This bill requires mortgage lenders to add a disclaimer on standard home loan application forms informing military veterans that they may qualify for VA home loans. Specifically, when applicants answer a question about military service on the Uniform Residential Loan Application, lenders must include a notice stating "If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility." The Federal Housing Finance Agency's Director must issue regulations requiring this change within six months of the law's enactment. Additionally, the Government Accountability Office must study lender compliance within 18 months and report to Congress on whether at least 80 percent of lenders have included the required disclaimer. The bill aims to increase awareness among veterans of VA home loan programs, which offer favorable terms and are guaranteed by the Department of Veterans Affairs.
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