H.R. 3384: Refinancing Relief for Veterans Act

This bill, titled the Refinancing Relief for Veterans Act, proposes changes to the fees associated with interest rate reduction refinancing loans that are backed by the Department of Veterans Affairs (VA). These loans allow veterans to refinance existing home loans to secure lower interest rates.

Key Provisions

The bill makes adjustments to the loan fees that veterans must pay when refinancing their homes. The proposed fee changes are as follows:

• If the refinancing loan is closed on or after August 1, 2025, and before December 31, 2025, the loan fee will be 0.50% of the loan amount.
• If the refinancing loan is closed on or after December 31, 2025, and before December 31, 2027, the loan fee will be 0.25% of the loan amount.
• If the refinancing loan is closed on or after December 31, 2027, and before December 31, 2032, the loan fee will revert to 0.50% of the loan amount.
• If the refinancing loan is closed on or after December 31, 2032, and before December 31, 2035, the loan fee will be 0.75% of the loan amount.
• If the refinancing loan is closed on or after December 31, 2035, the loan fee will again be 0.50% of the loan amount.

By changing these fees, the bill aims to provide more affordable refinancing options for veterans, helping them to save on their mortgage payments by securing lower interest rates. The bill was introduced in the House of Representatives and has been referred to the Committee on Veterans’ Affairs for further consideration.

Summary of Fee Changes

Relevant Companies

None found.