The Department of Veterans Affairs (VA) Home Loan Program needs an upgrade to help ensure veterans can stay in their homes, America’s Credit Unions and the Defense Credit Union Council wrote to a House Veterans Affairs subcommittee Wednesday ahead of its hearing on the program.
The program provides a home loan guaranty benefit and other programs to help veterans and servicemembers buy, build, repair, retain, or adapt a home.
“Additional resources and better loss mitigation tools in the program will help ensure veterans and servicemembers are not faulted during a time of financial hardship,” the groups wrote, adding that the VA Home Loan Guaranty Program would benefit from aligning its VA Minimum Property Requirements (MPRs) with property condition standards established by Fannie Mae and Freddie Mac.
The organizations also expressed their support for the following legislation:
- the Veterans Member Business Loan Act (H.R. 4867), which would exempt loans made to veterans from the credit union member business lending cap;
- the Veterans Housing Stability Act of 2024 (S. 3728), which would reestablish a partial claim program to help veterans and servicemembers using the VA home loan exit forbearance; and
- the Building Credit Access for Veterans Act (H.R. 1266), to expand credit options for veterans and servicemembers eligible for VA housing or small business loans and have an insufficient credit history.
