Long Island, NY - October 12, 2017 - Congressman Lee Zeldin (R, NY) announced today that his bill, the Flexible VA Loan Guarantee Act (H.R. 815) passed the House Veterans Affairs Subcommittee on Economic Opportunity unanimously with bipartisan support on October 11, 2017. The Flexible VA Loan Guarantee Act would eliminate the loan limit or the “maximum guarantee amount” of a loan that the VA can guarantee for a veteran, providing the VA with the flexibility to determine the appropriate limit for all veterans' loans.
Congressman Zeldin said, “Supporting our nation’s veterans is a responsibility we all share. These brave men and women repeatedly answered the call to service to ensure the safety and security of our country and protect our democratic values. Not only do we owe our veterans gratitude and respect for the sacrifices they made, we have a duty to provide them with meaningful support to pursue the American Dream they honorably protected, a cornerstone of which is home ownership. My bipartisan legislation provides the VA with the flexibility it needs to determine the appropriate limit for veterans’ loans, which will be extremely helpful for veterans who live in areas with a high cost of real estate, such as Long Island. Since taking office in 2015, I have heard from many Suffolk County veterans concerned about securing VA home loans given the limits under current law. My bill is a commonsense VA reform that has bipartisan support to help countless veterans across Long Island and the country. I am pleased to see the bill pass with such overwhelming bipartisan support. I will keep working to get this bill passed again in the House of Representatives.”
Last Congress, the Flexible VA Loan Guarantee Act was packaged into H.R. 3016, the Veterans Employment, Education, and Healthcare Improvement Act, which passed the House of Representatives with unanimous bipartisan support.