WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) announced that she’s helped introduce the bipartisan VA Home Loan Awareness Act to increase veterans’ awareness of the VA Home Loan Program, which is the primary tool for helping veterans and their spouses achieve the American dream of owning a home. It will do this by adding a disclosure to the standard mortgage pre-qualification application to inform veterans of the option of obtaining a VA Home Loan. The VA Home Loan Program offers veterans unique perks for financing their home purchases, including no down payment, no private mortgage insurance, and oftentimes lower interest rates than conventional FHA loans. Despite these benefits, only 13% of veterans ever utilize their VA Home Loan benefit. Studies show that only half of home-owning veterans say they were informed of the VA Home Loan by their lender.
“Nevada is facing a housing crisis, and we must help our veterans access the resources they need to buy a home,” said Senator Rosen. “Veterans may be unaware of the benefits available to them, which is why I helped introduce bipartisan legislation to ensure our heroes are given the information they need to make buying a home easier and more affordable.”
Senator Rosen has been a leader in the fight to support our nation’s veterans. Last month, she announced that she secured nearly $1 million for the City of Reno Housing Authority to help homeless veterans and their families access housing. Earlier this year, Senator Rosen helped introduce the bipartisan Veterans Caregiver Application and Appeals Reform (CARE) Act to improve the VA’s Program of Comprehensive Assistance for Family Caregivers, and ensure that caregivers and veterans can take advantage of the support and care they deserve. She also secured authorization for a new VA hospital in Reno and Nevada’s first-ever Veteran Business Outreach Center. Additionally, Senator Rosen has co-sponsored the bipartisan GUARD VA Benefits Act to protect veterans from predatory practices. When Rosen first came to the Senate in 2019 she introduced bipartisan legislation to ensure veterans seeking a mortgage are proactively made aware of whether a VA Home Loan would be a more affordable option for them than a conventional loan.
The VA Home Loan Awareness Act is endorsed by the Veterans Association of Real Estate Professionals (VAREP), Iraq and Afghanistan Veterans of America (IAVA), Veterans of Foreign Wars (VFW), and Vietnam Veterans of America (VVA).