Metro East Sun

Today, a significant legislative step was taken as the Senate passed H.R. 1815, known as the VA Home Loan Program Reform Act. This bill aims to establish a safety net program within the Department of Veterans Affairs (VA) to support veteran homeowners and enhance services aimed at preventing veteran homelessness. The bipartisan effort now awaits approval from President Trump.

The legislation introduces a partial claim program at the VA, intended to modernize the existing VA Home Loan program. This change will allow veterans who are behind on their mortgage payments to access federal assistance already available through other housing programs. Additionally, H.R. 1815 ensures appropriate funding for the VA Grant and Per Diem program, which supports community agencies aiding homeless veterans.

House Committee on Veterans’ Affairs Chairman Mike Bost (R-Ill.), Ranking Member Mark Takano (D-Calif.), along with Senate Committee on Veterans’ Affairs Chairman Jerry Moran (R-Kan.) and Ranking Member Richard Blumenthal (D-Conn.), expressed their support for this initiative: “This bipartisan and bicameral legislation will assist veterans who are facing financial hardships and provide VA with a tool to better help veterans stay in their homes and avoid foreclosure."

They emphasized that "the VA Home Loan Program provides one of the best benefits VA has to offer," highlighting its role in helping veterans build home equity since 1944. The leaders also noted that this legislation empowers the VA to implement a partial claim program as a last-resort option, aiming to preserve veteran homeownership while saving taxpayer dollars by avoiding preventable foreclosures.

Committee leaders acknowledged the contributions of mortgage servicers during this process: “We appreciate the efforts of mortgage servicers and holders for their work during the Congressional process." They urged continued collaboration between these entities and the VA as the new program is implemented.

The bill has garnered support from various stakeholders including organizations like Mortgage Bankers Association, National Association of Realtors (NAR), National Coalition for Homeless Veterans (NCHV), and others.