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Second-home purchase gets easier for veterans

But original VA loan must be paid off to qualify

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The tremendous the growth of the housing market is being pushed along by the lower-than-expected long-term interest rates and the idea that real estate is a wise investment. In addition, consumers are more reluctant to plow their hard-earned cash into the inconsistent conventional financial markets and now are buying an additional piece of real estate sooner in their lives. In fact, the second-home market is so huge and important to the United States' economy that the largest survey ever conducted by National Association of Realtors was dedicated to the second-home phenomenon that grew 40 percent in the number of homes sold from 1995-2000. NAR's definition of "second home" now includes single-family dwellings, including condominiums, other than a primary residence. Last year, the purchase of investment property and vacation homes accounted for more than one-third of residential transactions. Some of these homes will eventually become retirement homes where seniors and aging baby boo...