S. 1932 — VALID Act of 2025

This section amends the Federal Housing Administration (FHA) informed consumer choice disclosure notice (i.e., the notice required under section 203(f) of the National Housing Act) to require inclusion of loan-to-value ratio information for VA loans guaranteed or insured under 38 U.S.C. chapter 37, assuming prevailing interest rates, in addition to existing FHA loan information. It includes a rule of construction clarifying that lenders are not required to determine prospective borrowers' eligibility for any loans referenced in the notice.

This section requires the Director of the Federal Housing Finance Agency (FHFA) to direct each enterprise—Fannie Mae and Freddie Mac—to include a military service question on the Uniform Residential Loan Application (URLA), positioned above the signature line, not later than 6 months after enactment. It further requires FHFA to issue a rule to implement this requirement not later than 6 months after enactment.