HVAC To Assess VA’s Home Loan Appraisal Process
Washington, March 31, 2017 | For more information, contact: Tiffany Haverly, (202) 225-3527 |
On Tuesday, April 4, 2017, at 2:00 p.m. the Subcommittee on Economic Opportunity will hold a hearing entitled, “Assessing VA Approved Appraisers and How to Improve the Program for the 21st Century.”
The following event is open to the press:
WHO: Subcommittee on Economic Opportunity
WHEN: 2:00 p.m., Tuesday, April 4, 2017
WHERE: 334 Cannon House Office Building and streaming at https://veterans.house.gov/
The Department of Veterans Affairs’ home loan guaranty program helps veterans, servicemembers and eligible reservists to obtain, retain, adapt or refinance a home. As a part of VA’s home loan process, veterans must have their home appraised by a VA-approved appraiser, which the veteran pays for as a part of their closing costs. While the timeline for completing a VA-approved appraisal is efficient for most veterans, there are growing concerns that the shrinking economy of appraisers nationwide could increase the time it takes to complete an appraisal, especially for veterans in highly rural areas. This may affect a veteran’s ability to close on a home.
During this hearing, the subcommittee will assess VA’s current appraisal process, as well as specific difficulties for timely appraisals in highly rural areas. The subcommittee will also examine possibilities to improve VA-approved appraisals with emerging evaluation technologies, while still providing the veteran with a cost-effective and timely evaluation of the property they are seeking to purchase.