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#2281358 - 02/21/23 09:17 PM SCRA / Real Estate Construction of primary home
newyork Offline
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Joined: Aug 2008
Posts: 452
We currently have a customer with an interim construction loan who is active-duty military, but is not deployed. Are there any limitations on interest rates and/or fees that we can charge?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2281359 - 02/21/23 09:37 PM Re: SCRA / Real Estate Construction of primary home newyork
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Being deployed has nothing to do with the SCRA rate limitations. If they are active duty and obtained the loan prior to the active duty they are entitled to the 6% rate limitation.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2281362 - 02/21/23 09:56 PM Re: SCRA / Real Estate Construction of primary home newyork
newyork Offline
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Joined: Aug 2008
Posts: 452
One clarification, they are Currently applying for the real estate loan and are on active duty. Are they entitled to the 6% rate?

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#2281363 - 02/21/23 10:01 PM Re: SCRA / Real Estate Construction of primary home newyork
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
The 6% limitation applies to pre-active duty loans.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2281365 - 02/21/23 10:12 PM Re: SCRA / Real Estate Construction of primary home newyork
newyork Offline
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Joined: Aug 2008
Posts: 452
Thank you!

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