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Legislation Expands VA Home Loans For Veterans
President Nixon signs a broad veterans benefit law on October 23 expanding home loan access. It ends the 1955 GI loan ending date for post January 31 1955 service and extends benefits to 89 million Korean Conflict and WWII veterans who did not use them. New provisions include mobile home loans up to 10000 or 17500 with land and direct VA loans to severely disabled veterans. The act eliminates a 5 percent funding fee for post 1955 veterans and allows refinancing guarantees up to 60 percent or 12500 dollars, with condo project guarantees insured by FHA and ends the 1975 terminal date for direct loans.
MENTIONED IN THIS ARTICLE
Nixon
Administrator of Veterans Affairs
Donald E Johnson
Federal Housing Agency