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To amend the National Housing Act and the Housing and Community Development Act of 1992 to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to prospective FHA borrowers and to require a military service question on the Uniform Residential Loan Application, and for other purposes.
Summary
This bill requires FHA to include information about VA home loans in the consumer choice disclosure provided to prospective FHA borrowers, so veterans are informed about the VA loan option when considering an FHA loan. The bill also requires the Federal Housing Finance Agency to add a military service question to the Uniform Residential Loan Application and position it above the signature line. The Director of the Federal Housing Finance Agency must issue a rule implementing these changes within six months of the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
10 cosponsors
- Sen. Boozman, John [R-AR] (R-AR)
- Sen. Coons, Christopher A. [D-DE] (D-DE)
- Sen. Hickenlooper, John W. [D-CO] (D-CO)
- Sen. Hirono, Mazie K. [D-HI] (D-HI)
- Sen. Kaine, Tim [D-VA] (D-VA)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Sullivan, Dan [R-AK] (R-AK)
- Sen. Warner, Mark R. [D-VA] (D-VA)
Actions (2)
- Jun 3, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jun 3, 2025 Introduced in Senate
Similar bills (6)
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Full text
IN THE SENATE OF THE UNITED STATES
June 3, 2025
Mr. Van Hollen (for himself and Mr. Boozman) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend the National Housing Act and the Housing and Community Development Act of 1992 to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to prospective FHA borrowers and to require a military service question on the Uniform Residential Loan Application, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “VA Loan Informed Disclosure Act of 2025” or “VALID Act of 2025”.
SEC. 2. FHA INFORMED CONSUMER CHOICE DISCLOSURE.
(a) Inclusion of Information Relating to VA Loans.—Subparagraph
(A) of section 203(f)(2) of the National Housing Act (12 U.S.C. 1709(f)(2)(A)) is amended—
(1) by inserting “(i)” after “loan-to-value ratio”; and
(2) by inserting before the semicolon the following: “, and (ii) in connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates”.
(b) Rule of Construction.—Nothing in the amendments made by subsection (a) shall be construed to require an original lender to determine whether a prospective borrower is eligible for any loan included in the notice required under section 203(f) of the National Housing Act (12 U.S.C. 1709(f)).
SEC. 3. MILITARY SERVICE QUESTION.
(a) In General.—Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the following:
“SEC. 1329. UNIFORM RESIDENTIAL LOAN APPLICATION.
“Not later than 6 months after the date of enactment of this section, the Director shall require each enterprise to—
“(1) include a military service question on the form known as the Uniform Residential Loan Application; and
“(2) position the question described in paragraph (1) above the signature line of the Uniform Residential Loan Application.”.
(b) Rulemaking.—Not later than 6 months after the date of enactment of this Act, the Director of the Federal Housing Finance Agency shall issue a rule to carry out the amendment made by this section. <all>
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