Bill Overview
Title: Expanding Home Loans for Guard and Reservists Act
Description: 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.
Sponsors: Rep. Ryan, Patrick [D-NY-19]
Target Audience
Population: Individuals who served in the Guard and Reserves eligible for home loans
Estimated Size: 900000
- The bill targets individuals who have served in the National Guard or as reserve military personnel.
- The primary benefit is expanding access to VA home loans, which suggests that military members and possibly veterans who have served in these capacities are impacted.
- Traditionally, active duty service members are already eligible for VA home loans, so this expansion will specifically reach those who previously were not eligible due to their part-time status.
Reasoning
- The target population includes members of the National Guard and Reserves who have served actively but were previously not eligible for VA home loans.
- This policy specifically impacts those who would benefit from new access to VA home loans.
- Many in the military reserves might already own homes or might not be seeking immediate loans, so the impact will vary greatly across individuals.
- The policy's budget limits the extent to which loans can be provided, meaning not every eligible person might receive a loan immediately.
Simulated Interviews
National Guard Member (Boston, MA)
Age: 30 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 12/20
Statement of Opinion:
- I think this policy will be really beneficial for folks like me who have been wanting to own a home.
- It's about time that our active service in the Guard is recognized like this.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 6 |
| Year 2 | 9 | 6 |
| Year 3 | 9 | 7 |
| Year 5 | 10 | 7 |
| Year 10 | 10 | 8 |
| Year 20 | 10 | 9 |
Reservist, Engineer (Phoenix, AZ)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 9/20
Statement of Opinion:
- While I already have a mortgage, this could be helpful if we want to move or refinance with better terms.
- I'm curious about how the application process will work and if there will be eligibility limits.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Retired from Reserves (Chicago, IL)
Age: 52 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- I'm not directly impacted, but it's an excellent initiative for current members.
- It's important that our reserves are seen as an integral part of the military.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Federal Employee, Former Guard (New York, NY)
Age: 38 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 8/20
Statement of Opinion:
- If I transition out of company housing, having access to better loan rates would be great.
- I'm not sure how quickly this policy will roll out, but it's positive news.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 8 |
Reservist and Student (Houston, TX)
Age: 28 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 30.0 years
Commonness: 11/20
Statement of Opinion:
- This will really help me out when I finally move out and look to own a place.
- Having more options available is encouraging.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 8 |
| Year 20 | 10 | 8 |
Veteran Advocate (Los Angeles, CA)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 4/20
Statement of Opinion:
- I think it's a great step forward in acknowledging the contributions of our Guard and Reserves.
- It's important these members see benefits similar to those of active duty personnel they assist.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Part-time worker, Reservist (Orlando, FL)
Age: 22 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 13/20
Statement of Opinion:
- I’m planning for the future, so this could be very useful when I think about settling down.
- Excited that the reserves are being valued through such policies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 8 |
Teacher, former Reservist (Seattle, WA)
Age: 50 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- Might be useful to refinance the home, though current rates are already decent.
- I see it as a security for future housing needs if something changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Software Developer, Guard (Charlotte, NC)
Age: 37 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 15.0 years
Commonness: 14/20
Statement of Opinion:
- This will definitely help with owning a home soon, especially in the current market.
- It's reassuring to know the government is supporting us in such ways.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 8 |
| Year 10 | 10 | 8 |
| Year 20 | 10 | 9 |
Emergency Services, Guard (Denver, CO)
Age: 31 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- This creates an opportunity to start planning on buying my own place.
- Having access to home loans with better terms will really make a difference.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 7 |
| Year 20 | 10 | 8 |
Cost Estimates
Year 1: $3100000000 (Low: $2000000000, High: $4000000000)
Year 2: $3200000000 (Low: $2100000000, High: $4200000000)
Year 3: $3300000000 (Low: $2200000000, High: $4400000000)
Year 5: $3500000000 (Low: $2400000000, High: $4700000000)
Year 10: $3800000000 (Low: $2700000000, High: $5000000000)
Year 100: $4500000000 (Low: $3400000000, High: $6200000000)
Key Considerations
- The bill would significantly increase the number of individuals eligible for VA home loans, which could lead to increased administrative costs and potential budget adjustments within the VA.
- While many would qualify, the percentage of those who would actually apply and receive loans will depend on their financial situation and housing market conditions.
- Long-term fiscal impacts depend on housing market trends and the ability of veterans to repay loans.