New Veterans Loan Law Will Allow Higher Limits On Home Financing
(NAPSA)-A new law improves home loan benefits offered by the Department of Veterans Affairs (VA). Now, more than ever, veterans will be able to make their dreams of home ownership a reality.
As a result of the new law, veterans’ purchasing power for a single-family residence has been increased from $240,000 to $359,650, starting January 1, 2005.
VA-guaranteed home loans are made by banks and mortgage companies to veterans, service members and reservists. VA guarantees part of the total loan, allowing the purchaser to get a good interest rate without having to make a down payment.
Previously, congressional action was required to increase the guaranty amount. The maximum loan amount now adjusts automaticallyr, based on the national average of home prices for the previous 12 months.
For information, go to VA’s Web site at www.homeloans. va.gov.