U.S. Sen. Dan Sullivan (R-AK), a member of the Senate Committee on Veterans’ Affairs, recently commended colleagues for passing the Improving Access to the VA Home Loan Act of 2022 (H.R. 7735), which streamlines the home-buying process for veterans.
“My team and I have heard from many Alaska veterans, particularly in the Interior, who have experienced lingering issues and delays regarding their VA home appraisals,” Sullivan said. “I thank my Senate colleagues for helping us pass our legislation, which will make the home-buying process less burdensome and more expedient for those who have honorably served our country in uniform. I look forward to President Biden signing our bill into law.”
The legislation directs the VA to update its regulations on appraisals, requiring the agency to consider when an appraisal is not necessary and when a desktop appraisal should be used.
Desktop appraisals are faster and less expensive than in-person appraisals because they enable appraisers to view and assess property virtually rather than in-person, thereby reducing closing costs and expediting the home purchase.
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit indicated the organization supports the legislation’s passage.
“MBA applauds the Senate for passing – by unanimous consent – this bill that helps to ensure our nation’s servicemembers, veterans, and their families have access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs’ (VA) Home Loan Program,” Broeksmit said. “To the benefit of buyers and lenders, the VA will now be required to encourage hybrid appraisals, employ emerging technologies, and revisit policies on property inspection waivers, minimum property requirements, and comparable sales.”