Congress’ failure to act means that some veterans could be affected by new limitations set on the Veterans Administration home-loan guaranty program, according to City Lab.
The current VA loan program allows veterans to secure a mortgage of up to $417,000 with no money down. However, as home prices continue to soar and loans have increased to their highest level since 2000, Congress needed to act to ensure that veterans could still obtain loans. Since the current provision expired on January 1, some veterans and active-duty military personnel may have to provide some level of down payment in order to be approved for a mortgage.
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