The unstable mortgage rates that affect the current housing market affect all Americans to some extent because real estate fuels the economy. When housing is distressed, all aspects of the economy are distressed. For an active duty military family, facing a long term deployment or long distance relocation can potentially mean financial ruin.
Current Real Estate Conditions Affecting Military
The United States government has recently taken steps to help alleviate some of the financial strain a military family may face as a result of the current housing market conditions.
• If a service member has an FHA backed mortgage, they may be entitled to a reduction in FHA fees when refinancing. The current 1% premium at loan initiation can be reduced to .01% and the 1.15% fee added to the monthly premium could be reduced to .55%.