• Question
  • H.R. 1315 Veterans' Benefits Improvment Act of 2007

    Asked on 7/29/2007

    H.R. 1315 would make several changes to programs for servicemembers and veterans, including expanding elegibility for certain housing grants, extending the period of protection against foreclosure and rising interest rates on mortgages, and establishing a new scholarship program.

    H.R. 1315 would lower the interest rate on government guaranteed mortgages held by certain servicemembers by requiring that a mortgage held prior to active duty is reduced to 6 percent while the servicemember is on active duty.

    Section 3 would extend this 6 percent cap for 180 days after the servicemember leaves active duty. This applies to VA and FHA mortgages.

    Section 4 would require the VA to establish a scholarship program to provide tuition and fee assistance to certain students in exchange for an agreement to work for three years at the department following completion of the course work. (In other words, you are pretty much guaranteed a job after you graduate.)

    Eligible students would be those training to assist the blind or visually impaired individuals in learning how to move about safely, manage a household, or gain vocational skills.

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  • Categories: Military and Veterans Benefits, Pensions and Retirement Benefits

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