Get Started Today!

Get connected with a specialist by starting here:

	More VA Loan Info
	Veterans' Benefits
	Finance Your Home with a VA Home Loan
	Military Financing

New GI Bill Legislation Passed in Congress

Congress has recently passed three new bills in order to expand support for both active-duty and reserve veterans, as well as retired veterans. HR 3936 and HR2484 were two of the bills passed on Tuesday, June 5, 2007. These bills focused on providing further support for veterans in need of hospice care and counseling service, as well as creating new Department of Veteran's Affairs research research centers to help increase the existing knowledge on how to treat wounds sustained during combat.

The third bill, HR2486 strongly affects the circumstances of housing for veterans and military personnel, specifically, in allowing soldiers to cancel housing or vehicle leases when they are called to serve in war. The greatest change that the bill has made actually influences the GI Bill. As of now, the Veteran's Affair can help soldiers finance up to 25% of a home mortgage costing $240,000, making the guaranty $60,000. While this program has enable thousands of veterans to purchase homes at this cost with no down payment, property values of homes in the Unites States are rising. Costs for purchasing homes are particularly high on either coast of the country, making it difficult for veteran's to buy a home in a prospering market.

A new legislation has already passed in the Senate, increasing the guaranty to $83,245. This new guaranty will raise the mortgage potential to $333,700. George Bush is expected to sign the law shortly. The benefit of this new legislation is also found in the fact that this money can be used to refinance an existing home. This money can also be used to look at a VA loan someone already has in order to lower the interest rate.

The recent progression of this legislation reaches out to the soldiers who have served our country in the past, and those who are serving our country as we speak. Not only do these bills help provide adequate hospital care, but it helps to ensure that once a soldier is out of the hospital, that he/she has a safe home in which to return.