Because of the Veterans’ Benefits Improvement Act of 2008, recently signed into law by President George W. Bush, U.S. military veterans now have expanded homeownership opportunities, according to the National Association of Realtors.
Included in the new law, according to NAR, are housing provisions for veterans who are already homeowners as well as those seeking homeownership.
Three provisions in the legislation are critical to help veterans during the current housing turmoil. 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.
The legislation also extends the VA loan limit increases through 2011, which will help veterans living in high-cost areas. In addition, the VA can now offer adjustable-rate mortgages to veterans, which makes homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
NAR president Dick Gaylord said, “this will go a long way toward helping veterans buy and keep their homes,” he added “We need to support and protect those who serve our country. 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.”
