NAR Letter to House VA Committee Supporting VA Housing Loan Forever Act of 2022

On December 21 NAR sent a letter to Chairman Takano and Ranking Member Bost of the House Committee on Veterans Affairs. 

 

The letter expresses NAR’s support the VA Housing Loan Forever Act of 2022 and thank each of you for your continued work to ensure the VA home loan guarantee program remains a viable financing option for veterans and their descendants. The VA home loan guarantee program has been successful in raising the homeownership rate for veterans to more than 75%, a level much higher than the national average . However, due to discriminatory lending practices following World War II, many minority veterans were left out of the homebuying process, leaving their guaranteed entitlement unfulfilled. 

 

The VA Housing Loan Forever Act of 2022 would allow a veteran’s unused entitlement to be transferred to certain individuals who are a spouse, child, grandchild, or other direct descendent. This creates an opportunity for the descendants of servicemembers to take advantage of the benefits that were guaranteed to their family members who served in our country’s defense. Increasing the pool of those who are eligible for the VA’s guaranteed home loan program also creates a unique opportunity to generate revenue for the fund as these borrowers are not exempt from fees associated with origination.