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VA Home Loan Program dwindling away
Red223
Member Posts: 7,946
I found this on another forum:
VA Loan / Veteran Mortgage News
FEBRUARY 2004
No More Life-time Use for VA Home Loan Benefits?
According to the President's budget proposal for fiscal year 2005, the Bush administration is proposing to end the multiple use of the Department of Veterans Affairs guaranteed mortgages over the next five years that is currently being enjoyed by millions of veterans.
Many veterans purchase a VA home utilizing their Certificate of Eligibilty, which upon underwriters approval, allows the VA to guaranty a portion of the veteran's loan. Veterans currently can use their eligibility over and over again to purchase another home if their eligibility has been reinstated by selling or refinancing the original loan not using a VA loan.
In order to refocus the VA loan program, the administration "will be transmitting legislation that would limit eligibility for veterans' housing loans to one-time use in lieu of the life-time, multi-use entitlement it has become". While the administration proposal would not limit access to VA mortgage loans by active-duty members of the armed forces, it would affect the balance of the millions of US veterans.
Once Congress approves the proposal, current veterans would have unlimited use for five years and "then only once thereafter," the budget document says. We strongly urge each veteran to contact and write to their
local congressional representatives AT:
MY MEMBER OF CONGRESS
and tell them not to allow your rights to use your VA eligibility be taken away from you under any circumstances.
VA Loan / Veteran Mortgage News
FEBRUARY 2004
No More Life-time Use for VA Home Loan Benefits?
According to the President's budget proposal for fiscal year 2005, the Bush administration is proposing to end the multiple use of the Department of Veterans Affairs guaranteed mortgages over the next five years that is currently being enjoyed by millions of veterans.
Many veterans purchase a VA home utilizing their Certificate of Eligibilty, which upon underwriters approval, allows the VA to guaranty a portion of the veteran's loan. Veterans currently can use their eligibility over and over again to purchase another home if their eligibility has been reinstated by selling or refinancing the original loan not using a VA loan.
In order to refocus the VA loan program, the administration "will be transmitting legislation that would limit eligibility for veterans' housing loans to one-time use in lieu of the life-time, multi-use entitlement it has become". While the administration proposal would not limit access to VA mortgage loans by active-duty members of the armed forces, it would affect the balance of the millions of US veterans.
Once Congress approves the proposal, current veterans would have unlimited use for five years and "then only once thereafter," the budget document says. We strongly urge each veteran to contact and write to their
local congressional representatives AT:
MY MEMBER OF CONGRESS
and tell them not to allow your rights to use your VA eligibility be taken away from you under any circumstances.