Texas Border Business
WASHINGTON, DC – Rep. Monica De La Cruz (R-TX) introduced the bipartisan VA Home Loan Awareness Act to ensure Veterans and their families are aware of their VA benefit eligibility when applying for a home loan.
The legislation will incorporate an impactful disclosure on the Uniform Residential Loan Application (URLA) to direct applicants to consult their lender for more information about the VA Home Loan Program, which has benefits that can include zero down payments, no mortgage insurance, and often lower interest rates compared to conventional FHA loans.
The legislation was introduced alongside Rep. Al Green (D-TX). Original co-sponsors of the legislation include: Rep. August Pfluger (R-TX), Rep. Mike Lawler (R-NY), Rep. Lance Gooden (R-TX), Rep. Brian Fitzpatrick (R-PA), Rep. Dan Crenshaw (R-TX), Rep. Brittany Pettersen (D-CO), Rep. Joyce Beatty (D-OH), Rep. Josh Gottheimer (D-NJ), Rep. Josh Harder (D-CA), Rep. Deborah Ross (D-NC).
“We are forever grateful to our Veterans and their families for their sacrifices to our nation. Though we can never fully repay them, we can ensure they can access the benefits they deserve. Only a fraction of veterans are utilizing the significant advantages offered by the VA Home Loan Program. My bipartisan legislation ensures that our nation’s heroes can access the benefits they earned, achieve homeownership, and live the American dream they fought to protect.” – Congresswoman Monica De La Cruz
The legislation has garnered robust support from the Veterans Association of Real Estate Professionals (VAREP) and the Defense Credit Union Council (DCUC).
“Too many veterans are unaware of the VA home loan benefit they’ve earned. This legislation adds visibility at the loan application stage. While using the benefit is their choice, awareness empowers them to ask the right questions and make informed decisions—ultimately increasing usage among those who qualify.” – Son Nguyen, President of the Veterans Association of Real Estate Professionals (VAREP)
“We thank Congresswoman Monica De La Cruz for her leadership in reintroducing the ‘VA Home Loan Awareness Act’ to address the housing challenges faced by military families. The affordable housing crisis continues to place financial strain on service members and veterans, and policy solutions like this are essential to ensuring they have access to stable and affordable housing. Defense credit unions remain committed to supporting military families through innovative mortgage products and financial counseling, but legislative action is critical to expanding the overall impact we can offer to these communities. We look forward to assisting congressional leadership in their efforts to strengthen VA home loan programs and improve housing affordability for those who serve our nation.” – Anthony Hernandez, DCUC President & CEO
Background:
The bipartisan VA Home Loan Awareness Act incorporates a key disclosure below the military service question on the Uniform Residential Loan Application (URLA), the standard mortgage prequalification application. The disclosure emphasizes that Veterans and their surviving spouses may qualify for a VA Home Loan and directs applicants to consult their lender for more information.
The VA Home Loan Program is a vital tool for military families to achieve homeownership. Despite the benefits offered by this program, only 13% of Veterans report utilizing their VA Home Loan benefit, citing a lack of awareness as the primary reason for not using it. The VA Home Loan Awareness Act will address this challenge.
