Washington, D.C. – Congresswoman Elise Stefanik joined her colleagues in sending a bipartisan letter to the Department of Veterans Affairs (VA) requesting the department work to make homeownership more attainable for our nation’s veterans by improving the veteran mortgage loan program.
In the letter, the lawmakers argue specifically that the department should explore how VA mortgage loans can compete in today’s marketplace and ensure veterans have negotiating power throughout the home buying process.
“Our nation’s veterans have provided an invaluable service to protect our freedoms and American way of life. It is only fitting we ensure they receive the benefits they deserve. We call on your department to improve the VA mortgage loan process and ask for a report on the steps the VA is taking to increase loan competitiveness. It is imperative veterans receive a competitive loan that provides them the opportunity to purchase a home,” the lawmakers wrote.
A growing number of veterans report that their VA mortgage loans cannot compete with conventional loan products and cash offers. According to the National Association of Realtors, VA borrowers are less successful than borrowers using conventional loan products, with 11% of VA borrowers changing loan products during their housing search, compared to only 1% of conventional borrowers who change financing methods.
In the letter, the lawmakers point out that this is particularly alarming as 19,750 veterans experienced homelessness in 2021.
Read the full letter led by Representatives?Guy Reschenthaler?(R-PA)?and Derek Kilmer (D-WA) here.