Today (Thur), Idaho Congressman Mike Simpson cosponsored H.R.4335 – VA Loan Informed Disclosure (VALID) Act of 2023. This legislation will ensure that veterans, servicemembers, and their families are made aware of all financing options available to them before purchasing a home. The VALID Act requires that a Federal Housing Administration mortgage notice contain comparative rate and fee information for loans available to them under the Department of Veterans Affairs (VA) home loan program. This will equip our nation’s veterans with the best possible information for their individual needs.
“Every year, many VA home loans go unused, and countless veterans miss out on the opportunity of becoming a homeowner,” said Rep Simpson. “The VALID Act will correct this unfortunate reality by providing veterans an opportunity to learn about available resources and increasing awareness of the VA home loan financing options. Our country owes an immeasurable debt of gratitude to America’s veterans. Through our gratitude, we must ensure veterans are supported and made aware of the services available to them. I am proud to cosponsor this important piece of legislation.”
The VALID Act would provide potential homeowners a side-by-side comparison between VA home loan options, conventional loans, and loans offered through the Federal Housing Administration. This bill will ensure that veterans have access to comprehensive information when considering their home financing options.
This bipartisan legislation has over 89 cosponsors. The full list of cosponsors and bill text can be found here.
