NAR Salutes Housing Provisions as a Victory for Veterans

WASHINGTON, September 11, 2008

Today's passage by the House of Representatives of the Veterans Construction and Extension Act of 2008 would benefit veterans across America who are homeowners as well as those who aspire to homeownership, according to the National Association of Realtors^®.

The House passed H.R. 6832 in a bipartisan effort. “As leading advocates for housing issues, Realtors^® have a long history of supporting veterans and the causes that matter to them, such as affordable housing,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Our 1.2 million members appreciate the leadership of Reps. Bob Filner, D-Calif., and Steve Buyer, R-Ind., in helping pass this legislation, which will go a long way in helping veterans buy and keep their homes.”

Three provisions in the legislation are critical to help veterans during the current housing turmoil. H.R. 6832 would help more veterans who are homeowners refinance their loans into safer, more affordable loans backed by the U.S. Department of Veterans Affairs (VA loans). This would benefit veterans who have fallen victim to risky subprime loans that will be unaffordable when their adjustable interest rate resets. In addition, the legislation would make VA loan limit increases permanent, helping veterans who live in high-cost areas. The bill would also extend the VA’s authority to offer adjustable-rate mortgages to veterans. That measure would make homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.

“On today of all days, September 11, it is important to stop and recognize America’s brave military personnel, both active and retired. Today’s action by the House of Representatives is one way of showing our ongoing appreciation to all of those who have put their life on the line so that all Americans can continue to enjoy the freedoms our country provides, including the dream of homeownership,” Gaylord said.

“We look forward to Senate action to finalize this bill, helping ensure that every veteran who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it.”

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