VA Loan Informed Disclosure Act of 2023

Hozzl · 2024-03-14T04:05:42Z

Explore the details of House Bill 4335 VA Loan Informed Disclosure Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Housing and Community Development. Stay informed on legislative developments.

3/14/2024, 4:05 AM

Summary of Bill HR 4335

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.

Congressional Summary of HR 4335

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.

Read the Full Bill

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Current Status of Bill HR 4335

Bill HR 4335 is currently in the status of Bill Introduced since June 23, 2023. Bill HR 4335 was introduced during Congress 118 and was introduced to the House on June 23, 2023. Bill HR 4335's most recent activity was Referred to the House Committee on Financial Services. as of June 23, 2023

Bipartisan Support of Bill HR 4335

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

234

Democrat Cosponsors

170

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4335

Primary Policy Focus

Housing and Community Development

Alternate Title(s) of Bill HR 4335

VA Loan Informed Disclosure Act of 2023

To amend the National Housing Act to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to prospective FHA borrowers.