Summary
Two lawmakers introduced the VALOR Act to help veterans by refunding VA home loan fees. This bill applies to veterans who file a disability claim before closing on a home loan and later receive a disability rating.
Key Facts
- The VALOR Act targets VA home loan funding fees paid by veterans with pending disability claims.
- If a veteran files a disability claim before closing and gets a rating later, the fee is refunded.
- The bill is sponsored by Mike Levin, a Democrat, and cosponsored by James Moylan, a Republican.
- Under the current system, veterans need a disability rating before closing to avoid the fee.
- The VA funding fee is a one-time charge that can be up to 3.3%.
- The bill has support from organizations like the American Legion and Veterans of Foreign Wars.
- The measure aims to ease financial barriers for veterans and help them buy homes.
- The bill is now with the House Committee on Veterans' Affairs.
