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Cap on vets' loans ending

August 31, 2007|From the Associated Press

WASHINGTON — The government is making more low-cost financing available for military veterans buying homes in more expensive areas of the country.

The Government National Mortgage Assn., known as Ginnie Mae, is eliminating the $417,000 cap on mortgages guaranteed by the Department of Veterans Affairs that are bundled together as securities and backed in turn by Ginnie Mae.

It noted that the median price of a home in California, for example, was about $568,000.

The change takes effect Saturday, Ginnie Mae Executive Vice President Michael Frenz said.

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