Capping your mortgage interest rate with the SCRA

[LTMCUSN]

6% Interest Rate Cap Under the SCRA

While the service member is on active duty, the SCRA caps most preexisting loans or obligation to 6% a year. All excess interest is forgiven during the per...

www.lawforveterans.org

Did anyone buy a home while they were in the IRR/reserves before going on active duty and take advantage of capping their interest rate at 6%? If so, any difficulty proving military service “affected your ability to make payments”, which is a requirement for lenders to credit you back?

Two of our GME locations are in Bethesda and San Diego so that could be a nice little savings if we found a house ahead of active duty next summer.

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[Baron Samedi]

SCRA only applies to pre-existing debts. The only situation where it might apply(iffy) are ARMs.