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THE Veterans Housing Act of 1974, which was signed by the President on December 31, 1974, permits the Veterans Administration to restore a veteran’s entitlement of Loan Guaranty benefits whose loan has been paid in full and the property disposed of. This includes real and personal property on which the GI loans were secured by a first lien on the realty and the non real estate loan.
It is no longer required that the property (real or non real estate) be disposed of for a compelling reason.' The new Housing Act made no changes in the present Direct Loan Program. Direct loans are available up to $25,000 for veterans residing in areas eligible for a Veterans Administration direct loan.
In the event a veteran did not use all of his entitlement on a previous GI loan, he has remaining entitlement available which could be used in the purchase of a home (difference between the maximum $17,500, and what was used on the prior loan).
If a veteran desires to apply for a Certificate of Eligibility or Restoration of Entitlement on a previously used GI loan, he should contact the closest office of the
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