Brown, Kelly Introduce Legislation To Improve VA Flexibility For Veteran Homeowners

Press Release

Congressman Anthony G. Brown (MD-04) and Congressman Trent Kelly (MS-01) introduced the VA Home Loan GRACE Act of 2021, H.R.6124, to ensure flexibility for veteran owners utilizing the Veterans' Affairs (VA) Home Loan program. Congressman Tim Ryan (OH-13) is an original cosponsor.

The VA Home Loan GRACE Act would ensure that the VA home loan program does not unintentionally prevent beneficiaries from utilizing their full entitled benefit while also providing the flexibility needed to meet evolving housing needs throughout their lives.

"We make a sacred promise to look after our veterans when they return home. A core part of that commitment is ensuring that they and their families can achieve the American dream of owning a home, and build a strong financial future," said Congressman Brown, a 30-year Army veteran. "Ensuring our veterans have the flexibility they need with their earned and well-deserved benefits is critical to supporting those who served and allowing veterans to make the best decisions for themselves and their loved ones."

"Our Veterans have earned and deserve the best benefits that our great Nation can provide," said Rep. Kelly. "Streamlining this process will help them to acquire a home and improve quality of life for Veterans and their families."

The VA Home Loan GRACE Act would:

Streamline and simplify the VA Home Loan benefit structure to allow veterans with remaining entitlement the ability to use that entitlement on homes that cost less than $144,000.

Expand the "bonus" entitlement from 25% of the Freddie Mac conforming loan limit to 50%, to address disparities in benefit created by loan location and when loan was taken out.

Safeguard the VA Home Loan program against abuse by empowering the VA to take action against those whom knowingly and materially make false certification, increasing the solvency of the program.

The legislation is endorsed by the Veterans of Foreign Wars, The American Legion, the Military Officers Association of America, Iraq and Afghanistan Veterans of America and Blinded Veterans Association (BVA).

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