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Answers sought on how to help veterans buy homes
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Posted on Jan 24 2020
From left, CNMI Veterans Affairs Office program coordinator Vivian S. Taitano, Northern Marianas Housing Corp. corporate director Jesse S. Palacios, and CNMI executive officer for Veterans Affairs Stanley T. Iakopo. (CONTRIBUTED PHOTO)
The CNMI Office of Veterans Affairs recently met with the Northern Marianas Housing Corp. corporate director Jesse S. Palacios to discuss opportunities and programs that assist veterans in owning a home.
Of particular concern to CNMI Veterans Affairs executive officer Stanley T. Iakopo and program coordinator Vivian S. Taitano were answers to the question: What is their process and how can they assist veterans in purchasing or how to even qualify for a home?
“Our brave men and women sacrificed to protect our country deserve a dignified place to live. Good housing is part of the respect and gratitude to which they should be entitled, particularly when returning home to our islands. We need to do more to serve those who have fought for our freedom,” said Iakopo.
He added that the Department of Veterans Affairs offers home loans and grants. “These programs help service members, veterans, and surviving spouses buy, refinance, or modify their home. The VA guarantees part of the loan, meaning they will cover a portion of the loan if a veteran defaults on it. This allows lenders, such as banks and mortgage companies to offer veterans more favorable terms.”
The CNMI VA Office also recommended to NMHC to allow an eligible veteran with a pre-approved loan and an “Authenticated Eligibility Letter” from the VA to have an opportunity to win a bid and own a home through NMHC’s auctioning process.
Other recommendations made by the CNMI VA Office include giving veterans ample time to submit their home applications, a reduced interest rate for veterans, and lower monthly payments for veterans.
“Eligible veterans are advised to go to NMHC to find out about all the options they have for veterans,” Iakopo said. (PR)
