WASHINGTON – U.S. Senators John Boozman (R-AR) and Ben Cardin (D-MD) introduced legislation to increase awareness and utilization of Department of Veterans Affairs (VA) home loan benefits. VA home loans offer lower down payments, interest rates and closing costs, likely saving veterans thousands of dollars over the life of the loan.

The VA Loan Informed Disclosure (VALID) Act of 2023 would provide potential homebuyers a comprehensive picture of veterans’ financing options through a side-by-side comparison of conventional, Federal Housing Administration and VA home loans. This legislation will help veterans make more informed choices about their financing options and potentially increase the utilization of VA home loans, which only up to 15 percent of veterans report using currently.

 “We can help fulfill the dream of homeownership by informing veterans about the benefits they have earned. VA’s home loans are underutilized, but this bipartisan legislation will provide the men and women who served in uniform another opportunity to learn about resources available to them to save money and meet the needs of their families,” said Boozman, a senior member of the Senate Veterans’ Affairs Committee.

“Buying a home often is the most expensive purchase an individual makes in their lifetime. For our veterans and servicemembers who have earned these benefits through service to our nation, we need to make it easier for them to learn about and access the savings they deserve.” said Cardin. “Far too many of our veterans are missing out on tens of thousands of dollars of savings; we aim to change that by making the disclosures and comparisons clear and upfront,” 

The legislation is supported by the Veterans Association of Real Estate Professionals (VAREP).

“As part of its ongoing commitment to veterans, VAREP applauds Senators Ben Cardin and John Boozman for support of expansion of legislation to include VA loans in the Informed Consumer Choice Disclosure, addressing a key informational gap. This change will empower veterans and servicemembers to make fully informed home loan decisions as they set their sights on the American dream of homeownership,” said G2 Varrato, National Legislative Committee Director of the Veterans Association of Real Estate Professionals (VAREP).

Click here for text of the VALID Act.