On May 18, new legislation passed the House as part of the 2013 National Defense Authorization Act (NDAA) that would grant military homeowners the ability to refinance their mortgages even if they do not live in the residence at the time.
Thousands of military members have experienced the headache of being forced to PCS or deploy without being able to sell their home. The Fairness for Military Homeowners Act would allow active duty service members to refinance their home loan as long as they have held the mortgage for at least 13 months and are under orders that prevent them from occupying the home.
This could save military homeowners hundreds of dollars a year and potentially thousands of dollars over the life of a home. See More