VA Home Loan Awareness Act of 2023

HR 5979, the VA Home Loan Awareness Act of 2023, requires lenders using the standard home loan application form to add a specific disclaimer below the military service question. The disclaimer states: "If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility." This change must be implemented within six months of the bill's enactment. The bill also mandates a Government Accountability Office (GAO) study within 18 months to check if less than 80% of lenders are including this disclaimer. The policy directly affects veterans and military service members who may qualify for VA home loans but are not currently being informed of this option during the loan application process.