Sheehy Housing Legislation Aimed At Veterans Passes Senate
The first piece of legislation Sen. Tim Sheehy introduced as a senator, an effort to increase VA Home Loan awareness, has passed the U.S. Senate as part of a broader package of housing legislation, his office announced.
The legislation, co-led by Sen. Chris Van Hollen, a Maryland Democrat, adds a line to standard mortgage prequalifying application that they may be eligible for the VA Home Loan. According to a fact sheet on the legislation, about 33 percent of veterans who don’t use the VA Home Loan program weren’t aware it existed, a number that’s higher — 46 percent — among surviving spouses.
Additionally, only 13 percent of veterans access the VA Home Loan program.
The VA Home Loan program includes no down payments, lower interest rates and limited closing costs than conventional loans. It’s also a lifetime benefit and eligibility now includes National Guard members with at least 90 days of active services. For National Guard members, that also includes at least 30 consecutive days of service.
