Action slows on vets’ benefits upgrades

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Action slows on vets’ benefits upgrades
By Rick Maze - Staff writer
Posted : Thursday May 1, 2008 7:27:24 EDT

The House Veterans’ Affairs Committee approved major improvements in veterans’ education and home loan programs Wednesday, but details in the bills could delay or even prevent the initiatives from becoming law.

The home loan bill, HR 4884, would increase the maximum loan available to veterans for new and refinanced homes to $729,750; allow refinancing even if the homeowner has no equity; and order a new streamlined process for buying condominiums with veterans’ home loans.

The bill is called the Helping Our Veterans to Keep Their Homes Act.

Rep. Bob Filner, D-Calif., the committee chairman and chief sponsor of the bill, said the update is a response to criticism that the VA loan program has become irrelevant because of the current $417,000 cap on new loans and the $147,000 limit on refinancing, and a requirement that homeowners have at least 10 percent equity in their home to qualify.

The problem with the bipartisan bill, which passed the committee by voice vote, is that it also eliminates loan origination fees for all loans except for those related to refinancing, which Filner said is necessary to make the VA home loan program competitive.


Rest of article at: http://www.armytimes.com/news/2008/04/military_veteransbills_delays_043008w/