On Thursday, Senators Mike Braun (R-Ind.) and Sherrod Brown (D-Ohio), Chairman of the Senate Committee on Banking, introduced the 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.
Senators Rosen, Budd, Van Hollen, Rubio, Sinema, Tillis, Sanders, Klobuchar, Whitehouse, Kelly, Warnock, Reed, King, and Welch cosponsored the legislation.
The VA Home Loan Program is the primary tool for helping veterans and their spouses achieve the American dream of owning a home. It 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 percent of veterans ever use their VA Home Loan benefit.