San Antonio Corridor News

In a bipartisan effort to support veterans and their families, Congresswoman Monica De La Cruz from Texas has introduced the VA Home Loan Awareness Act of 2023. This groundbreaking legislation aims to increase awareness of the VA Home Loan Program, providing veterans and surviving spouses with access to mortgage benefits that are crucial for achieving the American dream of homeownership.

The VA Home Loan Program has long been a valuable tool for veterans and their families to achieve homeownership. It offers numerous advantages, including zero down payments, no mortgage insurance, and often lower interest rates compared to conventional FHA loans. However, statistics reveal that only 13 percent of veterans utilize their VA Home Loan benefit. One of the primary reasons for this low utilization rate is a lack of awareness, with over 33 percent of veterans citing it as the main barrier.

To address this issue, Congresswoman De La Cruz's VA Home Loan Awareness Act of 2023 proposes a simple yet impactful change to the Uniform Residential Loan Application (URLA) form. The bill suggests adding a disclosure below the military service question on the standard mortgage prequalification application, informing veterans that they may qualify for a VA Home Loan. This disclosure will direct applicants to consult their lender for more information about the VA Home Loan Program.

Congresswoman De La Cruz emphasized the importance of the bill, stating, "Our veterans and their families have sacrificed so much for our nation's security, and it is our duty to ensure they have access to the benefits they have earned. The VA Home Loan Awareness Act of 2023 aims to do just that by simplifying the process and making veterans aware of the significant advantages offered by the VA Home Loan Program. By working together in a bipartisan manner, we can provide our heroes with the opportunity to achieve homeownership and the American dream they fought to protect."

The VA Home Loan Awareness Act of 2023 is expected to bring greater awareness to the VA Home Loan Program, ensuring that veterans and surviving spouses are better informed about their eligibility and the benefits they have earned. The bill also instructs the Government Accountability Office (GAO) to conduct a report to Congress regarding lenders' adoption of the URLA form updates.

Several representatives have co-sponsored the bill, including Reps. Dan Crenshaw, Lance Gooden, Blake Moore, Andy Ogles, Bill Posey, and Pete Sessions. The Veterans Association of Real Estate Professionals (VAREP) has expressed its support for the VA Home Loan Awareness Act of 2023. George "G2" Varrato, the National Legislative Committee Director of VAREP, stated, "VAREP is excited that Congresswoman De La Cruz has introduced the VA Home Loan Awareness Act of 2023. This bill puts the finishing touches on the improvements to the URLA's Military Service Question and completely closes the circle of full disclosure to the veteran loan applicant of his/her VA Home Loan Options."

This legislation has garnered support from various organizations, including the Veterans Association of Real Estate Professionals (VAREP), Veterans of Foreign Wars of the U.S. (VFW), and Vietnam Veterans of America (VVA).

To find out more, go to this link: https://delacruz.house.gov/news/documentsingle.aspx?DocumentID=416