The VA Home Loan Program Reform Act aims to create parity between the VA loan program and those from the FHA and USDA. It is projected to help over 20,000 delinquent borrowers avoid foreclosure through a new partial claim program. Additionally, the act increases funding for services aimed at reducing veteran homelessness, enabling the effective implementation of these provisions. Strong bipartisan support is evident, highlighting a commitment to ensuring veterans receive necessary financial assistance to maintain their homes and prevent loss.
The establishment of the program aims to bring greater parity between the VA loan guaranty program and the home loan programs provided by the Federal Housing Administration (FHA) and U.S. Department of Agriculture (USDA). This legislation would increase funding for services addressing veteran homelessness, allowing comprehensive provisions to be implemented fully.
A partial claim program at the VA could help over 20,000 seriously delinquent borrowers retain their homes, ensuring distressed veteran homeowners have access to sustainable loss mitigation solutions.
The Mortgage Bankers Association (MBA) expressed support for the VA Home Loan Program Reform Act, emphasizing that this legislation is a critical step in protecting veterans at risk of foreclosure.
This bipartisan and bicameral legislation will assist veterans facing financial hardships by providing the VA with additional tools to help them stay in their homes and avoid foreclosure.
#va-home-loan-program #veterans-affairs #foreclosure-prevention #bipartisan-legislation #homelessness-support
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