refinancing their homes under a bill introduced Wednesday by Democrat Susan Davis and Republican Duncan Hunter.

The normally opposing members of Congress announced their Fairness for Military Homeowners Act—a bill allowing military homeowners to refinance mortgages on a principal residence while serving at a duty station that prevents them from occupying the home. 

Currently, active-duty military members cannot refinance if the home is not “owner-occupied,” their joint statement said from Washington.   

“Our nation’s service members should expect the same treatment as any other American when it comes to refinancing their mortgages,” said Rep. Davis of the 53rd District, ranking member of the House Subcommittee on Military Personnel.

“The sacrifice of multiple deployments should not include the loss of their family homes. The Fairness for Military Homeowners Act will extend equal treatment in refinancing to those for whom the call of duty requires them to move in order to serve our great country.”

Rep. Hunter of the 52nd District, a veteran of the Iraq and Afghanistan wars, said: “Over the course of a military career, service members are routinely assigned to multiple duty stations. Our military men and women stand ready, often without much notice, to relocate themselves and their families to duty stations not just across the country, but across the globe.  And many of them are homeowners. 

“If a family decides to keep their home for any reason, then they should be treated no differently than any other American family seeking to refinance a mortgage.”

The House Armed Services Committee, releasing draft legislation to be considered by the Subcommittee on Military Personnel on Thursday, included the Fairness for Military Homeowners Act in the subcommittee’s component of the FY2013 National Defense Authorization Act—to be considered May 9 by the full committee, a statement said.

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josephzmccombs April 27, 2012 at 06:51 AM
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