No, there is no congressional program that provides veterans with “generous mortgage assistance.”

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Ahead of Memorial Day, social media posts are popping up on social media targeting veterans and their loved ones.

“Congress provides veteran homeowners with a generous mortgage assistance program,” says one. May 7 Facebook post… “You will be happy when you see how much you can save.”

Then, a post created from a Facebook account called “Veterans Loans Online” encourages people to “pick a military unit to start calculating a new home payment,” before listing the various affiliates and providing a separate link for each. It also includes a video with a caption that reads, “Biden endorses billions of dollars in mortgage assistance for needy homeowners in the US.”

The post was highlighted as part of Facebook’s efforts to combat false news and misinformation on its news feed. (Learn more about our partnership with Facebook.)

There is no evidence that Congress instituted a “generous mortgage assistance program” for veterans that could satisfy those who served to significantly cut their housing payments.

The Facebook page responsible for the publication is operated by LowerMyBills, according to the Facebook page transparency information. This is not the first time the company’s online promotion strategy has been questioned.

A quick look at the old posts on the Veterans Loans Online page reveals that Facebook users have already mentioned their practice in the past.

The people behind the Facebook page did not respond to PolitiFact’s request for comment, and the LowerMyBills site does not provide contact information – for the media or otherwise.

In January 2020 debunked the advertisement paid for by LowerMyBills (this was also posted on Facebook on the Veterans Loans Online page). Similar to a Facebook post we are researching, the announcement argued that veterans could use the “expansive mortgage relief program” established by Congress to “pay off the house quickly.” Lead Stories eventually came to the conclusion that it was “misleading” and “fake advertising.”

When Lead Stories contacted LowerMyBills for comment, the company pointed to the “Lower Interest Rate Loan Refinancing Program,” which is available through the US Department of Veterans Affairs… The program was established over 40 years ago as part of the 1980 Amendments to Veterans’ Compensation for Disability and Housing Benefits.

According to Federal Deposit Insurance Corporation’s Guide to Affordable Mortgage Lendingthe program “usually lowers the interest rate by refinancing an existing VA home loan. Having received a lower interest rate, the monthly mortgage payment should decrease. “

On their website LowerMyBills says The benefits of this refinancing program include “very few paperwork” and “almost no” cash costs. The site does not mention significant or “generous” homeowners’ savings.

Organizations such as VAthen Consumer Financial Protection Bureau, AARP as well as MilitaryBenefits.info caution veterans against offers to refinance VA loans, especially when conditions seem too good to be true.

A few red flags to look out for include: offers to skip one or two mortgage payments (VA approved lenders are not allowed to offer this), offers with extremely low interest rates, or promises that there will be no waiting time or no weekend – pocket costs.

IN responses to complaints on the Better Business Bureau’s LowerMyBills page, the company repeatedly explains that it is a “online financial services marketing platform” that “operates an online lead generation service through which consumers interested in comparing mortgage or financial services products, rates, and services can fill out an online form to find up to five different mortgage brokers and / or lenders. ”

If you follow the links provided in Facebook posts, LowerMyBills includes disclaimers stating that they do not actually provide calculations for “new house payment” as claimed in the post.

“LowerMyBills is not acting as a lender or broker,” reads the disclaimer at the bottom veteranloansonline.com is reading. “The information you provide to LowerMyBills is not a mortgage application and is not used to pre-screen you with any lender.”

In fact, LowerMyBills provides information to lending companies, which can then contact veterans.

Our decree

A Facebook post said that “Congress is providing veteran homeowners with a generous mortgage assistance program,” which could help veterans lower home payments.

There is no evidence that Congress has instituted a program that would significantly reduce mortgage payments to veterans.

In the past, the filing company has said it is referring to a program that allows veterans to lower their interest rate by refinancing an existing VA home loan. While there are legitimate VA mortgage refinancing options out there, veterans are advised to exercise caution and keep looking for predatory lenders.

We rate this statement as mostly false.



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