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Congressman Cole Helps Veterans Obtain American Dream

June 23, 2004
Press Release

Washington, D.C. – Congressman Tom Cole voted for a bill today that will increase the maximum amount of home loan guarantee available to veterans. The Veteran’s Housing Affordability Act, H.R. 4345, passed today in the House. 

"There is a serious need to reform VA housing benefits. The price of purchasing a home is increasing, but the loan guarantee amount for a veteran has remained stagnant," Congressman Cole said. "I think it is very important that we give those who have served our country the opportunity to own a home-- the opportunity to obtain the American Dream."

This legislation will increase the loan guarantee to veterans to 25 percent of the Freddie Mac conforming loan amount for a single-family residence, and annually index the maximum amount of VA's home loan guaranty for construction or purchase of a home to that standard.  This increase will raise the maximum amount for a home loan guaranteed from $240,000 to $333,700. The maximum VA loan amount will continue to self adjust to the prevailing housing market, eliminating the need for future Congressional action to adjust the rates.