NWREporter November 2008
According to the National Association of REALTORS®, the recent passage by the House of Representatives of the Veterans Construction and Extension Act of 2008 would benefit veterans across America who are homeowners as well as those who aspire to homeownership. Three provisions in the legislation are critical to help veterans during the current housing turmoil. H.R. 6832 would help more veterans who are homeowners refinance their loans into safer, more affordable loans back by the U.S. Department of Veterans Affairs (VA loans). This would benefit veterans who have fallen victim to risky subprime loans that will be unaffordable when their adjustable interest rate resets. Additionally, the legislation would make VA loan limit increases permanent, helping veterans who live in high-cost areas. The bill would also extend the VA's authority to offer adjustable rate mortgages to veterans. That measure would make homeownership more attainable for military families and personnel who often have to move more frequently that their civilian counterparts. Senate action is necessary to finalize H.R. 6832.
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