Senator Sullivan, Rep. Bost Lead Efforts to Modernize VA Home Loan Program

05.12.22

WASHINGTON—Today, U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Veterans Affairs Committee and Congressman Mike Bost (R-Ill.), Ranking Member of the House Veterans Affairs Committee, released the following statements after presenting S.4208, the improving home access VA Loan Act of 2022, a bill to improve the Department of Veterans Affairs (VA) home loan program by streamlining the home buying process for veterans and their families.

“My team and I have heard from many Alaskan veterans, especially inside, who have experienced persistent issues and delays with their VA home assessments,” said Senator Sullivan. “While I’m glad we were able to clear the backlog in the short term, we need to look to the future and save time and money for our veterans and their families when possible. Congressman Bost and I have introduced a bill focused on addressing these issues to make the home buying process less cumbersome and faster for all who have honorably served our country in uniform. .

“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 Yet, on average, veterans wait longer and pay more during the closing process due to VA’s outdated assessment requirements, said the ranking member Bost.“That’s why I’m introducing the Improved Access to Virginia Home Loans Act of 2022 today with my friend, Senator Sullivan. This bill will ensure that former fighters are not unfairly disadvantaged during the home buying process and will enable a modern digital appraisal process, which will get them into their new home faster.

“The Mortgage Bankers Association Commends Ranking Member Bost for the Introduction of Legislation (HR 7735) Designed to Modernize the Appraisal Process for the VA Home Loan Program,”said Bill Killmer, senior vice president of legislative and policy affairs at the MBA. “VA home loans represent one of the most important benefits our country’s veterans earn through their selfless service to our country. This bill will expedite the process of updating VA program rules and guidelines governing home appraisals, which has the potential to make veterans’ offers more viable in an ever-competitive housing market.

To learn more about the Improving Access to the VA Home Loan Act of 2022Click here.

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