Section 1 Short title
This Act may be cited as the “VA Loan Informed Disclosure Act of 2023” or the “VALID Act of 2023”.
VA Loan Informed Disclosure Act of 2023
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 prospective FHA borrowers.
Sec. 2 FHA Informed Consumer Choice Disclosure
Inclusion of information relating to VA loans— 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 connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates”.
Rule of construction— Nothing in the amendments made by subsection (a) shall be construed to require an original lender to determine whether a prospective borrower is eligible for any loan included in the notice required under section 203(f) of the National Housing Act (12 U.S.C. 1709(f)).