WASHINGTON, DC—Reps. Brian Fitzpatrick (PA-1), Katie Porter (CA), Julia Brownley (CA), and Trent Kelly (MS) introduced legislation to make it easier for veterans and servicemembers to get guaranteed home loans. The VA Home Loan Guaranty Resiliency and Concurrency Enhancement (GRACE) Act would help families buy a home at a new duty station, easing the transition when relocating to another base.
“It is estimated that about thirteen percent of the homeless adult population in the U.S. are veterans,” said Congressman Fitzpatrick. “We must do all we can to provide those who have served our country, and their families, with safe and secure housing. That is why I am proud to support this bipartisan legislation that would expand affordable home loan coverage for military families and avoid saddling them with an additional home loan or mortgage.”
“Our veterans and servicemembers put their lives on the line to keep us safe, but too many are repaid with a lifetime of financial hardship that puts their housing at risk,” said Congresswoman Porter. “My bill would help military families get affordable mortgages and make it easier for them to relocate on short notice. I’m proud to work across the aisle to increase housing affordability for these brave Americans.”
“Rep. Trent Kelly proudly endorses the introduction of the ‘Veteran Affairs Home Loan Guaranty Resiliency And Concurrency Enhancement Act of 2024.’ This pivotal legislation seeks to fortify the support offered to service members and veterans by aligning the VA loan guaranty with contemporary needs. By placing a paramount focus on the financial well-being of our service members and veterans, this bill underscores our steadfast dedication to those who have devotedly served our nation,” said the Office of Congressman Kelly.
The VA Home Loan Guaranty Program helps many veterans and current servicemembers get affordable home loans without a down payment or traditional annual mortgage insurance premiums. However, limited coverage makes it difficult for military families to afford another loan when they are transferred or need to take out another mortgage for a new primary residence. The VA Home Loan GRACE Act would expand the loan guaranty to fix this problem and make it easier for veterans and servicemembers to afford a home.