House Veterans Affairs Committee Holds Hearing on Cunningham Bill to Help Veterans in the Wake of Natural Disasters

Washington, D.C. ­– Today, the House Veterans Affairs Committee held a hearing on Rep. Joe Cunningham’s bipartisan legislation that would help veterans in the wake of a major natural disaster. Veterans and servicemembers are eligible for VA home loans that are backed by the federal government and subject to lower interest rates than traditional mortgages. The Veteran Home Loan Disaster Recovery Act would reduce loan fees for veterans who have been affected by presidentially-declared natural disasters by enabling them to qualify for a second home loan using the initial VA funding fee, instead of the higher subsequent-use fee. The legislation has earned the support of three high-profile veteran service organizations: the American Legion, Veterans of Foreign Wars, and Paralyzed Veterans of America.

Current VA Funding Fee Structure:

“South Carolina is no stranger to natural disasters and Lowcountry veterans do not deserve to be penalized for living in the path of hurricanes,” said Rep. Joe Cunningham. “When disaster strikes, every American – especially our veterans and servicemembers – deserve to know that their country is there for them. The bipartisan Veteran Home Loan Disaster Recovery Act helps veterans recover and rebuild by reducing unnecessarily-high loan fees. I’m glad to see the House Veterans Affairs Committee consider such important legislation today.”