Helping Texas Veterans Find Their Way Home

Press Release

Helping Texas Veterans Find Their Way Home

Brady Supports Expanding Homeownership Opportunities for Texas Veterans

The possibility of home ownership for our returning veterans was increased today with the House Ways and Means Committee's adoption of legislation to make low-interest home loans available for Texas veterans who served after 1977. Currently in Texas, home loan help for veterans is restricted to those serving prior to 1977.

"Expanding the Texas veterans' home loan program will help a new generation of American veterans to buy a home. For all they sacrifice to defend our country, it seems only right that we help them own a piece of the American Dream," said Congressman Kevin Brady (R-Texas).

Through an arbitrary service limitation, only veterans who served in active duty prior to 1977 are currently eligible for low-interest home loans from the proceeds of Qualified Veterans Mortgage Bonds administered by the Texas Veterans Land Board. The Heroes Earnings Assistance and Relief (HEART) Act removes this restriction, expanding eligibility for these low-interest home loans to all qualified veterans regardless of when they served. Through this program, veterans will be eligible for below-market home loans of up to $325,000.

In Texas, the bill will enable the Texas Veterans Land Board to expand its existing low-interest loan program to several thousand additional Texas veterans. Texas is one of only five states in the Nation to offer veterans a special home loan program, and the only state to offer the unique combination of low-interest rates for land, housing, and home improvement loans.

The legislation adopted today and supported by Congressman Brady would allow veterans who served active duty after 1977 to qualify for mortgage loans financed by these bonds as long as they apply within 25 years after their active service ends.

The legislation now heads to the House floor. A vote on final passage is expected before Veterans Day.

Source