Houston Daily

Rep. Monica De La Cruz has introduced the bipartisan VA Home Loan Awareness Act. The act aims to ensure that veterans and their families are informed about their eligibility for VA benefits when applying for home loans. It involves adding a disclosure on the Uniform Residential Loan Application (URLA) to direct applicants to consult their lenders about the VA Home Loan Program. This program offers potentially zero down payments, no mortgage insurance, and lower interest rates compared to conventional FHA loans.

The legislation is also supported by Rep. Al Green and co-sponsored by several other representatives, including August Pfluger, Mike Lawler, Lance Gooden, Brian Fitzpatrick, Dan Crenshaw, Brittany Pettersen, Joyce Beatty, Josh Gottheimer, Josh Harder, and Deborah Ross.

Monica De La Cruz commented: "We are forever grateful to our Veterans and their families for their sacrifices to our nation. Though we can never fully repay them, we can ensure they can access the benefits they deserve. Only a fraction of veterans are utilizing the significant advantages offered by the VA Home Loan Program. My bipartisan legislation ensures that our nation's heroes can access the benefits they earned, achieve homeownership, and live the American dream they fought to protect."

The bill has gained support from organizations such as the Veterans Association of Real Estate Professionals (VAREP) and the Defense Credit Union Council (DCUC). Son Nguyen, President of VAREP, stated, “Too many veterans are unaware of the VA home loan benefit they’ve earned. This legislation adds visibility at the loan application stage. While using the benefit is their choice, awareness empowers them to ask the right questions and make informed decisions—ultimately increasing usage among those who qualify.”

Anthony Hernandez, DCUC President & CEO, added, "We thank Congresswoman Monica De La Cruz for her leadership in reintroducing the 'VA Home Loan Awareness Act' to address the housing challenges faced by military families. The affordable housing crisis continues to place financial strain on service members and veterans, and policy solutions like this are essential to ensuring they have access to stable and affordable housing. Defense credit unions remain committed to supporting military families through innovative mortgage products and financial counseling, but legislative action is critical to expanding the overall impact we can offer to these communities. We look forward to assisting congressional leadership in their efforts to strengthen VA home loan programs and improve housing affordability for those who serve our nation."

The VA Home Loan Program is crucial for military families in achieving homeownership. Presently, only 13% of veterans utilize this benefit, mainly due to a lack of awareness. The proposed legislation seeks to address this issue.