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119-hr-2791119th CongressWALLET

Homes for Heroes Act

Sponsored By: Representative 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%.

Sponsors & CoSponsors

Sponsor

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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