WASHINGTON, D.C. – Senator Thom Tillis and his colleagues introduced the bipartisan VA Home Loan Awareness Act of 2023 to increase awareness of the VA Home Loan Program for veterans by adding a disclosure to the standard mortgage pre-qualification application. 

“The VA Home Loan Program is an important resource for veterans to achieve the American dream and purchase a home,” said Senator Tillis. “This bipartisan legislation will help expand awareness so the men and women who served our country can take advantage of this benefit.” 

The VA Home Loan Program offers veterans unique perks for financing their home purchases, including no down payment, no private mortgage insurance, and oftentimes lower interest rates than conventional FHA loans. Despite these benefits, only 13% of veterans ever utilize their VA Home Loan benefit. 

Specifically, the VA Home Loan Awareness Act of 2023 would: 

• Add a disclosure informing Veterans they may be eligible for a VA Home Loan to the URLA form;
• Direct applicants to consult their lender for more information about the VA Home Loan Program;
• Instruct the GAO to conduct a review and report to Congress regarding lenders adoption of the URLA form updates. 

The full text of the bill may be found HERE. 

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