VALID Act of 2023

S 2496, the VALID Act of 2023, amends disclosure requirements for FHA-insured loans. It requires lenders to include specific information about VA loans - specifically the loan-to-value ratio and VA loan details assuming prevailing interest rates - when discussing FHA loans. This change directly affects borrowers applying for FHA-insured mortgages by providing clearer comparative information about VA loan options. The bill does not alter VA loan eligibility or require lenders to verify borrower eligibility for VA loans. The key provision is a mandatory update to existing disclosure language under the National Housing Act.