Daily Real Estate News / October 12, 2008
Veterans across America now have expanded home ownership opportunities due to the Veterans Benefits Improvement Act of 2008, which President Bush signed into law last Friday.
The bill includes housing provisions for veterans who are already home owners and those who aspire to home ownership, 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 US Department of Veterans Affairs.
2. The legislation also makes the VA loan limit increase 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 home ownership 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 a part of that commitment."
-NAR
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