House Republicans Rollout VA Home Loan Affordability Bill for Veterans, Servicemembers, and their Families

House Republicans Rollout VA Home Loan Affordability Bill for Veterans, Servicemembers, and their Families

Today, House Committee on Veterans' Affairs Subcommittee on Economic Opportunity Chairman Rep. Derrick Van Orden (R-Wis.), alongside Chairman Mike Bost (R-Ill.), Rep. Juan Ciscomani (R-Ariz.), Rep. Tom Barrett (R-Mich.) and Rep. Jen Kiggans (R-Va.), introduced H.R 8532, the VA Home Loan Affordability Act, comprehensive legislation to reduce bureaucratic barriers in the Department of Veterans Affairs (VA) Home Loan program, speed up the homebuying process for veteran families, and modernize the program to ensure it meets today's industry standards for the homebuying process.

This bill comes as the House Committee on Veterans' Affairs Subcommittee on Economic Opportunity most recently hosted a hearing on expanding affordability for veterans, active-duty servicemembers, and their families through VA benefits. To read more about the VA Home Loan Affordability Act, click here. H.R. 8532 bill text can be found here.

"The VA Home Loan program is one of the most powerful tools we have to expand economic opportunity for veterans and their families, and it must keep pace with today's housing market," said Economic Opportunity Chairman Van Orden. "The VA Home Loan Affordability Act ensures veterans can access a faster, more efficient path to homeownership. This is a decisive step to strengthen a program that has already helped millions and ensure it continues delivering for the next generation of American heroes."

"House Republicans are working around the clock to expand pro-growth opportunities for everyday American families, including America's veterans and servicemembers," said Chairman Bost. "To build on the success of the Working Families Tax Cuts and address the issues that families discuss around their kitchen tables head-on, we are introducing the VA Home Loan Affordability Act today. This bill would cut through needless regulations and processes in the VA home loan program, reduce closing costs, and bring the VA home loan program in line with other federal housing programs to get veterans, servicemembers, and their families in their new homes faster. This is a commonsense bill to modernize this incredible VA benefit that has unleashed economic opportunities for millions of veteran families and I'm proud to be leading this forward-thinking bill alongside my House Republican colleagues."

"Homeownership is a cornerstone of the American Dream, especially for our veterans who should not face delays when buying a home because of outdated bureaucracy that has only made it increasingly difficult to access the benefits they have earned," said Rep. Ciscomani. "The VA Home Loan Affordability Act will modernize the home loan process, align it with other federal programs, and ensure that those who served our country can achieve homeownership without unnecessary barriers. I'm proud to have co-led this effort with Rep. Van Orden to further expand opportunities for the men and women who have worn the uniform faithfully serving our nation."

"The men and women who served our country shouldn't face uncertainty due to outdated bureaucratic barriers that slow the path to homeownership. I'm proud to support Rep. Van Orden's VA Home Loan Affordability Act to align the VA home loan program with other federal programs and streamline the homebuying process. Our veterans deserve a system that puts them first," said Rep. Kiggans.

"The men and women who put on the uniform to defend the United States have earned every resource our country has to offer that can help them achieve the American Dream of homeownership," said Rep. Barrett. "Competitive VA home loans have already helped countless veterans buy a house to start a life and raise a family after retiring from service, and now we are making the program even better. The VA Home Loan Affordability Act will modernize this life-changing program by updating outdated rules, cutting the red tape that can cause unnecessary delays in the loan process, and getting veterans into homes faster. That's a mission we can all get behind."

The VA Home Loan Affordability Act is supported by the following key stakeholders:

"We appreciate the Committee's efforts to reduce costs and improve access to the VA home loan program, helping those who served the country to more easily achieve the American Dream of homeownership. This is firmly in line with Rocket's mission to Help Everyone Home," said Rocket Mortgage.

"Freedom Mortgage appreciates the committee's continued focus on modernizing the VA Home Loan Guarantee program through its legislative and policy leadership to give Veterans and service members the best program possible to help achieve affordable and sustainable homeownership," said Freedom Mortgage.