Sens. Brown, Braun introduce bill to better promote VA Home Loan Program

U.S. Sens. Sherrod Brown (D-OH) and Mike Braun (R-IN) introduced legislation last week that seeks to help inform veteran homebuyers of their eligibility for the VA Home Loan Program.

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The VA Home Loan Awareness Act (S. 3068) looks to increase awareness of the VA Home Loan Program in several ways. First, it would add a disclosure informing veterans they may be eligible for a VA Home Loan to the URLA form. I would also direct applicants to consult their lender for more information about the VA Home Loan Program. In addition, it would instruct the GAO to conduct a review and report to Congress regarding lenders adoption of the URLA form updates.

“By letting veterans and servicemembers know they may be eligible for a VA home loan, we can help make the dream of homeownership a reality for more military families and make sure that the Ohioans who have served our country get the benefits they’ve earned,” Brown, chair of the Senate Committee on Banking, Housing, and Urban Affairs, said.

The VA Home Loan Program is designed to help veterans and their spouses own a home by offering certain perks for financing their home purchases. The perks include no down payment, no private mortgage insurance, and oftentimes lower interest rates than FHA loans. However, despite these benefits, only 13 percent of veterans ever utilize their VA Home Loan benefit.

“Those who have risked their lives for our freedom should be able to afford a house in the country they’ve sworn to protect. I am glad to lead this bill to inform Hoosier veterans of the benefits they that have earned and deserve,” Braun said.

Sens. Jacky Rosen (D-NV), Ted Budd (R-NC), Chris Van Hollen (D-MD), Marco Rubio (R-FL), Kyrsten Sinema (I-AZ), Thom Tillis (R-NC), Bernie Sanders (I-VT), Amy Klobuchar (D-MN), Sheldon Whitehouse (D-RI), Mark Kelly (D-AZ), Raphael Warnock (D-GA), Jack Reed (D-RI), Angus King (I-ME), and Peter Welch (D-VT) cosponsored the bill.