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Expanding Home Loans for Guard and Reservists Act
8/14/2023, 9:00 PM
Summary of Bill HR 8875
Bill 117 HR 8875, also known as the Expanding Home Loans for Guard and Reservists Act, aims to provide greater access to home loans for members of the National Guard and Reserves. The bill seeks to amend the Servicemembers Civil Relief Act to allow Guard and Reserve members to qualify for certain benefits related to home loans.
Specifically, the bill would extend the protections and benefits of the Servicemembers Civil Relief Act to Guard and Reserve members who have served on active duty for at least 90 days. This would include protections against foreclosure, eviction, and other financial hardships related to home loans.
The bill also aims to streamline the process for Guard and Reserve members to apply for and receive home loans, making it easier for them to achieve homeownership. Additionally, the bill includes provisions to ensure that Guard and Reserve members are not unfairly discriminated against by lenders when applying for home loans. Overall, the Expanding Home Loans for Guard and Reservists Act seeks to support and empower members of the National Guard and Reserves by providing them with greater access to home loans and protections against financial hardships related to homeownership.
Specifically, the bill would extend the protections and benefits of the Servicemembers Civil Relief Act to Guard and Reserve members who have served on active duty for at least 90 days. This would include protections against foreclosure, eviction, and other financial hardships related to home loans.
The bill also aims to streamline the process for Guard and Reserve members to apply for and receive home loans, making it easier for them to achieve homeownership. Additionally, the bill includes provisions to ensure that Guard and Reserve members are not unfairly discriminated against by lenders when applying for home loans. Overall, the Expanding Home Loans for Guard and Reservists Act seeks to support and empower members of the National Guard and Reserves by providing them with greater access to home loans and protections against financial hardships related to homeownership.
Congressional Summary of HR 8875
Expanding Home Loans for Guard and Reservists Act
This bill revises a provision that makes full-time National Guard members who serve for a specified period eligible for home loans from the Department of Veterans Affairs to instead make any individual who performed active service for the specified period eligible for the loans.
Read the Full Bill
Current Status of Bill HR 8875
Bill HR 8875 is currently in the status of Introduced to Senate since October 11, 2022. Bill HR 8875 was introduced during Congress 117 and was introduced to the House on September 19, 2022. Bill HR 8875's most recent activity was Received in the Senate and Read twice and referred to the Committee on Veterans' Affairs. as of October 11, 2022
Bipartisan Support of Bill HR 8875
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 8875
Primary Policy Focus
Armed Forces and National SecurityPotential Impact Areas
- Housing and Community Development
- Military personnel and dependents
- National Guard and reserves
- Veterans' loans, housing, homeless programs
Alternate Title(s) of Bill HR 8875
Expanding Home Loans for Guard and Reservists Act
Expanding Home Loans for Guard and Reservists Act
Expanding Home Loans for Guard and Reservists Act
To amend title 38, United States Code, to expand eligibility of members of the National Guard for housing loans guaranteed by the Secretary of Veterans Affairs.
Comments
Sponsors and Cosponsors of HR 8875
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