The Veteran Improvement Act of 2004 is in Jeopardy.

The Veterans Benefits Improvement Act of 2004, which was signed into law by President Bush as Public Law 108-454 on December 10, 2004, extended the VA’s authority to guaranty adjustable-rate mortgages (ARMs) and hybrid ARMs through September 30, 2008. In addition, the law indexed the VA guaranty to the Freddie Mac conforming loan limit.

An important feature of the VA Loan Guaranty Program is the ability of veterans, service members and reservists to refinance their existing non-VA loans into VA guaranteed loans. By refinancing, these borrowers may realize more favorable terms, which increase their chances of being able to meet their mortgage obligations. In addition, veterans who have VA guaranteed mortgage loans are afforded the benefit of the Agency’s supplemental servicing program, which works to keep veterans out of foreclosure, and wherever possible in their homes, during times of financial distress.

If action isn’t taken then many VA mortgage benefits will be lost.

• Inability to refinance VA-guaranteed mortgages when rates dip
• Adjustable rate mortgages will be eliminated
• Supplemental servicing program which helps Veterans keep their home during times of
  financial distress
• Loan limit of $417,000 could be reduced to $144,000

It is imperative that Congress take immediate steps to permanently fix these inequalities and give the VA the tools it requires to help address the needs of those who serve, and have served, this nation.

WE NEED YOU TO ENCOURAGE CONGRESS TO AUTHORIZE KEY BENEFITS PERMANENTLY. FAILURE TO ACT WILL RESULT IN BENEFIT LOSSES.

The Veteran Improvement Act of 2004 is in jeopardy. Call now to add your name to the petition
(1-866-788-9195) or fill out the following form.