New Bill Would Boost Home-Loan Limits for Veterans

New legislation introduced in Congress Wednesday would expand opportunities for U.S. veterans to purchase, build, repair, or improve a home by increasing their access to low-interest loans through the VA Home Loan Guaranty program.

The NATIONAL ASSOCIATION OF REALTORS® is endorsing the legislation, named the 21st Century G.I. Bill of Rights Act, which was brought forth by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.).

“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said NAR President Pat V. Combs, who joined Clinton and others at Wednesday’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”

Under the 21st Century G.I. Bill of Rights Act, veterans will be exempt from paying loan fees and will be able to access to low-interest VA loans for homes valued up to $625,000. The current program caps loans at $417,000.

The bill will guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.[tags]Realtors, VA loans, veteran loans, real estate, home loans, mortgage loans[/tags] real estate attorneys San Diego