Show Veterans' Veterans News Review A Ot Gt Loan law signed by the President this month extends the World War Wet II tl GI 01 Loan for one more year to July 25 1958 The program previously was scheduled to end July 25 1957 1951 and end under the wording of the original law all GI loans would have had to be bo closed by that date Under the new law any GI Gl loan for which Veterans Administration Admin receives an application by July 25 1958 may be guaranteed guar or Insured by VA If It Is completed by July 25 1959 The new law affects only World War II It veterans VA emphasized J Korean orean veterans have until Jan tan uary 31 1956 to obtain Gt GI loans In the 12 years that the GI Gt Loan program has been in operation World War It II veterans have borrowed billion In GI Loans to purchase homes farms and businesses of which VA has or Insured 79 bil bil- lion Veterans of the Korean conflict con flirt have borrowed 36 30 billion of which VA has guaranteed 2 bit bil lion This new law also will permit any veteran who sells residential property purchased with a GI loan to be relieved from liability to the Government Under certain circumstances Previously VA explained the veteran who sold his hL property y and allowed the purchaser to assume assume as sume his GI Gl loan loon still remained liable to the Government in the event of subsequent foreclosure and the payment of a guaranty claim by the VA Now the veteran may be relieved re of liability if the purchaser assumes full liability on the loan the VA approves him from a credit standpoint and the loan Is current VA said Under the new law World War II It veterans may have their GI loan entitlement restored up to January 31 1965 if their property property prop prop- erty 1 was taken by a Governmental Govern Governmental mental agency for public use 2 was destroyed by a natural hazard hazard haz hUe ard or 3 was otherwise disposed ed of for compelling reasons without fault on the part of the veteran It also amends the GI Dill Bill to permit the restoration of GI Home Loan entitlement to a veteran In military service who disposes of his home because of a transfer under military orders VA explained that the new la law w requires the veteran to certify that he Intends to live In the th e home he is buying with the as of a GI loan at et the time of application and at the time of closing the loan The new law also clarifies and confirms VAs VA's authority to make the final determination of reasonable reasonable reas value vahle of property Irrespective Irrespective Irre of the estimate of value made by an Individual appraiser VA said |