Veterans' Benefits Improvement Act of 2008

There are expanded homeownership opportunities for veterans across America thanks to the Veterans' Benefits Improvement Act of 2008 recently signed by President Bush. According to the National Association of Realtors (NAR), the bill includes housing provisions for veterans who are already homeowners & those who aspire to homeownership.

There are 3 provisions in the legislation to help veterans during the current housing market:

* veterans who have fallen victim to risky subprime loans will find it easier to refinance their loans to safer, more affordable loans backed by the U.S. Dept of Veterans Affair (VA)

* extends VA loan limit increases through 2011 to help veterans living in high-cost areas

* VA can now offer adjustable-rate mortgages to veterans which makes homeownership more attainable for military families who often move more frequently than civilian families

Please contact the U.S. Department of Veterans Affairs for more information.