Press Releases

In a joint effort to support our nation's veterans and their families, Rep. Monica De La Cruz (R-TX) and Rep. Al Green (D-TX) have introduced the H.R. 5979, the VA Home Loan Awareness Act of 2023. This groundbreaking bipartisan legislation is designed to increase awareness of the VA Home Loan Program among veterans and surviving spouses, helping them access mortgage benefits that are critical to achieving the American dream of homeownership.

The VA Home Loan Program has long been a vital tool for veterans and their families to achieve homeownership. These benefits include zero down payments, no mortgage insurance, and often lower interest rates compared to conventional FHA loans. Despite the immense advantages of the program, statistics show that only 13 percent of veterans ever utilize their VA Home Loan benefit, with over 33 percent stating a lack of awareness as the primary reason for not using it. This lack of awareness is even more pronounced among surviving spouses, where 46.3 percent were not aware of their eligibility at the time of their home purchase.

Rep. De La Cruz’s VA Home Loan Awareness Act of 2023 seeks to rectify this issue by incorporating a simple yet impactful change to the Uniform Residential Loan Application (URLA) form. The bill proposes adding a disclosure below the military service question on the standard mortgage prequalification application, emphasizing to veterans that they may qualify for a VA Home Loan. This disclosure will direct applicants to consult their lender for more information about the VA Home Loan Program.

Speaking about the bill, Rep. Monica De La Cruz (TX-15) said, "Our veterans and their families have sacrificed so much for our nation's security, and it is our duty to ensure they have access to the benefits they have earned. The VA Home Loan Awareness Act of 2023 aims to do just that by simplifying the process and making veterans aware of the significant advantages offered by the VA Home Loan Program. By working together in a bipartisan manner, we can provide our heroes with the opportunity to achieve homeownership and the American dream they fought to protect."

The VA Home Loan Awareness Act of 2023 is expected to bring greater awareness to the VA Home Loan Program, ensuring that veterans and surviving spouses are better informed about their eligibility and the benefits they have earned. Additionally, the bill instructs the Government Accountability Office (GAO) to conduct a report to Congress regarding lenders' adoption of the URLA form updates.

Other co-sponsors include Reps. Dan Crenshaw (R-TX), Lance Gooden (R-TX), Barry Moore (R-AL), Andy Ogles (R-TN), Bill Posey (R-FL), and Pete Sessions (R-TX).

The Veterans Association of Real Estate Professionals (VAREP) also expressed its enthusiasm for the VA Home Loan Awareness Act of 2023. George “G2” Varrato, National Legislative Committee Director of VAREP, said, "VAREP is excited that Congressman De La Cruz has introduced the VA Home Loan Awareness Act of 2023. This bill puts the finishing touches on the improvements to the URLA's Military Service Question and completely closes the circle of full disclosure to the veteran loan applicant of his/her VA Home Loan Options. VAREP is the only one with a direct understanding of the need to increase sustainable homeownership, financial literacy education, VA loan awareness, and economic opportunity for the active-military and veteran communities."

This legislation is supported by the Veterans Association of Real Estate Professionals (VAREP), Veterans of Foreign Wars of the U.S. (VFW), and Vietnam Veterans of America (VVA).