Law Makes Housing Affordable for Veterans

From Realtor Magazine Online, Daily Real Estate News October 13, 2008

Veterans across America now have expanded homeownership opportunities due to the Veterans’ Benefits Improvement Act of 2008, which President George W. Bush signed into law last Friday.

The bill includes housing provisions for veterans who are already home owners and those who aspire to homeownership, according to the NATIONAL ASSOCIATION OF REALTORS®.

“This [bill] will go a long way toward helping veterans buy and keep their homes,” says NAR President Dick Gaylord.

Three provisions in the legislation are critical to help veterans during the current housing turmoil.

1. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into safer, more affordable loans backed by the U.S Department of Veterans Affairs.

2. The legislation also makes the VA loan limit increases permanent, which will help veterans living in high-cost areas.

3. The VA also can now offer adjustable-rate mortgages to veterans. That would make homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.

“We need to support and protect those who serve our country,” Gaylord says. “Helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it is part of that commitment.”

--NAR