Advocating for Veteran Homebuyers: Tillis and Colleagues Drive Awareness of Resources
Senator Thom Tillis, along with his bipartisan colleagues, has introduced the VA Home Loan Awareness Act of 2023, aiming to boost awareness of the VA Home Loan Program among veterans. This legislation proposes the inclusion of a disclosure on the standard mortgage pre-qualification application to inform veterans about the VA Home Loan Program’s benefits.
In a statement, Senator Tillis emphasized the importance of this program in helping veterans achieve the American dream of homeownership. He highlighted that the VA Home Loan Program offers veterans distinct advantages, such as no down payment, no private mortgage insurance, and often lower interest rates compared to conventional FHA loans. However, despite these advantages, only a small percentage of veterans currently utilize their VA Home Loan benefit.
Key provisions of the VA Home Loan Awareness Act of 2023 include:
- Disclosure on URLA Form: The bill proposes adding a disclosure on the Uniform Residential Loan Application (URLA) form, notifying veterans that they may be eligible for a VA Home Loan.
- Lender Consultation: The legislation directs applicants to consult their lender for further information about the VA Home Loan Program, ensuring veterans are well-informed about their potential eligibility.
- GAO Review: The bill instructs the Government Accountability Office (GAO) to conduct a comprehensive review and report to Congress regarding lenders’ adoption of the URLA form updates.
This legislative initiative seeks to empower veterans by making them aware of the valuable benefits available through the VA Home Loan Program. By simplifying the process and enhancing transparency, Senator Tillis and his colleagues aim to increase veterans’ utilization of this program, ultimately assisting more veterans in achieving homeownership.
For the complete text of the bill, you can refer to the official document.
