Section 1 Short title
This Act may be cited as the “VA Loan Informed Disclosure Act of 2022” or the “VALID Act of 2022”.
VA Loan Informed Disclosure Act of 2022
A BILL
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.
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—
by inserting “(i)” after “loan-to-value ratio”; and
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”.