H.R. 8875: Expanding Home Loans for Guard and Reservists Act

117th Congress

To amend title 38, United States Code, to expand eligibility of members of the National Guard for housing loans guaranteed by the Secretary of Veterans Affairs.

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.

View the full vote history of this bill on GovTrack.us.