{"database": "press", "table": "releases", "rows": [["https://www.schatz.senate.gov/press-releases/schatz-boxer-gillibrand-hirono-call-for-extension-on-home-loan-guarantees-for-veterans-in-high-cost-of-living-areas", "Schatz, Boxer, Gillibrand, Hirono Call for Extension on Home Loan Guarantees for Veterans in High Cost of Living Areas", "2014-12-08", "2014", "2014-12", "Democrat", "House", "HI", "Brian Schatz", "S001194", "www.schatz.senate.gov", null, null, "legacy", "Schatz, Boxer, Gillibrand, Hirono Call for Extension on Home Loan Guarantees for Veterans in High Cost of Living Areas \n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\tMonday, December 8, 2014\n\t\t\t\n\t\t\t\n\t\n\t\t\t\n\t\t\t  Washington, DC \u2013 U.S. Senators Brian Schatz (D-Hawai\u2018i), Barbara Boxer (D-Calif.), Kirsten Gillibrand (D-N.Y.), and Mazie K. Hirono (D-Hawai\u2018i) have written Appropriations Committee Chairwoman Barbara Mikulski (D-Md.) and Ranking Member Richard Shelby (R-Ala.) requesting an extension to a provision that allows the Department of Veterans Affairs (VA) to increase the maximum home loan guaranty amount for veterans in high cost of living areas.\u00a0 A current provision enacted by Congress in 2008 gave the VA the authority to increase its maximum guaranty amount, making it easier for veterans in high cost of living areas to fulfill their dreams of homeownership.\u00a0 It is scheduled to expire on December 31, 2014.\r\n\u201cWe cannot ask the men and women who have honorably served in our Armed Forces, and their families who have stood with them, to shoulder more of the burden of balancing the budget on top of the sacrifices they have already made in their service to the nation,\u201d the Senators wrote.\u00a0 \u201cWe urge members of the Senate and House Appropriations Committees to take action to extend this provision in law through December 31, 2015.\u201d\r\n  The full text of letter follows:\r\nDear Chairwoman Mikulski and Ranking Member Shelby,\r\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 We are writing on behalf of the veterans who will be affected on December 31, 2014, if the Department of Veterans Affairs\u2019 (VA) existing authority to increase the maximum guaranty amount on loans for homes in high cost of living areas expires.\r\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 For years, the VA Loan Guaranty Program has helped America\u2019s veterans fulfill their dreams of home ownership.\u00a0 Under current law, the VA is authorized to act as a mortgage insurance program through which eligible veterans can enter into mortgages with private lenders, with the VA guaranteeing that it will pay lenders a portion of losses that may be suffered as a result of a borrower\u2019s default.\u00a0 In most cases, the VA guaranty covers at least 25 percent of the principal balance of a loan, helping veterans avoid making costly down payments that might otherwise prevent them from getting into a home. \u00a0\r\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Until enactment of legislation in 2008, the VA Loan Guaranty Program did not cover homes in high cost of living areas where the prices exceeded the Freddie Mac conforming loan limit of $417,000 (as determined by section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act).\u00a0 Congress took action, giving the VA the authority to consider the 25 percent maximum guaranty amount for a loan as equal to the higher of the Freddie Mac conforming loan limit, or 125 percent of the area median home price, but no higher than 175 percent of the limit determined under the Freddie Mac statute, making it easier for veterans to purchase homes in high cost of living areas without having to make a down payment.\r\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Despite Congress\u2019s well-intentioned efforts to ensure that veterans are able to fulfill their dreams of home ownership, the authority allowing the VA to increase the maximum guaranty amount for home loans in high cost of living areas will expire on December 31, 2014, leaving many veterans with dreams of buying a home in limbo.\u00a0\r\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 We urge members of the Senate and House Appropriations Committees to take action to extend this provision in law through December 31, 2015.\u00a0 We recognize the hard choices that you must make as you evaluate tradeoffs between extending this $24 million authority and other budgetary priorities.\u00a0 But we cannot ask the men and women who have honorably served in our Armed Forces, and their families who have stood with them, to shoulder more of the burden of balancing the budget on top of the sacrifices they have already made in their service to the nation. \u00a0\r\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Thank you for considering our request and for your continued support of the veterans and their families we all serve. \r\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sincerely, \r\n BRIAN SCHATZ U.S. Senator\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  Barbara Boxer   U.S. Senator\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  Kirsten Gillibrand   U.S. Senator\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  Mazie K. Hirono   U.S. Senator \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\r\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.schatz.senate.gov/press-releases/schatz-boxer-gillibrand-hirono-call-for-extension-on-home-loan-guarantees-for-veterans-in-high-cost-of-living-areas"], "units": {}, "query_ms": 0.8624368347227573, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}