WASHINGTON – Sept. 15, 2008 – The U.S. House passed H.R. 6832, the Veterans Construction and Extension Act of 2008, in a bipartisan effort on Sept. 11, a move praised by the National Association of Realtors (NAR).
“As leading advocates for housing issues, Realtors have a long history of supporting veterans and the causes that matter to them, such as affordable housing,” says NAR President Richard Gaylord. “Our 1.2 million members appreciate the leadership of Reps. Bob Filner (D-Calif.) and Steve Buyer (R-Ind.) in helping pass this legislation, which will go a long way in helping veterans buy and keep their homes.”
NAR considers three provisions in the legislation to be critical. H.R. 6832 would help more veteran homeowners refinance their sub prime loans into safer, more affordable loans backed by the U.S. Department of Veterans Affairs (VA loans).
It would benefit veterans with risky sub prime loans who can’t afford higher payments when the loans reset. The legislation would also make VA loan limit increases permanent, helping veterans who live in high-cost areas. In addition, the bill would also extend the VA’s authority to offer adjustable-rate mortgages to veterans. That measure would make home ownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
“We look forward to Senate action to finalize this bill, 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,” Gaylord says.