WASHINGTON––U.S. Senators John Boozman (R-AR), Tim Sheehy (R-MT) and Chris Van Hollen (D-MD) introduced the bipartisan VA Home Loan Awareness Act to help more veterans take advantage of the Department of Veterans Affairs (VA) Home Loan program and achieve home ownership.
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The VA Home Loan program offers veterans no down payment, no private mortgage insurance and interest rates that are often lower than rates for conventional FHA loans. Despite these benefits, only 13 percent of veterans access the VA Home Loan program. Among veterans who don’t use the VA Home Loan program, 33 percent say they are not aware of the program.
“By making extra effort to inform veterans of the benefits they have earned, we can help the men and women who have served fulfill the American dream of home ownership,” said Boozman. “The VA Home Loan program has been historically underutilized, and I am pleased to see bipartisan support to increase awareness about its potential to help improve the lives of our veterans and their families.”
“For decades, owning a home has been the bedrock of the American Dream, but too often, those who have put their lives on the line for our country have been hampered by a lack of information from their own government. I’m proud to join Senator Van Hollen and my other colleagues in introducing this commonsense measure to empower our veterans with the knowledge and resources necessary to secure a VA Home Loan and achieve the same dream they fought to defend,” said Sheehy.
“After serving our country in uniform, our veterans deserve the support of a grateful nation. The VA Home Loan Program is one way we provide that support – by helping veterans purchase homes. But far too many of our veterans are unaware of this program and what it has to offer. Our bipartisan bill will help ensure more veterans and their families have the opportunity to use it to achieve their goal of homeownership,” said Van Hollen.
The VA Home Loan Awareness Act will help better inform veterans of opportunities provided by the VA Home Loan program by adding a disclosure to the Uniform Residential Loan Application (URLA) informing veterans they may be eligible for a VA Home Loan, directing applicants to consult their lender for more information about the VA Home Loan program, and instructing the Government Accountability Office (GAO) to conduct a review and report to Congress on lenders’ adoption of these URLA updates.
The legislation is also cosponsored by Senators Ted Cruz (R-TX), Raphael Warnock (D-GA), Ted Budd (R-NC), Sheldon Whitehouse (D-RI), Bernie Sanders (I-VT), Kevin Cramer (R-ND), Peter Welch (D-VT), Eric Schmitt (R-MO), John Kennedy (R-LA), Thom Tillis (R-NC), Bernie Moreno (R-OH), Jacky Rosen (D-NV) and Amy Klobuchar (D-MN).
Click here to read the text of the legislation.