Access to Affordable Housing for Veterans Act of 2019

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, to amend title 10, United States Code, to authorize the provision of a certificate of eligibility for VA home loans during the preseparation counseling for members of the Armed Forces, and for other purposes. 1. Short title This Act may be cited as the Access to Affordable Housing for Veterans Act of 2019 2. FHA Informed Consumer Choice Disclosure Section 203(f)(2)(A) of the National Housing Act ( 12 U.S.C. 1709(f)(2)(A) (1) by inserting (i) loan-to-value ratio (2) by inserting before the semicolon the following: , and (ii) in the case of a prospective borrower who is a veteran (as defined in section 101 of title 38, United States Code) who would qualify for a loan guaranteed or insured under chapter 37 3. Uniform Residential Loan Application (a) In general The Director of the Federal Housing Finance Agency shall direct the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to revise the Uniform Residential Loan Application developed by those enterprises, not later than December 31, 2020, to include— (1) in the borrower information portion of the application, a check box for the applicant to check to indicate that the applicant is a veteran; (2) adjacent to the matter required by paragraph (1) and in boldface type, the following statement: If you are a veteran, you may be eligible for a VA mortgage. (3) adjacent to the matter required by paragraph (2), a blank line for the borrower to initial, and a statement that all applicants must initial the blank line to confirm that they have read the statement required by paragraph (2). (b) Prohibition The information required to be included under subsection (a) shall not appear after the borrower signature line of the Uniform Residential Loan Application. 4. Preseparation counseling for members of the Armed Forces regarding Department of Veterans Affairs home loan services and housing assistance benefits Section 1142(b) of title 10, United States Code, is amended— (1) by redesignating paragraphs (17) and (18) as paragraphs (18) and (19), respectively; and (2) by striking paragraph (16) and inserting the following new paragraphs: (16) Information on the availability of home loan services by and housing assistance benefits of the Department of Veterans Affairs, including the authority of the member— (A) to use an honorable discharge certificate as a certificate of eligibility to apply for a guaranteed housing loan from the Department of Veterans Affairs; or (B) to request, during the preseparation process or after separation, a specific certificate of eligibility for such a loan under section 3702(c) of title 38. (17) Counseling on responsible borrowing practices. .

Summary: Access to Affordable Housing for Veterans Act of 2019 This bill provides additional notifications to service members regarding home loans available through the Department of Veterans Affairs (VA). The bill requires a Federal Housing Administration mortgage notice to a veteran to contain comparative rate and fee information about VA home loans. The uniform residential loan application developed by Fannie Mae and Freddie Mac must include a check box to indicate that the applicant is a veteran, the statement "If you are a veteran, you may be eligible for a VA mortgage," and a place to acknowledge such statement. Preseparation counseling for a service member prior to discharge from active duty must include information regarding the authority of a member to use an honorable discharge certificate as a certificate of eligibility for a VA guaranteed housing loan or to request a specific certificate of eligibility for such loan, and counseling on responsible borrowing practices.