117th Congress
Sponsor: Rep. Pat Ryan — D — NY
Credits time spent in active duty for training by service members toward entitlement for loan guarantees. The Department of Veterans Affairs (VA) provides guarantees to lenders for eligible borrowers to obtain better loan terms—such as lower interest rates or smaller down payments—when purchasing, constructing, or refinancing a home. People serving on active duty or who have served at least 90 days, at least 30 consecutively, on active duty or full-time National Guard duty, or served at least six years in the Selected Reserve are eligible for VA home loan guarantees. VA typically pays lenders up to 25 percent of the outstanding mortgage balance if a borrower’s home is foreclosed upon.
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