Congresswoman Linda Sánchez (CA-39) today applauded the House Veterans Committee for voting to approve legislation she championed that would make home mortgages more affordable for veterans. Having been approved by the House Veterans Affairs Committee, the legislation now advances to the full House of Representatives for consideration.
"We must keep our promise to take care of our veterans, and we owe it to them to make mortgages more affordable," said Congresswoman Sánchez. "It's crucial that we extend this mortgage program to help veterans stay in their homes and help more veterans pursue to the American Dream of owning a home. This mortgage program is especially critical in California where so many veterans reside, which is why I fought so hard for its extension. I am extremely pleased that the Veterans Affairs Committee has approved a permanent extension of this program which benefits so many brave men and women who have served our country."
In November 2011, Congresswoman Sánchez introduced legislation which would extend the Department of Veterans Affairs guaranteed Adjustable Rate Mortgages (ARMs) and Hybrid Adjustable Rate Mortgages. VA-backed ARMs and hybrid ARMs differ from conventional mortgages in that, if interest rates drop, veterans can save thousands of dollars in mortgage payments.
Congresswoman Sánchez, who serves on the House Veterans' Affairs Committee, drafted mortgage program extension legislation after holding several meetings with her Veterans Advisory Council. Formed in August 2010, her Veterans Advisory Council is comprised of distinguished veterans from the 39th Congressional District who give Congresswoman Sánchez feedback on veterans' issues.