Multiple Use of VA Mortgages to End?

The Bush administration is proposing to end multiple use of Department of Veterans Affairs guaranteed mortgages over the next five years.In order to refocus the VA loan program, the administration "will be transmitting legislation that would limit eligibility for veterans' housing loans to one-time use in lieu of the life-time, multi-use entitlement it has become," according to the president's budget proposal for fiscal year 2005. The administration proposal would not limit access to VA mortgage loans by active-duty members of the armed forces. Once Congress approves the proposal, current veterans would have unlimited use for five years and "then only once thereafter," the budget document says.