While the U.S. Department of Veterans Affairs’ (VA) home loan program generally performs well, it has not kept pace with current home-buying practices, according to U.S. Rep. Mike Bost (R-IL), who last week proposed legislation that aims to update the process.
“This bill will make sure that veterans are not unfairly disadvantaged during the home-buying process and allow for a modern, digital appraisal process, which will get them into their new home faster,” Rep. Bost said.
The congressman on May 12 sponsored the Improving Access to the VA Home Loan Act of 2022, H.R. 7735, which would direct the VA Secretary to update the appraisal requirements for certain loans guaranteed by the department, among other provisions, according to the text of the bill.
“VA home loans have given millions of veterans and their families the opportunity to purchase a home,” Rep. Bost said. “Yet, on average, veterans wait longer and pay more during the closing process due to VA’s out-of-date appraisal requirements. That’s why I am introducing the Improving Access to the VA Home Loan Act of 2022.”
Specifically, H.R. 7735 would direct the VA to update its regulations on appraisals and require the department to consider when an appraisal is not necessary and when a desktop appraisal should be used, according to a bill summary provided by Rep. Bost’s office.
“Desktop appraisals are faster and less expensive than in-person appraisals because they allow appraisers to view and assess property virtually rather than in-person, which cuts down on closing costs for homebuyers and lets them purchase their home more quickly,” the one-page summary says.
The measure has been referred to the U.S. House Veterans’ Affairs Committee for consideration.