Homes for Heroes Act
Sponsored By: Representative Rep. Miller, Max L. [R-OH-7]
In Committee
Summary
Boosts VA loan guarantees and sets phased refinancing fees. This bill would increase how much of a home loan the Department of Veterans Affairs can guarantee for certain veterans and create a time‑phased fee schedule for Interest Rate Reduction Refinancing Loans.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Bigger VA home loan guaranty for veterans
If enacted, eligible veterans could get a larger VA guaranty on a home loan. The cap would rise from 25% to 37.5% of the Freddie Mac conforming loan limit. This could lower down payment needs or help qualify for a larger loan. It would apply to the subgroup covered by clause (ii) of the VA rule and would start on enactment.
Changing fees for VA mortgage refinances
If enacted, veterans who use a VA Interest Rate Reduction Refinancing Loan would pay a one-time fee tied to the closing date. The fee equals a set percent of the loan amount. Loans closed on or after August 1, 2025 and before December 31, 2025: 0.50%. Loans closed on or after December 31, 2025 and before December 31, 2027: 0.25%. Loans closed on or after December 31, 2027 and before October 1, 2031: 0.50%. Loans closed on or after October 1, 2031 and before December 31, 2035: 0.75%. Loans closed on or after December 31, 2035: 0.50%.
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Sponsors & CoSponsors
Sponsor
Rep. Miller, Max L. [R-OH-7]
OH • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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