WASHINGTON, DC – Today, Rep. Burgess Owens (UT-04) co-sponsored the VA Loan Informed Disclosure (VALID) Act of 2022, bipartisan legislation to help ensure America’s veterans have the tools and resources to access home loans and attain homeownership.
“America’s veterans and their families have sacrificed so much to preserve our freedoms,” said Rep. Owens. “Unfortunately, these brave men and women face far too many hurdles to access the benefits and care they have earned. I am proud to support the VALID Act of 2022 to keep veterans informed of their loan options and do all we can to help these heroes after they return home from service.”
Veterans Affairs (VA) Home Loans aim to provide benefits to servicemembers, veterans, and eligible surviving spouses – including lower down payments, interest rates, and closing costs, than traditional conventional financing options. These VA Home Loans aim to help those who use them save thousands of dollars over the life of the loan. However, only 10% to 15% of veterans report being able to use this benefit – with some states reporting only 6% utilization.
To help ensure that more veterans are made aware of VA Home Loans, the VA Loan Informed Disclosure (VALID) Act of 2022 proposes to update the U.S. Department of Housing and Urban Development’s “Informed Consumer Choice Disclosure Notice” to ensure more veterans are notified of the VA home loan financing option. The bill proposes adding VA Home Loans to the current Informed Consumer Choice Disclosure Notice – ensuring that VA home loan options are listed in a side-by-side comparison with conventional loans and loans through the Federal Housing Administration.
The VALID Act of 2022 is endorsed by the Veterans Association of Real Estate Professionals (VAREP) and the National Association of Realtors.
Full text of the legislation is available here.