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Bill eliminating VA loan cap signed into law

Yesterday night, a bill eliminating the cap for VA Loans was signed into law by President Donald Trump.

The Blue Water Navy Vietnam Veterans Act allows homebuyers to borrow above the 2019 limit of $484,350 for most counties without any downpayment.

The Senate had unanimously approved the bill earlier this month. President Trump’s signature made it official last night, 

The move comes after a decades-long fight for veterans to receive health care benefits for diseases related to Agent Orange exposure, according to military.com, which said the bill will “fast-track disability compensation” for as many as 90,000 affected former service members.

In an earlier draft of the bill, the cost of these benefits were to be financed by raising VA loan fees 0.35% to 0.5% for non-disabled veterans, according to military.com.

But trade groups like the National Association of Realtors lobbied against such an increase, and lawmakers opted to raise the loan cap as a way to raise funds to support benefits instead.

 

Source: Housing Wire