VA Home Loan Awareness Act of 2023

Hozzl · 2024-03-06T08:15:29Z

Explore the details of House Bill 5979 VA Home Loan Awareness 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.

3/6/2024, 8:15 AM

Summary of Bill HR 5979

The VA Home Loan Awareness Act of 2023, designated as H.R. 5979 in the 118th Congress and introduced on October 18, 2023, aims to increase awareness and accessibility of VA home loan benefits for eligible individuals. The bill appears to focus on providing education and information to eligible veterans and service members regarding their options for utilizing VA home loans. Further details and specific directives in the bill can be found in the official bill text available at the provided PDF link.

Congressional Summary of HR 5979

VA Home Loan Awareness Act of 2023

This bill requires Fannie Mae and Freddie Mac to include on the Uniform Residential Loan Application (i.e., Fannie Mae Form 1003/ Freddie Mac Form 65) a disclosure that (1) notifies applicants with military service that they may qualify for a Department of Veterans Affairs (VA) Home Loan, and (2) directs applicants to consult their lender regarding eligibility.

Not later than 18 months after the enactment of the bill, the Government Accountability Office must study and report on whether at least 80% of lenders using the loan application form have met this requirement.

Read the Full Bill

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Current Status of Bill HR 5979

Bill HR 5979 is currently in the status of Introduced to House since October 25, 2023. Bill HR 5979 was introduced during Congress 118 and was introduced to the House on October 18, 2023. Bill HR 5979's most recent activity was Referred to the House Committee on Financial Services. as of October 25, 2023

Bipartisan Support of Bill HR 5979

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5979

Primary Policy Focus

Housing and Community Development

Potential Impact Areas

- Congressional oversight

- Department of Veterans Affairs

- Government lending and loan guarantees

- Government studies and investigations

- Housing finance and home ownership

- Veterans' loans, housing, homeless programs

Alternate Title(s) of Bill HR 5979

VA Home Loan Awareness Act of 2023

To require each enterprise to include on the Uniform Residential Loan Application a disclaimer to increase awareness of the direct and guaranteed home loan programs of the Department of Veterans Affairs, and for other purposes.