II 118th CONGRESS 1st Session S. 2496 IN THE SENATE OF THE UNITED STATES July 25, 2023 Mr. Cardin (for himself and Mr. Boozman ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.

1. Short title This Act may be cited as the VA Loan Informed Disclosure Act of 2023 or the VALID Act of 2023 . 2. FHA Informed Consumer Choice Disclosure (a) 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— (1) by inserting (i) after loan-to-value ratio ; and (2) 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 . (b) 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) ).