Sheehy’s Bipartisan VA Home Loan Awareness Act Clears Congress, Headed to President Trump’s Desk

U.S. SENATE - Tonight the U.S. House of Representatives advanced Senator Sheehy's bipartisan VA Home Loan Awareness Act as part of a larger package of housing legislation, the 21^st Century ROAD to Housing Act. The VA Home Loan Awareness Act is the first piece of legislation Senator Sheehy introduced as a senator and now heads to President Trump's desk.

"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. I'm proud to see this historic, bipartisan legislation pass both chambers of Congress and look forward to President Trump signing it into law," said Senator Sheehy.

Background:
The VA Home Loan Awareness Act, co-led by Senator Chris Van Hollen (D-Md.), aims to help more veterans take advantage of the VA Home Loan program by providing more information on the program and potential eligibility.

The VA Home Loan program is a key tool for helping veterans and their spouses achieve the American Dream. It offers veterans no down payment, no private mortgage insurance, and interest rates that are often lower than rates for conventional FHA loans. Despite these benefits, only 13 percent of veterans access the VA Home Loan program. Among veterans who don't use the VA Home Loan program, 33 percent say they are not aware of the program.

The VA Home Loan Awareness Act will help better inform veterans of opportunities provided by the VA Home Loan program by adding a disclosure to the Uniform Residential Loan Application (URLA) informing veterans they may be eligible for a VA Home Loan, directing applicants to consult their lender for more information about the VA Home Loan program, and instructing the Government Accountability Office (GAO) to conduct a review and report to Congress on lenders' adoption of these URLA updates.