Sheehy’s Bipartisan VA Home Loan Awareness Act Passes Senate Banking Committee

U.S. SENATE – Today the U.S. Senate Committee on Banking, Housing, and Urban Affairs voted to advance Senator Sheehy’s bipartisan VA Home Loan Awareness Act as part of a larger package of housing legislation, theROAD to Housing Act of 2025.

“For too long, our veterans have been held back from achieving home ownership through the VA Home Loan program due to a lack of sufficient information from their own government. The VA Home Loan Awareness Act takes important steps to change that, and I’m proud to see this bipartisan legislation advance out of the Banking Committee so we can help more veterans and their families achieve the same American Dream they fought to defend,” said Senator Sheehy.

Background:

The VA Home Loan Awareness Act is the first piece of legislation Senator Sheehy introduced as a senator. The bill, co-led by Senator Chris Van Hollen (D-Md.), aims to help more veterans take advantage of the VA Home Loan program by providing more information on the program and potential eligibility.

The VA Home Loan program is a key tool for helping veterans and their spouses achieve the American Dream. It offers veterans no down payment, no private mortgage insurance, and interest rates that are often lower than rates for conventional FHA loans. Despite these benefits, only 13 percent of veterans access the VA Home Loan program. Among veterans who don’t use the VA Home Loan program, 33 percent say they are not aware of the program.

The VA Home Loan Awareness Act will help better inform veterans of opportunities provided by the VA Home Loan program by adding a disclosure to the Uniform Residential Loan Application (URLA) informing veterans they may be eligible for a VA Home Loan, directing applicants to consult their lender for more information about the VA Home Loan program, and instructing the Government Accountability Office (GAO) to conduct a review and report to Congress on lenders’ adoption of these URLA updates.

Read more on the bill HERE.