New Bill Passes --Modernizes VA Appraisals
The US House of Representatives recently passed a bill to streamline the appraisal home financing process for US Department of Veterans Affairs. Dubbed the “Improving access to the VA home loan benefit Act of 2022,” HR 7735 now permits desktop appraisals. In some circumstances, waiving appraisals altogether is allowed.
Critics have long complained that requiring VA appraisals to be performed in-house raised costs and slowed the process for veteran and service member applicants.
The passage of this bill will help make veterans more competitive homebuyers and is praised as an essential first step towards the broad modernization of VA appraisal processes.