Released by United States Senator John Kennedy of Louisiana – November 6, 2023
“I’m proud to sponsor the VA Home Loan Awareness Act to help make the American dream a reality for those who courageously serve our country by ensuring that more veterans are aware of the loan benefits available to them.”
WASHINGTON DC – Senator John Kennedy (R-La.) co-sponsored Senator Mike Braun (R-Ind.) and Sherrod Brown’s (D-Ohio) VA Home Loan Awareness Act of 2023, which would help veterans finance homes with benefits available to them from the Veterans Affairs (VA) Home Loan Program.
“America’s veterans deserve the best loan program option possible when they finance a home for their families. I’m proud to sponsor the VA Home Loan Awareness Act to help make the American dream a reality for those who courageously serve our country by ensuring that more veterans are aware of the loan benefits available to them,” said Kennedy.
“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,” said 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,” said Brown.
The VA Home Loan Program offers benefits for veterans financing their home purchases including no down payment, no private mortgage insurance and lower interest rates than conventional Federal Housing Administration loans.
Currently, just 13% of veterans utilize their VA Home Loan benefit. The legislation would:
- Add a disclosure informing veterans that they may be eligible for a VA Home Loan on the Uniform Residential Loan Application (URLA) form.
- Direct applicants to consult their lenders for more information about the VA Home Loan Program.
- Instruct the Government Accountability Office to conduct a review and report to Congress regarding lenders’ adoption of the URLA form updates.
Full text of the VA Home Loan Awareness Act of 2023 is available here.
