Veterans Benefits Improvement Act 2010 | VA Loans
December 28th, 2010 | Published in Veteran Benefits | 1 Comment
Written by Isaac F. Davis
President Obama signed the Veterans Benefits Improvement Act 2010 on October 13, 2010. The bill was put in place to improve and change current VA benefits and policies, for instance:
- Veterans employment, small business, education
- Housing and veteran homelessness
- Servicemembers Civil Relief Act
- Insurance for veterans
- Military burial and cemetery
- Veterans’ compensation and pension
- Employment and reemployment rights of veterans
- Veterans’ benefits
- Medical facility projects and major medical facility leases
- Other veterans’ matters
The bill began as a draft sent from VA Secretary Shinseki to House Speaker Pelosi. After some changes, it became law. In the letter sent from Shinseki to Pelosi, he stated that his intent with the new bill was to make beneficial changes that would enhance the efficiency and fairness of several VA benefits for veterans and their families.
Included in the bill are several improvements to the VA home loan program. The first change involves the VA funding fee. Prior to the new law coming into effect, veterans receiving disability compensation were exempt from paying the VA funding fee associated with VA loans. As a result of the new act, the funding fee exemption is now extended to military members who received disability compensation in the past, but no longer receive it due to recall to active duty or reenlistment, either of which results in active duty pay that replaces disability compensation. This new extension of the VA funding fee is effective immediately.
The new law also includes a change to Specialty Adapted Housing (SAH) for veterans. SAH is sometimes necessary for veterans who are disabled in the line of duty or as a result of a service-connected injury. Some SAH adaptations can often include wheel chair ramps, lifts, and specially adapted appliances and fixtures for wheel chair accessibility. Beginning October 1, 2011, VA Secretary Shinseki will authorize grant awards of up to one million dollars per year to research and develop assistive technologies for SAH use. The authorization for these SAH research and development grants will end September 30, 2016
Additionally, the new law makes improvements to the way in which payments of outstanding VA-guaranteed loans can be made. Sometimes a VA-guaranteed mortgage is modified to help the borrower better afford the payments. If after VA loan is modified and the VA borrower still cannot make payments, then the VA Secretary is authorized to pay the mortgage holder any remaining balance of the loan plus accrued interest. The borrower would still have a debt, only it would not be to the lender but to the VA.
For further information about the new laws for VA home loans as a result of the Veterans Benefits Improvement Act 2010, contact a VA home loan professional. Also see our previous article detailing the Veteran Benefits Improvement Act of 2010.
*Later we will expand on the other aspects of the VA Benefits Improvement Act including Veteran employment and education policies.
If you liked that post, then try these...
It Pays to Join a Veterans Service Organization by freedom on October 22nd, 2010
By Peter S.
VA Borrowers Lose Mortgage Insurance Tax Deduction by Kristine on February 16th, 2012
Veterans can no longer write off the .
Nursing Home Care for Veterans by freedom on November 25th, 2008
The Veterans Administration has contracts with nursing homes that have agreed to participate in the benefits healthcare program.
Caregiver Training Now Available by Peter S. Gaytan on July 5th, 2011
By Peter S.
For Service to Your Country | Correcting Your Military Records by freedom on October 7th, 2010
By Peter S.
Comments
Powered by Facebook Comments
May 15th, 2011 at 10:35 am (#)
What I really cant comprehend is why TDUI disabled veterans, with severe seizure disorders, don’t qualify for a vehicle or automotive assistance grant from the VA. At the present time, only disabled vets with missing limbs can qualify. My argument is: What about those disabled veterans who don’t even have the neurological capacity to get behind a wheel?… Not only do we need to pay for a driver to drive us around, we need to pay rental fees for a hired car. What’s even more twisted: Excluding disabled veterans with significant seizure disabilities from receiving automotive grants doesn’t make any sense and might potentially put veterans in harm’s way. For example: If I got into a car accident and suffered a seizure, and I subsequently lost a limb from that accident, I would then qualify for an automotive grant from the VA due to the loss of a limb because such loss would be considered a “residual fact” of my service-connected seizure disorder. Anyone who has a friend or family member with a severe seizure disorder – knows that they should never get behind the wheel. My contention is: When it comes down to a “dollars and cents” decision, veterans with a limited fix-income, who rely on the VA for disability compensation are more likely to put their lives at risk by getting behind a wheel. The VA needs to update their regulations to insure that they don’t leave behind disabled vets with severe seizure disabilities.