U.S. Senator Jon Ossoff is introducing bipartisan legislation which he says will “help Georgia veterans and their families afford homes.”
Sens. Ossoff and Marco Rubio (R-FL) recently introduced the bipartisan Veterans Home Loan Fairness Act to help veterans and their families qualify for home loans through the Department of Veterans Affairs (VA).
The bipartisan bill would remove the consideration of childcare expenses from debt-to-income ratio calculations when veterans and their families are applying for home loans through the VA. Currently, the inclusion of childcare costs in VA home loan applications are unique, as applications to conventional and FHA loans do not include childcare expenses.
Sens. Ossoff and Rubio’s bipartisan legislation would make it easier for veterans to qualify for VA home loans, which includes several benefits such as no requirement for a down payment, no private mortgage insurance requirement, lower interest rates, and limited closing costs – all making it easier to afford homes.
“We can never do enough to support our heroic veterans and their families. That’s why Senator Rubio and I are introducing this new bipartisan bill to help our veterans afford homes,” Sen. Ossoff said.
“We must do everything possible to support our veterans, who fought so hard for our nation’s freedoms. Americans remain forever indebted to their selfless service, and I encourage my colleagues to swiftly pass this bill to help our veterans afford homes,” Senator Rubio said.
This fall, Sen. Ossoff introduced the Access to Homeownership Act would require landlords that receive financing through the Federal government, including through Fannie Mae or Freddie Mac, for multifamily properties like apartment buildings to offer tenants the ability to have their on-time rental payments reported to credit bureaus.
In January, Sen. Ossoff’s bipartisan Junior Enlisted Housing Affordability Act with Sen. Thom Tillis (R-NC) was signed into law to update how the Department of Defense (DoD) calculates housing allowances for junior enlisted servicemembers with dependents to more accurately assess their housing costs.
Click here to read the Veterans Home Loan Fairness Act.
