The VA Home Loan Program Reform Act expands the Department of Veterans Affairs' ability to help veterans avoid foreclosure on their homes. The bill gives the VA Secretary authority to make payments to loan holders to prevent foreclosure and to establish a new Partial Claim Program, which allows the VA to purchase up to 20 percent of a veteran's unpaid loan balance if the loan is in default or at risk of default. Veterans receiving partial claims would repay the VA at zero percent interest if they begin monthly payments within one year, or at 0.5 percent interest otherwise. The bill also requires the VA to submit a report within 90 days on how it will ensure veterans aren't disadvantaged when seeking real estate agent representation, and it terminates the Partial Claim Program after September 30, 2026. The legislation affects veterans struggling with home loan payments and the lenders who hold VA-guaranteed loans.
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