Pulaski Times

U.S. Senators John Boozman, Tim Sheehy, and Chris Van Hollen have introduced the bipartisan VA Home Loan Awareness Act. This legislation aims to help veterans utilize the Department of Veterans Affairs (VA) Home Loan program more effectively. The program offers veterans benefits such as no down payment, no private mortgage insurance, and lower interest rates compared to conventional FHA loans. Despite these advantages, only 13 percent of veterans currently access this program, with a significant portion unaware of its existence.

"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. He emphasized the historical underutilization of the VA Home Loan program and expressed satisfaction at the bipartisan support for increasing awareness.

Sheehy highlighted that home ownership is a fundamental part of the American Dream but noted that many veterans lack information from their government about available resources. "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," he stated.

Van Hollen stressed that after serving in uniform, veterans deserve comprehensive support from their nation. "The VA Home Loan Program is one way we provide that support – by helping veterans purchase homes," he said. He added that many veterans are not aware of this opportunity and hopes that this bill will increase participation.

The VA Home Loan Awareness Act proposes adding a disclosure to the Uniform Residential Loan Application (URLA) informing veterans about their potential eligibility for a VA Home Loan. It directs applicants to consult lenders for more information and mandates a Government Accountability Office review on lenders' adoption of these updates.

The legislation is cosponsored by Senators Ted Cruz, Raphael Warnock, Ted Budd, Sheldon Whitehouse, Bernie Sanders, Kevin Cramer, Peter Welch, Eric Schmitt, John Kennedy, Thom Tillis, Bernie Moreno, Jacky Rosen, and Amy Klobuchar.