Washington, D.C.—Today, U.S. Senator Reverend Raphael Warnock (D-GA) joined his colleagues to introduce the bipartisan VA Home Loan Awareness Act that will increase awareness of the VA Home Loan Program for veterans by adding a disclosure to the standard mortgage pre-qualification application.
This bill aims to increase awareness of the VA Home Loan Program by:
- Adding a disclosure informing Veterans they may be eligible for a VA Home Loan the URLA form;
- Directing applicants to consult their lender for more information about the VA Home Loan Program;
- Instructing the GAO to conduct a review and report to Congress regarding lenders adoption of the URLA form updates.
“This bipartisan bill will better equip our veterans with the information and resources they need to become homeowners and pursue their American Dream, after working so hard to defend our freedoms,” said Senator Reverend Warnock. “Our veterans and servicemembers represent the best among us. For all our veterans have sacrificed, the least we can do is ensure they and their families can take advantage of the benefits they have valiantly earned.”
The VA Home Loan Program is the primary tool for helping veterans and their spouses achieve the American dream of owning a home. It offers veterans unique perks for financing their home purchases, including no down payment, no private mortgage insurance, and oftentimes lower interest rates than conventional FHA loans. Despite these benefits, only 13% of veterans ever utilize their VA Home Loan benefit.
In addition to Senator Warnock, Senators Rosen (D-NV), Budd (R-NC), Van Hollen (D-MD), Rubio (R-FL), Sinema (I-AZ), Tillis (R-NC), Sanders (I-VT), Klobuchar (D-MN), Whitehouse (D-RI), Kelly (D-AZ), Reed (D-RI), King (I-ME) and Welch (D-VT) cosponsored the legislation. The bill was introduced by Chairman of the Senate Committee on Banking Senator Brown (D-OH), alongside Senator Braun (R-IN).
More information here
Bill text here