Veterans’ Benefits Improvement Act of 2008

Date: 10/10/08

On October 10, 2008, President Bush signed S. 3023, the Veterans' Benefits Improvement Act of 2008. The Bill has several provisions such as veteran employment and education assistance, improvements to claims processing for veterans claiming disabilities, and compensation enhancements. S.3023 also extended the Veterans’ Affairs ability to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs), which previously expired on September 30, 2008. This is now available through September 30, 2012. Also, included was an increased maximum guaranty for cash-out refinance loans (now the same as a purchase) of up to 100% of the appraised value of the home.