VA Home Loan Cap Eliminated

The cap on VA home loans was eliminated after H.R. 299 was passed last month. Realtors® also supported limiting proposed VA home loan fee increases. The VA home loan guarantee program encourages private lenders to offer favorable home loan terms to qualified veterans without requiring a down payment. It has helped raise veteran homeownership rates to more than 75%, higher than the national average.

NAR President John Smaby took part in the U.S. Department of Veterans Affairs’ commemoration of the 75th anniversary of the GI Bill in Washington, D.C. in June.

“As we stand here and think about what 75 years of the VA loan means to Americans, I am reminded of that very special day,” Smaby said. “It is also unbelievable what this bill does for our economy and what it means to Realtors® across the country. There is no greater day for the agents in my office than when we see a veteran come through our doors after buying a home.”

Pennsylvania Realtor® Marilou Saar of Clarks Summit was recognized as the Realtor® who helped the VA hit the 24 millionth home loan transaction. A member of the Greater Scranton Board of Realtors®, Saar and fellow Realtor® Joni McKenna worked with Army Sgt. 1st Class William Kopf, the recipient of the loan. Kopf is an active Guard Reserve soldier who moved from Utah to northeastern Pennsylvania with his family.

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