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119-hr-7009119th CongressWALLET

Home Affordability for Guard and Reserve Act

Sponsored By: Representative Barrett, Tom [R-MI-7]

In Committee

Summary

Expands VA home-loan eligibility for many Reserve and National Guard members. The bill would also create a new limited-service eligibility that gives basic home-loan entitlement but adds an extra loan fee.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

VA home-loan access for Reserve and Guard

If enacted, the bill would expand the meaning of "active duty" for VA home loans to include specific Reserve component and National Guard service categories. The expanded active-duty rule would apply to service performed on or after September 11, 2001. The bill would create a new VA home-loan eligibility category for people who are not otherwise eligible, who completed at least 14 days of the listed active duty, and who then completed entry‑level and skill training. The bill would also treat each such person as having basic entitlement under chapter 37 and require VA to notify members who finish entry‑level and skill training after enactment about this possible eligibility.

Higher one-time VA loan fee

If enacted, the bill would raise the one-time VA loan origination fee for borrowers whose only eligibility is the new Reserve/Guard category. VA would add 1.00 percentage point to the usual fee-table percentage when computing that one-time fee. The dollar fee would equal the loan amount times (table percentage + 1.00) divided by 100.

Sponsors & CoSponsors

Sponsor

Barrett, Tom [R-MI-7]

MI • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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