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: Sen. Shaheen, Jeanne [D-NH]
Target Audience
Population: National Guard and Reservists who performed active service
Estimated Size: 2000000
- The bill modifies the eligibility criteria for home loans from the Department of Veterans Affairs, specifically targeting members of the National Guard and Reservists.
- Previously, full-time National Guard members had specific service requirements to qualify, but the bill expands eligibility to any Guard or Reservist who performed active service for the specified period.
- Estimating the global population involves calculating all National Guard and Reserve members who could benefit from this broader eligibility criterion.
- There are millions of National Guard and Reservists worldwide, accounting for different countries.
- In the United States, the specified period of active service would be crucial for determining the specifics of the eligible population.
Reasoning
- The policy aims to expand access to home loans for a specific group within the military population, which includes a substantial number of citizens who have previously served in the National Guard or as Reservists in active duty roles.
- I estimated the impact based on its reach—potential beneficiaries and those indirectly affected due to family and community roles.
- The varied Cantril wellbeing scores before and after the policy give insight into the personal and financial relief such an act might provide, recognizing both immediate and long-term benefits.
- The policy's budget restricts the number of loans that can be effectively disbursed, which might mean not everyone who qualifies will receive benefits immediately, potentially extending the rollout over several years.
- Individuals who do not directly qualify or do not need home loans are unaffected; hence, they show 'none' impact, while direct beneficiaries show ranging impacts based on their initial situations.
- For commonness, I have considered the full population of eligible Guard and Reservists, those already in stable home ownership, and those who might have other pressing financial obligations that take precedence over home buying.
Simulated Interviews
IT consultant (Austin, Texas)
Age: 30 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- This policy could be a game-changer for us Reservists.
- I've been saving for a house, and this would help me get a better loan rate.
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 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 5 |
Nurse (Seattle, Washington)
Age: 45 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 15/20
Statement of Opinion:
- I think it's a great policy for those starting out.
- I'm settled now, so it won't affect me much.
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 |
Factory worker (Cleveland, Ohio)
Age: 38 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- I won't benefit directly, but I support my peers who will.
- Policies like this can lower community stress and improve morale.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 4 | 5 |
Graduate student (Phoenix, Arizona)
Age: 26 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 20.0 years
Commonness: 12/20
Statement of Opinion:
- This is the first good step for building my future.
- I'm excited about the chance to own a home early on.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 4 |
| Year 2 | 7 | 4 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Retired military (Miami, Florida)
Age: 55 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 16/20
Statement of Opinion:
- My days of buying homes due to military loans are over.
- I see this helping younger folks, which is good.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Teacher (Denver, Colorado)
Age: 42 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 10/20
Statement of Opinion:
- We're considering moving, and this could help us afford a bigger place.
- I'm hopeful it all works out smoothly with the paperwork.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Software developer (San Francisco, California)
Age: 28 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 9/20
Statement of Opinion:
- I plan to use this to finally buy a home here.
- With housing prices as they are, every bit helps.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Freelancer (New York, New York)
Age: 33 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I'm grateful for the chance; it's all about juggling things.
- Getting a more stable place to live will help me focus.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 4 |
| Year 20 | 6 | 4 |
Entrepreneur (Chicago, Illinois)
Age: 50 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- Wonderful policy, just not applicable to me at this moment.
- Glad to see support for our community members though.
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 |
Construction worker (Houston, Texas)
Age: 37 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 15.0 years
Commonness: 11/20
Statement of Opinion:
- Finally, a chance at affordable home ownership.
- This could speed up our family's plans towards better financial security.
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 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Cost Estimates
Year 1: $30000000 (Low: $25000000, High: $35000000)
Year 2: $32000000 (Low: $27000000, High: $37000000)
Year 3: $35000000 (Low: $30000000, High: $40000000)
Year 5: $40000000 (Low: $35000000, High: $45000000)
Year 10: $50000000 (Low: $45000000, High: $55000000)
Year 100: $1000000000 (Low: $900000000, High: $1100000000)
Key Considerations
- Full-time National Guard and Reserve members gain easier access to highly sought-after VA home loans.
- Expected increase in administrative workload at the VA to process additional applications, requiring adaptation to ensure service quality.
- Potentially complex eligibility verification process given varying service histories and documentation across Reserve and Guard units.
- Broader economic impacts stemming from possible housing market stimulation and wider access to financing.
- Long-term savings or indirect economic benefits hard to quantify but necessary for a holistic policy appraisal.