The U.S. House of Representatives advanced Sen. Tim Sheehy’s bipartisan VA Home Loan Awareness Act as part of a larger package of housing legislation, the 21st Century ROAD to Housing Act, sending the bill to President Trump’s desk. The measure is the first piece of legislation Sheehy introduced as a senator.
“The VA Home Loan Awareness Act ensures our veterans and their families can take advantage of the benefits they rightly earned through their service and sacrifice for our nation,” Sheehy said. “I’m proud to see this historic, bipartisan legislation pass both chambers of Congress and look forward to President Trump signing it into law.”
The bill, co-led by Sen. Chris Van Hollen (D-Md.), aims to help more veterans take advantage of the VA Home Loan program by improving disclosure of the program and veterans’ potential eligibility for it.
The VA Home Loan program offers veterans no down payment, no private mortgage insurance and interest rates often lower than conventional FHA loans. Despite those benefits, only about 13% of veterans use the program, and 33% of those who don’t say they are unaware it exists.
The legislation will add a disclosure to the Uniform Residential Loan Application informing applicants they may be eligible for a VA Home Loan and directing them to consult their lender for more information. It also directs the Government Accountability Office to review and report to Congress on lenders’ adoption of the updated application.