WASHINGTON—The Department of Veterans Affairs 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 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.
Support Expressed
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
- 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
It’s Still Your Very Best Deal in Daily News. But Only if You Like Free.
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?