summary
Introduced
07/25/2023
07/25/2023
In Committee
07/25/2023
07/25/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill 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.
AI Summary
This bill, the VA Loan Informed Disclosure Act of 2023 or the VALID Act of 2023, amends the National Housing Act to require the Informed Consumer Choice Disclosure provided to prospective FHA borrowers to include information about VA home loans, including the loan-to-value ratio and prevailing interest rates. This change aims to help prospective borrowers make more informed decisions about their mortgage options, as the VA loan program offers unique benefits compared to FHA loans. The bill also clarifies that lenders are not required to determine a borrower's eligibility for any specific loan type included in the disclosure.
Committee Categories
Housing and Urban Affairs
Sponsors (18)
Ben Cardin (D)*,
John Boozman (R),
Mike Braun (R),
Bill Cassidy (R),
Susan Collins (R),
Chris Coons (D),
Ted Cruz (R),
Mazie Hirono (D),
Tim Kaine (D),
Jeff Merkley (D),
Gary Peters (D),
Jacky Rosen (D),
Rick Scott (R),
Kyrsten Sinema (I),
Dan Sullivan (R),
Chris Van Hollen (D),
Sheldon Whitehouse (D),
Ron Wyden (D),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 07/25/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/2496/all-info |
| BillText | https://www.congress.gov/118/bills/s2496/BILLS-118s2496is.pdf |
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