BISMARCK, ND — Senator Kevin Cramer has introduced a new bipartisan piece of legislation aimed at increasing awareness among veterans regarding the home loan benefits available to them through the Department of Veterans Affairs (VA). The proposed bill, known as the VA Home Loan Awareness Act, seeks to ensure that veterans are better informed about their eligibility for these important benefits.
Under the bill, a disclaimer would be added to the Uniform Residential Loan Application, informing applicants that VA home loan programs are available. The disclaimer would be placed directly below the military service question on the form, making it more visible to veterans who may be unaware of the benefits they qualify for.
In addition to the disclaimer, the legislation mandates a study to determine whether at least 80% of lenders are including the VA home loan information in the application process. This study would help assess whether the intended awareness is being effectively communicated across the lending industry.
Senator Cramer emphasized that many veterans are not fully aware of the home loan programs available to them, which could help them secure housing with more favorable terms. He believes the bill will improve access to these benefits and assist veterans in making better-informed financial decisions.
The VA Home Loan Awareness Act represents a continued effort to support veterans and ensure they receive the full range of benefits they have earned through their service. The bill has garnered bipartisan support and is seen as a crucial step toward improving veterans’ access to affordable housing options.
