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117-hr-7735117th CongressWALLET

Improving Access to the VA Home Loan Benefit Act of 2022

Sponsored By: Representative Bost, Mike [R-IL-12]

Became Law

Summary

This law directs the Department of Veterans Affairs to _speed up and modernize VA appraisal rules_. It clarifies when an appraisal is required, how appraisals must be done, who can perform them, and directs the VA to consider waivers or alternatives to traditional appraisals.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Faster appraisals for VA home loans

This applies to VA-guaranteed home loans. Within 90 days of enactment, VA sends Congress steps to shorten appraisal times. Within 180 days, VA updates rules on when an appraisal is needed, how it is done, and who can do it. VA considers changes to appraiser certification, property standards, comparable sales, quality checks, and the Assisted Appraisal Program. VA also issues guidance on waivers or alternatives when they save borrowers money or prevent delays that could jeopardize a closing.

Sponsors & CoSponsors

Sponsor

Bost, Mike [R-IL-12]

IL • R

Cosponsors

  • Rep. Reschenthaler, Guy [R-PA-14]

    PA • R

    Sponsored 7/20/2022

  • Rep. Manning, Kathy E. [D-NC-6]

    NC • D

    Sponsored 9/13/2022

Roll Call Votes

No roll call votes available for this bill.

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