Home Community Cardin, Van Hollen aim to improve VA loans

Cardin, Van Hollen aim to improve VA loans

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U.S. Senators Ben Cardin and Chris Van Hollen (both D-Md.) joined Senator Maggie Hassan (D-N.H.) in calling on the Department of Veterans Affairs (VA) to help more veterans and military families purchase homes by providing additional flexibilities for the VA Home Loan Guaranty Program.

They are joined by Senators Jeanne Shaheen (D-N.H.), Mike Rounds (R-S.D.), Mazie K. Hirono (D-Hawaii), Patty Murray (D-Wash.), Dianne Feinstein (D-Calif.), and Marco Rubio (R-Fla.) in a letter to the VA. Congressman Eric Swalwell (D-Calif.-15) is leading a House version.

Writing to VA Secretary Denis McDonough, the senators discuss the challenges that current veterans face when purchasing a home, writing that “in this housing market, veterans and military families are struggling to compete with other buyers when using the VA Home Loan Guaranty program.” The VA Home Loan Guaranty program was established more than 75 years ago to help returning service members achieve the dream of home ownership.

The senators urge the VA to “consider additional flexibilities regarding valuation for the VA Home Loan Guaranty program, while providing comprehensive education about the program for veteran homebuyers, realtors, and lenders. The VA serves as a cornerstone of our nation’s system to provide care for veterans. We ask for your committed leadership to ensure that veterans continue to receive the help that they need when transitioning back to civilian life.”

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Cardin, Van Hollen and Hassan sent the letter after hearing from Maryland and New Hampshire veterans that they are at an unfair disadvantage when purchasing a home, since realtors often do not consider their application due to the VA home loan process.

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