WASHINGTON—Today, Senators Mike Braun and Sherrod Brown, Chairman of the Senate Committee on Banking, introduced the VA Home Loan Awareness Act of 2023 to increase awareness of the VA Home Loan Program for veterans by adding a disclosure to the standard mortgage pre-qualification application.
Senators Rosen, Budd, Van Hollen, Rubio, Sinema, Tillis, Sanders, Klobuchar, Whitehouse, Kelly, Warnock, Reed, King and Welch cosponsored the legislation.
“Those who have risked their lives for our freedom should be able to afford a house in the country they’ve sworn to protect. I am glad to lead this bill to inform Hoosier veterans of the benefits they that have earned and deserve.”—Sen. Braun
“By letting veterans and servicemembers know they may be eligible for a VA home loan, we can help make the dream of homeownership a reality for more military families and make sure that the Ohioans who have served our country get the benefits they’ve earned.”— Sen. Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs.
“The men and women who served our country in uniform deserve all the support we can give them. Making it easier for veterans to purchase a home is a worthy mission and I’m proud to support Senator Braun’s bill to help.”—Sen. Budd
“We’re making it easier for Arizona veterans to access housing resources available to them so they can purchase a home and continue building a future for themselves and their families.”—Sen. Sinema
“By simply adding a disclosure about the VA Home Loan Program, this bill would increase awareness and help veterans and their families achieve their goal of owning a home. I am proud to support this commonsense bill.” – Senator Rubio
“The VA Home Loan Program supports veterans achieving their dream of home ownership, but far too few are utilizing this important benefit. As a 25-year Navy veteran, I am proud to support this legislation to ensure Arizona veterans access the benefits they’ve earned.”—Sen. Kelly
“We work to support our veterans with housing, medical care, and more in recognition of their support of our country, and we must ensure that veterans are aware of those benefits so they can make informed choices. This bipartisan legislation will ensure home loan applications for veterans include information stating that they may qualify for a VA Home Loan.”—Sen. Klobuchar
“Homeownership is a key component of the American dream, offering stability and a sense of community – something many veterans seek as they transition out of service. I’m proud to co-sponsor the bipartisan VA Home Loan Awareness Act of 2023 to ensure our veterans are able to access all the tools and resources to own a home in the country they proudly defended.”—Sen. King
“This is a simple, good-government approach to improving transparency, doing right by veterans, and ensuring more veterans are aware of the potential advantages of VA home loans. It will help veterans understand their home loan options and make informed decisions about what is right for them.” —Sen. Reed
“Nevada is facing a housing crisis, and we must help our veterans access the resources they need to be able to have a roof over their heads. Veterans can be unaware of the benefits available to them, which is why I’m helping introduce bipartisan legislation to ensure our heroes are given the information they need to make buying a home easier and more affordable.”—Sen. Rosen
BACKGROUND:
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.
More information here
Bill text here
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