Clinton and Murphy Propose GI Bill / VA Loan Revamp
A new bill recently introduced by a pair of Democratic legislators would boost home loan benefits for veterans.
Called the 21st Century GI Bill of Rights Act of 2007, the proposed legislation would revamp the GI Bill in the face of rapidly rising education and living costs. The measure is sponsored by U.S. Rep. Patrick Murphy of Pennsylvania and U.S. Sen. Hillary Clinton of New York. The bill’s precursor, the GI Bill, was created at the height of the Second World War to provide a financial foothold for soldiers returning from service.
The wide-ranging bill boasts a variety of changes for service personnel, including the creation of a micro-loan program that would provide low-interest loans for start-up businesses and the elimination of a $1,200 buy-in to enroll in the current program for college funding.
For homeowners, though, the news is even better. Changes in the VA home loans plan would boost the loan limit from $417,000 to $625,000 and eliminate fees for obtaining the loan.
VA home loans can make the difference between a lifetime of renting and the joys of homeownership for servicemen and women, especially those returning from Iraq and Afghanistan.
To learn more about VA loans and what these changes could mean for you, start with our Loan Library and Expert sections here at VAMC.
