In A Real Estate Guide for Veterans, Joseph W. Gaul provides home buying help for veterans in the form of step-by-step instructions on how to get the most out of an underused element of the G.I. Bill. But what exactly is the G.I. Bill?
Post-World War I
Many veterans were dissatisfied with the lack of compensation and benefits they received after returning home. As the American Legion and the VFW lobbied congress for greater post-war compensation to retired service members, veterans’ benefits became a major platform for political parties. Originally drafted by Harry W. Colmery, the bill passed through several revisions before being passed by congress and signed by President Franklin D. Roosevelt in 1944.
The G.I. Bill (the Servicemen’s Readjustment Act of 1944) had several important benefits for all veterans that had received an “other than dishonorable discharge.” They included:
- A weekly allowance of $20 for up to a year while former service members looked for work
- Education benefits aimed at covering most of the costs of higher education, vocational schooling, high school and job training
- A zero down payment home loan, with terms that favored new construction over existing housing
Post-World War II
In the years that followed World War II, the bill was considered a stunning success. Hundreds of thousands of veterans were becoming homeowners thanks to the bill and millions were receiving an education. The bill went on to benefit Korean War veterans, increasing the monetary benefits they could receive towards education.
In previous decades, a number of changes have impacted the G.I. Bill, primarily expanding the financial coverage of higher education for veterans. The most recent change came in the Post-9/11 G.I. Bill which covered the cost of public, in-state colleges and included a stipend for books and living costs.
Unfortunately, the G.I. Bill’s provided homebuying assistance for veterans in San Antonio, TX and across the country is still widely misunderstood, and therefore not used to the lengths it should be. A Real Estate Guide for Veterans provides knowledge and instructions on using the G.I. Bill to its full extent.