FARM Act

Senate Bill

S. 3068

119th Congress

FARM Act

In Committee

Introduced:Oct 28, 2025

Primary Sponsor

Mike Braun

R - IN

Cosponsors

26

Quick Stats

Policy Area

Housing and Community Development

Summary

The VA Home Loan Awareness Act would require Fannie Mae and Freddie Mac, the major government-sponsored mortgage companies, to include a disclosure on their standard loan application forms. This disclosure would notify applicants with military service that they may qualify for a Department of Veterans Affairs (VA) home loan, and direct them to talk to their lender about eligibility.

Latest Action

Held at the desk.

AI Summary

Plain-English explanation of this bill

The VA Home Loan Awareness Act would require Fannie Mae and Freddie Mac, the major government-sponsored mortgage companies, to include a disclosure on their standard loan application forms. This disclosure would notify applicants with military service that they may qualify for a Department of Veterans Affairs (VA) home loan, and direct them to talk to their lender about eligibility.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

VA Home Loan Awareness Act of 2023This bill requires Fannie Mae and Freddie Mac to include on the Uniform Residential Loan Application (i.e., Fannie Mae Form 1003/ Freddie Mac Form 65) a disclosure that (1) notifies applicants with military service that they may qualify for a Department of Veterans Affairs (VA) Home Loan, and (2) directs applicants to consult their lender regarding eligibility. Not later than 18 months after the enactment of the bill, the Government Accountability Office must study and report on whether at least 80% of lenders using the loan application form have met this requirement.

Key Points

Main provisions of the bill

The bill would mandate a disclosure about VA home loans on standard mortgage application forms used by Fannie Mae and Freddie Mac.
The disclosure would inform applicants with military service that they may be eligible for a VA home loan and prompt them to discuss this option with their lender.
The Government Accountability Office would study whether at least 80% of lenders using these application forms are meeting the disclosure requirement within 18 months of the bill's enactment.

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily impact current and former military service members who are applying for mortgages. By increasing awareness of VA home loan benefits, it could make it easier for these borrowers to access more favorable lending terms and lower costs associated with purchasing a home.

Policy Areas

Primary Policy Area

Housing and Community Development

Related Subjects

Congressional oversight

Department of Veterans Affairs

Government lending and loan guarantees

Government studies and investigations

Housing finance and home ownership

Veterans' loans, housing, homeless programs

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3068, 119th Congress (2025). "FARM Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-3068