Bill Extends Scope of VA Loans

A bill recently passed in the Senate and House that expands the type of housing for which VA Home Loans can be used. The Veterans Benefits, Health Care, and Information Technology Act allows veterans to use a VA loan to purchase cooperative housing. Until now, VA loans could be used to purchase a house, townhouse, condominium or a mobile home, but not a co-op. The bill will help Veterans in a few cities, particularly New York where co-ops are common.