117th CONGRESS 2d Session |
To amend the National Housing Act to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to a prospective FHA borrower who is a veteran.
Mr. Kilmer (for himself, Mr. Reschenthaler, and Mr. Veasey) introduced the following bill; which was referred to the Committee on Financial Services
To amend the National Housing Act to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to a prospective FHA borrower who is a veteran.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the VA Loan Informed Disclosure Act of 2022 or the VALID Act of 2022 .
SEC. 2. FHA Informed Consumer Choice Disclosure.
Subparagraph (A) of section 203(f)(2) of the National Housing Act (12 U.S.C. 1709(f)(2)(A)) is amended
(1) by inserting (i) after loan-to-value ratio and
(2) by inserting before the semicolon the following: , and (ii) in the case of a prospective borrower who is a veteran (as such term is defined in section 101 of title 38, United States Code), in connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates .