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Veterans across America now have expanded homeownership opportunities, thanks to the Veterans’ Benefits Improvement Act of 2008. On Friday, October 10, President Bush signed the bill into law, which includes housing provisions for veterans who are already homeowners and those who aspire to homeownership, according to the National Association of Realtors.
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. That would make homeownership more attainable
for military families and personnel who often have to move more frequently than their civilian counterparts.
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