Reschenthaler, Kilmer, Veasey Introduce Bipartisan Legislation to Improve Homebuying Process for Veterans
WASHINGTON, D.C. – Representatives Guy Reschenthaler?(PA-14), Derek Kilmer (WA-06), and Marc Veasey (TX-33) introduced H.R. 8616, the Veterans Affairs Loan Informed Disclosure Act of 2022 (VALID Act), bipartisan legislation to improve the homebuying process for veterans.
“As a Navy veteran who used a VA home loan, I know how difficult the process can be,” said Rep. Reschenthaler. “It’s not surprising that only ten to fifteen percent of veterans report successfully using this significant benefit. Modifying the Informed Consumer Choice Disclosure requirement to include VA home loans will improve transparency and help more veterans achieve the American Dream."
“Our nation owes a debt of gratitude to those who put their lives on the line to defend our freedom. That means that every veteran should have a home. And it means veterans should have an easier time finding the benefits that are available to them,” said Rep. Kilmer. “That’s why I’m proud to introduce bipartisan legislation to help ensure that more veterans, servicemembers, and their families are made aware of VA home loans – so they can get the benefits they have earned and deserve.”
“We need to work together to inform our hardworking, brave veterans and help them become homeowners,” said Rep. Veasey. “Our bipartisan VALID Act will do this by requiring the Department of Veterans Affairs to provide vets with a side-by-side comparison of costs between VA loans and conventional loans that will increase transparency and help them access home ownership.”
The VALID Act would reform the U.S. Department of Housing and Urban Development’s "Informed Consumer Choice Disclosure Notice” to require a 'side-by-side' comparison of conventional, Federal Housing Administration, and Department of Veterans Affairs (VA) home loans. This will ensure veterans engaged in the homebuying process have a complete understanding of the financing options available to them.
The VALID Act is endorsed by the National Association of Realtors and the Veterans Association of Real Estate Professionals.
The full text of the bill can be viewed here.
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