House Passes VA Loan Bill
Last week the House of Representatives passed legislation which included a provision to eliminate the cap on VA loan limits. The bill, H.R. 3016, “Veterans Employment, Education, and Healthcare Improvement Act”, sponsored by Rep. Wenstrup (R-OH), included an amendment added by Rep. Zeldin (R-NY) in Committee that would allow veterans to purchase a home in high cost areas, by eliminating the maximum loan amount on VA loans. As stated in the accompanying report, "The Committee is confident VA's current strict underwriting standards and low foreclosure rates will ensure that veterans still have the required good credit and income to qualify for the loan, and that this change will not result in a significant increased amount of foreclosures.” NAR has long supported the VA home loan guaranty program, and believes that as an entitlement program, our nation’s veterans should have the freedom to purchase a home wherever they choose to live.