A proposal by U.S. Representative Lee Zeldin to expand homeownership opportunities for veterans has been signed into law as part of the Blue Water Navy Vietnam Veterans Act of 2019.
The act, which passed the House on May 14 and then the Senate on June 12, received the president’s signature on Tuesday, June 25. Mr. Zeldin’s proposal, the Flexible VA Loan Guarantee Act, was folded into the larger bill, which extends Department of Veterans Affairs disability benefits to veterans who served off the coast of exposed to Agent Orange during the Vietnam war.
The Flexible VA Loan Guarantee Act eliminates the maximum amount that the VA can guarantee for a veteran’s home loan. The move is designed to allow the VA the flexibility the determine the appropriate limit for individual loans and to expand access to homeownership in area like Long Island where real estate values are higher.
“This is especially critical in communities on Long Island where the median home price is higher,” Mr. Zeldin, a Shirley Republican, said in a statement. “Our nation’s veterans are the reason we have the opportunity to live in the greatest country in the world, and this law is an important part of ensuring they have the opportunity to live out the very American dream they fought so valiantly to protect.”
Staff Writer on Jun 27, 2019