The Department of Veterans Affairs has announced that the GI Bill will soon be worth $39,636 - a total increase of nearly $1,000 over last year's rate. This total is based on the new monthly full-time student payment rate of $1,101 multiplied by the 36-month limit. If you are GI Bill eligible and have benefits remaining, you get this increase no matter when you became eligible or begin using it. The new rate is effective October 1, 2007.

New Policy Increases Homeownership Opportunities for Veterans

In an August 30 press release the Government National Mortgage Association (Ginnie Mae) announced that it has eliminated the $417,000 home loan limit on Department of Veterans Affairs (VA) mortgage loans that can be used as collateral for Ginnie Mae securities.

"We expect this change will expand the availability of low-cost financing and increase homeownership opportunities for America's veterans, particularly in high-cost areas, by encouraging lenders to make more VA loans," said Michael J. Frenz, Executive Vice President of Ginnie Mae.

Frenz was referring to home loan realities like that in California. Although 10 percent of the nation's veterans live in California, less than one percent of the VA loans in the Ginnie Mae securities portfolio issued during the last two years were to California veterans because loan limits were below most house prices in the state.

"Now, more than ever, America's veterans and their families have a greater chance to make their dreams of homeownership a reality, thanks to today's action by Ginnie Mae," said Judith Caden, Director of Loan Guaranty Service at the VA. "This change is another example of our joint commitment to ensure VA benefits keep pace with the needs of our veterans in today's housing market."

This policy change is designed to make it easier for lenders to help veterans and servicemembers use their VA Home Loan benefit to purchase homes valued at more than $417,000. However the Department of Veterans’ Affairs is careful to point out that Ginnie Mae’s new policy does not change the current VA Home Loan Guaranty program rules and loan limits.

The most attractive feature of the VA Home Loan Guaranty program is that it eliminates the need for eligible veterans and servicemembers to provide cash down payments for homes valued at $417,000, or less, by guarantying 25 percent of a home’s purchase price. The new Ginnie Mae policy will require borrowers to use the VA Home Loan Guaranty in combination with a cash down payment to guaranty the loan for homes exceeding the VA limit. This means that veterans and servicemembers who wish to purchase homes priced higher than the VA limit, will be required to provide an additional cash down payment to ensure the loan is guarantied for at least 25 percent of the of the purchase price.

For example, a veteran wishing to purchase a home valued at $600,000 will need to provide a cash down payment of $45,750 – 25 percent of the difference between the $417,000 VA loan limit and the actual purchase price of $600,000.

"This is an outstanding initiative that will greatly benefit veterans and their families who reside in high-cost areas, and who continue to make significant contributions to the growth and prosperity of our nation every day," said George Lisicki, the national commander of the 2.3 million-member Veterans of Foreign Wars of the U.S. and its Auxiliaries. "This is what 'Supporting the Troops' is all about."

AUSA Volunteer Family of the Year Award Winners Announced

AUSA Family Programs is pleased to announce that LTC John R. Chavez, his wife Holly, and their five children have been selected as the 2007 AUSA Rubbermaid-Irwin Volunteer Family of the Year. The Award recognizes an exceptional family whose volunteerism has contributed significantly to the well-being of the Army community. The Chavez family was nominated by AUSA’s Korea Chapter for their volunteer efforts while LTC Chavez was assigned to the 1-43 Air Defense Artillery Battalion. Each member of the Chavez family, from the oldest to the youngest, has demonstrated a strong commitment to the welfare of Soldiers and families, as well as to their Korean neighbors, through a variety of volunteer activities.

In recognition of all that they have done on behalf of Soldiers, families and their community, the Chavez family will receive a trip to Washington D.C. for the AUSA Annual Meeting, where they will be recognized at the opening ceremony on Monday, 8 October. They will also receive a cash prize and a gift basket courtesy of Rubbermaid, AUSA and GEICO. AUSA Family Programs would also like to congratulate the two runner-up families: First Sergeant Roberto Marshall and family of Fort Bragg, North Carolina, and Staff Sergeant Christopher Rolack and family of Yongsan Army Garrison, Korea. Each runner up family will be awarded a savings bond and gift basket in recognition of their dedicated service to their neighbors and communities.

AUSA Family Programs will also host three Military Family Forums at the AUSA Annual Meeting. For further information about the schedule of events please visit the Family Programs website at http://www.ausa.org/family.




TRICARE Beneficiaries Can Save Time, Money With New Service

Registering for the TRICARE Mail Order Pharmacy (TMOP) just got easier with the launch of the new Member Choice Center (MCC). By using this new service beneficiaries can obtain TMOP enrollment assistance and have the MCC contact the physician to obtain new prescriptions and forward them to the TMOP for processing, making the switch from retail to mail order virtually effortless for the beneficiary. Beneficiaries should go to the “My Benefit” portal on http://www.tricare.mil or to http://www.express-scripts.com/TRICARE to complete the registration. There’s also the option to call the MCC at 1-877-363-1433. When a beneficiary calls the MCC, a patient care advocate from Express Scripts Inc., TRICARE’s pharmacy benefit provider, explains the program and offers to transfer the current prescriptions to the safe and convenient mail order option. If the beneficiary agrees, Express Scripts Inc. submits a prescription transfer request to the patient’s physician. The mail order pharmacy can save beneficiaries as much as 66 percent on medications for conditions such as high blood pressure, asthma or diabetes. The beneficiary may receive up to a 90-day supply of most medications for the same amount they would pay for a 30-day supply at a retail pharmacy. [Source: http://www.tricare.mil/pressroom/news.aspx?fid=310]