VA Loan Informed Disclosure Act of 2023

VA Loan Informed Disclosure Act of 2023 or the VALID Act of 2023

The bill requires a Federal Housing Administration mortgage notice to contain comparative rate and fee information about loans available under the Department of Veterans Affairs home loan program.

Bill 118 HR 4335, also known as the VA Loan Informed Disclosure Act of 2023, aims to provide more transparency and information to veterans who are applying for VA home loans. The bill requires the Department of Veterans Affairs (VA) to provide veterans with a clear and concise disclosure of the terms and conditions of their VA home loan.

The disclosure must include information on the interest rate, fees, closing costs, and any other relevant details that may impact the veteran's ability to repay the loan. This information will help veterans make informed decisions about their home loan and avoid any surprises or hidden fees.

Additionally, the bill requires the VA to provide veterans with counseling services to help them understand the terms of their loan and make informed decisions about their financial future. This counseling will be provided by qualified professionals who can answer any questions the veteran may have about their loan. Overall, the VA Loan Informed Disclosure Act of 2023 aims to protect veterans from predatory lending practices and ensure that they have all the information they need to make sound financial decisions when applying for a VA home loan.