Sheehy housing legislation aimed at vets passes Senate

The first piece of legislation Sen. Tim Sheehy introduced as a senator, an effort to increase VA Home Loan awareness, has passed the U.S. Senate as part of a broader package of housing legislation, his office announced.

The legislation, co-led by Sen. Chris Van Hollen, a Maryland Democrat, adds a line to standard mortgage prequalifying application that they may be eligible for the VA Home Loan. According to a fact sheet on the legislation, about 33% of veterans who don’t use the VA Home Loan program weren’t aware it existed, a number that’s higher — 46% — among surviving spouses.

Additionally, only 13% of veterans access the VA Home Loan program.

The VA Home Loan program includes no down payments, lower interest rates and limited closing costs than conventional loans. It’s also a lifetime benefit and eligibility now includes National Guard members with at least 90 days of active services. For National Guard members, that also includes at least 30 consecutive days of service.

“As a combat veteran who is married to a combat veteran, ensuring our nation’s warfighters have the information and resources they need to live out the American dream when they return home is among my top priorities,” Sheehy said in a press release. “The VA Home Loan Awareness Act will ensure our veterans can take full advantage of programs designed to help them achieve home ownership, and I’m proud to see it pass the Senate in a strong, bipartisan vote.”