How Hard Will New Home-Loan Limits Hit Veterans? [View all]
For the record, the 113th Congress was not the least-productive legislative body in recent history. That dubious distinction belongs to the 112th Congress (thanks, Pew Research Center). But give the ol' 113th credit for (not) trying.
In one of its final actions, or lack thereof, the 113th Congress failed to extend a veterans' benefit that many observers describe as vital. Not even support for our troops could rally our leaders. By not acting, Congress may have affected the viability of one of the few unqualified federal success stories: the Veterans Administration home-loan guaranty program.
The VA loan program allows veterans to acquire home loans of up to $417,000 with no money down. Across much of the country, this program serves just fine: The average VA home purchase loan is for about $237,000. But hotter housing markets call for a higher cap. That's why Congress passed a bill in 2008 enabling the VA to authorize higher loan limits (specifically, 150 percent of the loan limits set by Fannie Mae and Freddie Mac).
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http://www.citylab.com/housing/2014/12/how-hard-will-new-home-loan-limits-hit-veterans/384099/
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