Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

H.R. 8875, Expanding Home Loans for Guard and Reservists Act (CBO Report for Congress)

Premium   Download PDF Now (20 pages)
Congress 117th
Date Requested Sept. 21, 2022
Requested By House Committee on Veterans’ Affairs
Date Sent Sept. 26, 2022
Description:
The Department of Veterans Affairs (VA) provides guarantees to lenders for eligible borrowers to obtain better loan terms—such as lower interest rates or smaller down payments—when purchasing, constructing, or refinancing a home. VA typically pays lenders up to 25 percent of the outstanding mortgage balance if a borrower’s home is foreclosed upon. Those payments, net of fees paid by borrowers and recoveries by lenders, constitute the subsidy cost for the loan guarantees and are paid from mandatory appropriations. Any changes to those costs affect direct spending.

« Return to search CBO reports