May 16, 2021

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Mortgage News

Veteran eligibility and access to VA home loans expanded


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New amendments, passed by Congress and signed by the President, have expanded veterans’ eligibility and access to VA’s home loan program.

Public Law 116-315, “Johnny Isakson and David P. Roe, MD Veterans Health Care and Benefits Improvement Act of 2020”

  1. Expands the timeframe for veterans who qualify for the Vietnam War era and has been redesigned to include those who served from November 1, 1955. The previous date was February 28, 1961.
  2. Authorizes access to benefits for those service members and veterans who have been mobilized to serve at least 90 cumulative days, including at least 30 consecutive days, of full-time National Guard service.
  3. Veterans, service members, and certain surviving spouses with VA-guaranteed home loans in areas classified by the president as major disasters and whose homes have been severely damaged can now receive a first-time use fee for a new VA. guaranteed loan instead of a financing fee for later use. The new VA guaranteed loan must be for home repair or construction and must be closed within three years of the President’s declaration of the disaster.

For more information on the VA Home Loan Program, visit https://www.va.gov/housing-assistance/home-loans/.

Veterans and service members interested in evaluating VA home loan options or applying for a loan are encouraged to contact a mortgage lender of their choice.