Veterans United Home Loans applauds Senate passage of VA Home Loan Awareness Act of 2023

August 13, 2024

COLUMBIA, MO – The U.S. Senate unanimously passed the VA Home Loan Awareness Act of 2023 on July 11. This important piece of legislation – introduced by Senator Mike Braun (Indiana) and co-sponsored by Senator Sherrod Brown (Ohio) – aims to enhance the awareness and education of the VA home loan program for Veterans and service members of the U.S. Armed Forces and their families.

“Veterans United Home Loans applauds the passage of this important legislation,” said Veterans United Chief Marketing Officer Kris Farmer “Increasing awareness of the VA home loan benefit is vital for the long-term sustainability of the VA loan program. It is a very important focus of ours to keep the VA loan accessible for our Veterans and military families who have sacrificed so much for our country, and these bills can play an important role.As we celebrate the 80th anniversary of the VA home loanprogram in 2024, what better time to raise awareness in this fashion.”

Representative Monica De La Cruz (Texas) and Representative Al Green (Texas) are sponsoring a companion bill in the House of Representatives (H.R. 5979).

The VA home loan program provides numerous advantages to military families, including no down payment requirements, no private mortgage insurance and lower average interest rates. Since its inception in 1944, the VA loan program has been incredibly effective for our nation’s heroes, with over 28 million loans provided, which has contributed nearly $4 trillion to the U.S. economy, according to an economic study conducted by Veterans United.

Even with the long-standing success of the VA home loan program, the benefit is still underutilized, and continuing to educate service members is crucial to ensuring they can fully utilize the resources available to them.

Despite the numerous advantages provided by VA home loans, a significant number of Veterans remain unaware of their eligibility and the benefits these loans offer. According to a survey by the National Association of Realtors, nearly 33% of Veterans were not aware they were eligible for VA home loan benefits. Furthermore, the Veterans Benefits Administration reported that only 36% of eligible Veterans had utilized their VA home loan benefits as of 2022. This gap in knowledge underscores the importance of comprehensive education and outreach efforts to inform service members about the financial support they have rightfully earned through their service.

About Veterans United Home Loans

Based in Columbia, Missouri, the full-service national lender financed $18 billion in loans in 2023 and is the country's largest VA lender, according to the Department of Veterans Affairs Lender Statistics. The company’s mission is to help Veterans and service members take advantage of the home loan benefits earned by their service.

VeteransUnited.com | 1-800-884-5560 | 550 Veterans United Drive, Columbia, MO 65201 | Veterans United Home Loans NMLS # 1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Licensed in all 50 states. For State Licensing information, please visit https://www.veteransunited.com/licenses/. Equal Opportunity Lender.