Ranking Member Bost, Sen. Sullivan Lead Effort to Modernize VA Home Loan Program
Today, Rep. Mike Bost (R-Ill.), the Ranking Member of the House Committee on Veterans’ Affairs, and Senator Dan Sullivan (R-Alaska), a Member of the Senate Committee on Veterans’ Affairs, released the following statements after they introduced H.R. 7735, the Improving Access to the VA Home Loan Act of 2022, a bill to enhance VA’s home loan program by streamlining the home buying process for veterans and their families.
“VA home loans have given millions of veterans and their families the opportunity to purchase a home. Yet, on average, veterans wait longer and pay more during the closing process due to VA’s out-of-date appraisal requirements,” said Ranking Member Bost. “That’s why I am introducing the Improving Access to the VA Home Loan Act of 2022 today with my friend, Senator Sullivan. 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.”
“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,” Sen. Sullivan said. “While I’m glad we were able to address the backlog in the short-term, we need to look to the future and save our veterans and their families time and money when possible. Congressman Bost and I have put forward a bill that is laser-focused on remedying these issues in order to make the home buying process less burdensome and more expedient for all of those who have honorably served our country in uniform.”
“The Mortgage Bankers Association commends Ranking Member Bost for introducing legislation (H.R. 7735) designed to modernize the VA home loan program appraisal process,” said Bill Killmer, Senior Vice President of Legislative and Political Affairs at MBA. “VA home loans represent one of the most important benefits our nation’s veterans earn through their selfless service to our country. This bill will accelerate the process of updating VA’s rules and program guidelines governing home appraisals, which holds the potential to make veterans’ offers more viable in a still-competitive housing market.”
To learn more about H.R. 7735, the Improving Access to the VA Home Loan Act of 2022, click here.