House advances Veterans Affairs home financing legislation

U.S. Rep. Mike Bost is touting the House of Representatives’ advancement of legislation seeking to enhance Veterans Affairs (VA) home loan financing accessibility.

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The lawmaker indicated the Improving Access to the VA Home Loan Benefit Act of 2022 (H.R. 7735) would streamline the home buying process for veterans and their families.

“This bill will ease the home buying process for veterans by letting them use the same modern purchasing tools that non-veteran home buyers already use,” Bost said. “This will help them get into their new homes faster.”

Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit noted via a statement the organization is grateful to the House of Representatives for passing the bill.

“The bill will encourage important reforms to the agency’s requirements regarding when an appraisal is necessary, how appraisals are conducted, and who is eligible to conduct an appraisal,” Broeksmit said. “This legislation is an important first step towards broad modernization of VA appraisal processes and could make veterans’ home purchase offers more viable in today’s competitive housing market.”

MBA is now encouraging the Senate to pass companion legislation to ensure active and retired service members nationwide have access to more affordable and sustainable homeownership opportunities.