Since its establishment in 1944, the VA home loan guarantee program has helped millions of veterans purchase and maintain homes. NAR believes this program is a vital homeownership tool that provides veterans with a centralized, affordable, and accessible method of purchasing homes as a benefit for their service to our nation.
Small tweaks are needed to make this program accessible to all eligible veteran borrowers. In 2014 VA celebrated the 70th anniversary of the GI Bill and the creation of the VA home loan guarantee. NAR 2014 President Steve Brown celebrated this event with the VA at a special event during the Annual meeting.
NAR continues to work with VA to provide more flexibility in their policies. Currently, VA limits the fees which a veteran can pay. While this is designed to protect veteran purchasers, it places them at a disadvantage in multiple bid situations or when buying REOs. NAR is working to ensure veterans are not paying unnecessary fees, while ensuring they are able to purchase the home they wish.