Home Affordability for Guard and Reserve Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Home Affordability for Guard and Reserve Act expands eligibility for VA-guaranteed home loans to members of the National Guard and reserve components. Specifically, it broadens the definition of ‘active duty’ to include certain reserve component service and full-time National Guard service, and it extends eligibility to individuals who have served for at least 14 days on active duty. The bill also introduces an additional loan fee for those who qualify under the expanded eligibility criteria.
Key provisions
- Expands the definition of ‘active duty’ to include certain reserve component and National Guard service.
- Extends eligibility for VA-guaranteed home loans to individuals who have served at least 14 days on active duty.
- Includes full-time National Guard service as qualifying service.
- Adds an additional loan fee for veterans who qualify under the expanded eligibility.
- Retroactively applies the changes to service performed on or after September 11, 2001.
- Extends eligibility to individuals who completed entry level and skill training.
- Requires the VA to notify eligible personnel of their housing loan benefits.
Who is affected
- Members of the National Guard
- Members of Reserve Components of the Armed Forces
- Veterans
- Mortgage lenders
- The Department of Veterans Affairs
Notable changes
Bill text
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Primary sponsor
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