Government Industry
Industry: Email Alert RSS FeedVA home loan ceiling raised
National Guard, Feb 2002
The president has signed into law an act authorizing Veterans Affairs home loans for National Guardsmen and Reservists for two additional years. The new law also increases the guarantee on Veterans Affairs home loans from $50,750 to $60,000.
The new law extends housing loans for National Guard and Reserve personnel from September 2007 to Sept. 30, 2009. Reserve component personnel are authorized the same home loan guarantees as active duty personnel.
Most RecentGovernment Articles
That means eligible reservists can use their loan benefit to purchase a home costing as much as $240,000 without a down payment. Many lenders will make VA no-down-payment loans for four times the maximum guarantee amount, said Judy Caden, deputy director of VAs Loan Guaranty Service. Before the president signed the Veterans Education and Benefits Expansion Act of 2001 Dec. 27, the maximum guarantee was $50,750, which allowed no-- down-payment loans of up to $203,000.
"We recommended increasing the loan guarantee a couple of years ago because of rising housing costs in places like Washington, California and the New England area," Ceden said. "The Mortgage Bankers Association and other groups have also been pushing for it."
Brought to you by CBS MoneyWatch.com
- 10 Best Places to Retire
- Companies with the Best 401(k) Plans
- Most Important Document for Your Heirs? It's Not Your Will
- Video: Should You Expect to Retire Rich?
- Over 50? Here's How to Get (and Keep) a Great Job
Most Recent News Articles
- EGYPT - Dec 29 - Opposition Says Mubarak Blessed Israeli Attacks
- ISRAEL - Dec 26 - Palestinian MP Gets 30 Years Jail
- LEBANON - Dec 26 - Lebanese Army Dismantles Eight Rockets Aimed At Israel
- AFGHANISTAN - Dec 24 - Afghans And US Plan To Recruit Local Militias
- IRAN - Dec 21 - Tehran Says It's Getting Missiles
Most Recent News Publications
Most Popular News Articles
- How Florida ended up landing Urban Meyer
- Michael Jackson: crowned in Africa, pop music king tells real story of controversial trip - includes related interview - Cover Story
- Jordie's shocking secret diary of sex abuse by Michael Jackson
- Why it took MTV so long to play black music videos
- Michael Jackson gives first live interview to Oprah Winfrey - Cover Story
Most Popular News Publications
Content provided in partnership with http://findarticles.com/source//

