A note about VA loans must sit below the military service question
What the document says“the Director shall, by regulation or order, require each enterprise to include a disclosure below the military service question, which shall be above the signature line, on the form known as the Uniform Residential Loan Application stating, `If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.'.''.”
The section adds a new section 1329 to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requiring the Director, within six months of enactment and by regulation or order, to make each enterprise put a disclosure below the military service question and above the signature line on the Uniform Residential Loan Application, telling an applicant who answers yes that they may qualify for a VA Home Loan and should ask their lender about eligibility.
What the document actually says“the Director shall, by regulation or order, require each enterprise to include a disclosure below the military service question, which shall be above the signature line, on the form known as the Uniform Residential Loan Application stating, `If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.'.''.”
A note must go on the home loan form. It sits under the question about military service and above where the person signs. It says a person who served may qualify for a veterans loan.
The Uniform Residential Loan Application is the standard form for a home loan. A veterans loan can cost less than others. The note tells people to ask.
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