Skip to main content

NAR Claims Victory for VA Loan Provision in Military Disability Law

Phil Hall
Jun 27, 2019
Photo credit: Getty Images/choochart choochaikupt

The National Association of Realtors (NAR) is taking a bow for the insertion of a VA lending provision that was included in the Blue Water Navy Vietnam Veterans Act signed into law earlier this week by President Trump.
The primary focus of the new law extends disability compensation for Vietnam War-era military personnel with medical conditions related to the chemical herbicide Agent Orange who served off the coast of South Vietnam. Previously, only former ground troops were eligible for Agent Orange-related disability claims. The new law also covers veterans who served in the Korean Demilitarized Zone between September 1967 and August 1971 as well as children with spina bifida born to veterans who served in Thailand between January 1962 and May 1975.
Within the new law is a provision that revises the VA's home loan guaranty program to adjust loan fee rates and eliminate the limit on guaranty amount that is based on Freddie Mac’s conforming loan limit, which is currently $484,350 for most counties. The new law also allows the VA to permit a VA-approved appraiser to make a housing loan appraisal based solely on information gathered by a person with whom the appraiser has entered into an agreement for such services.
NAR claimed credit for the inclusion of the VA loan provisions into the veterans’ health bill, stating that it “had been actively engaged in Capitol Hill negotiations to ensure veteran health benefits could be extended without increasing unrelated VA home loan guarantee fees.”
“As we aim to ensure our nation’s veterans have every possible opportunity to achieve the American Dream of homeownership, the National Association of Realtors has remained a strong supporter of the VA home loan guaranty program,” said NAR President John Smaby, a broker at Edina Realty in Edina, Minnesota. “This vital tool encourages private lenders to offer favorable home loan terms to qualified veterans and provides a much-needed resource to those who have sacrificed so much for this country. Realtors support efforts to boost veteran participation in this program, but we also believe VA loan guarantee fees should be based on the risk of the loan made, not the costs of other VA programs or benefits.”

Jun 27, 2019
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022
Fed Committee Gathers To Renew Inflation Fight

FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.

Regulation and Compliance
Sep 20, 2022
MISMO Releases New Reference Model For Public Comment 

Version 3.6 of the MISMO Reference Model includes new data points and structures.

Regulation and Compliance
Sep 19, 2022
MBA, Other Organizations Want FHA's MIP Reduced

Submit letter to the White House & National Economic Council urging reduction in mortgage insurance premium.

Regulation and Compliance
Sep 14, 2022