The bill would create a five-year pilot program for direct Department of Veterans Affairs loans to veterans who buy rural land and build a home to live in as their primary residence for at least 24 months. Loans would have a 1% interest rate and would be subject to income, credit, property, and construction-value requirements. Borrowers would use program blueprints and domestic lumber for structural framing. The VA would provide technical help and pay permit fees; state and local governments would have to issue permits using the blueprints within 45 days. The bill also changes a date in the existing VA loan-fee table from June 9, 2034, to June 12, 2034.
A veteran who receives a pilot loan would need to build the home using the required blueprints and materials, then live there as a primary residence for at least 24 consecutive months. If the veteran sells, transfers, or leases the home before that period ends, the unpaid loan balance and accrued interest would generally become due at once. The VA could waive this requirement in certain cases, including deployment or medical hardship.
The bill authorizes $5 million for loans in fiscal year 2027, available until spent. The loan interest rate would be 1%, and the VA would pay fees for permits issued under the program. No other cost information is provided.
No publicly available information.
No publicly available information.