HR-1815-119
Became Public Law No: 119-31.
Sponsored by Derrick Van Orden (R-WI)
What it does
Reforms several aspects of the Department of Veterans Affairs home loan guarantee program, including updating loan fee structures, expanding eligibility for certain surviving spouses, and modifying lender requirements to improve program efficiency.
Who benefits
Veterans seeking home loans, particularly those previously excluded from certain benefits, and surviving military spouses who gain expanded eligibility.
Who is hurt
Private mortgage lenders operating in markets where the VA loan program is competitive may see reduced market share as the program becomes more accessible.
Supporters argue
Supporters argue the reforms reduce barriers to homeownership for veterans who have earned this benefit through service, and modernize a program whose rules have not kept pace with the current housing market.
Opponents argue
Opponents express concern that expanding the program without offsetting revenue increases the long-term liability of the VA loan guarantee fund, which is ultimately backstopped by taxpayers.