If you would like to support our veterans, ask Your Congressman and Senator about their Support for the Veterans Mortgage Stimulus Clarification Act of 2008....
For more information, contact: Brian Lawrence, (202) 225-3527
Washington, DC — On March 10, 2008, House Committee on Veterans’ Affairs Ranking Member Steve Buyer (R-Ind.), introduced a bill to include mortgages guaranteed by the Department of Veterans Affairs (VA) in the economic stimulus package signed into law by the President on February 13, 2008.
Congressman Buyer and Congressman Michael Michaud (D-Maine) had previously sent a letter to House leadership on January 28, 2008 recommending that leadership include the VA Loan Guaranty program in the Stimulus Bill.
Noting that VA’s loan program was not included in the bill to move the economy forward, Buyer stated, “Unfortunately, in the rush to compile the economic stimulus package, the Veterans’ Loan Guaranty program was not included. As a result, veterans desiring to use the VA program do not have the same advantages as other borrowers using non-VA backed mortgages. My bill, H.R. 5561, Veterans Mortgage Stimulus Clarification Act of 2008, will remedy that inequity and give veterans access to the same increased mortgage amounts as those backed by Freddie Mac.”
The economic stimulus package authorized government-sponsored entities like Freddie Mac to guarantee loans for up to 175 percent of current limits in some high cost areas. VA-backed loan limits are normally tied to Freddie Mac limits but the language in the stimulus package did not maintain that connection.
“The beauty of the VA Loan Guaranty program is that it pays for itself so this change to the stimulus package will not increase the deficit,” Buyer said. “I urge the House leadership to get veterans back into the game as soon as possible.”
