U.S. Rep. Guy Reschenthaler (R-PA) recently unveiled a bipartisan bill that would help ensure more of America’s military veterans, service members, and their families are aware of home loans available to them through the U.S. Department of Veterans Affairs (VA).
The Veterans Affairs Loan Informed Disclosure (VALID) Act of 2022, H.R. 8616, which is sponsored by U.S. Rep. Derek Kilmer (D-WA), also would improve the homebuying process for veterans, according to a bill summary provided by the lawmakers.
“As a Navy veteran who used a VA home loan, I know how difficult the process can be,” said Rep. Reschenthaler. “It’s not surprising that only 10 to 15 percent of veterans report successfully using this significant benefit.”
Specifically, H.R. 8616 would reform the federal Informed Consumer Choice Disclosure Notice to require a side-by-side comparison of conventional home loans through the VA and the Federal Housing Administration, the summary says.
“Modifying the Informed Consumer Choice Disclosure requirement to include VA home loans will improve transparency and help more veterans achieve the American Dream,” Rep. Reschenthaler said.
The VALID Act is endorsed by the National Association of Realtors and the Veterans Association of Real Estate Professionals.
“Our nation owes a debt of gratitude to those who put their lives on the line to defend our freedom,” added Rep. Kilmer. “That means that every veteran should have a home. And it means veterans should have an easier time finding the benefits that are available to them.”