Bill > HR2791

This bill, known as the Homes for Heroes Act, increases the maximum housing loan guaranty entitlement for certain veterans by raising the loan limit from 25% to 37.5% of the Freddie Mac conforming loan limit. Freddie Mac is a government-sponsored enterprise that purchases and guarantees mortgages, and the conforming loan limit is the maximum loan amount that Freddie Mac will purchase or guarantee. The bill also modifies the loan fees for Interest Rate Reduction Refinancing Loans (IRRRLs), which are special VA loans that allow veterans to refinance an existing VA loan to obtain a lower interest rate. The fee structure changes over time, starting at 0.50% for loans closed between August 1, 2025, and December 31, 2025, then decreasing to 0.25% for loans closed between December 31, 2025, and December 31, 2027, and then gradually increasing to 0.75% for loans closed between October 1, 2031, and December 31, 2035, before returning to 0.50% for loans closed after December 31, 2035. These changes aim to provide more flexible and potentially more affordable home financing options for veterans.

Business and Industry, Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/2791/all-info