Improving Access to the VA Home Loan Benefit Act of 2022
Dec 27, 2022
Statute: 136 Stat. 4393
Became law: Dec 27, 2022
Dec 27, 2022
Statute: 136 Stat. 4393
Became law: Dec 27, 2022
Summary
Makes the process for getting a VA home loan easier by updating the rules for how houses are valued.
What problem does this solve?
Veterans trying to buy a home with a VA loan sometimes face long delays because the property appraisal process is slow. This law tells the VA to update its appraisal rules to make them faster and more modern, helping veterans close on their homes without unnecessary delays.
What does this law do?
Update to appraisal regulations
Directs the Secretary of Veterans Affairs to create new rules about when and how appraisals are done for VA-guaranteed home loans.
Recommendations to speed up appraisals
Requires the Secretary of Veterans Affairs to report to Congress with recommendations for making the home loan appraisal process faster for veterans.
Allows for modern appraisal methods
Requires the VA to provide guidance on using desktop appraisals, which can save borrowers money and prevent delays that could risk the home purchase.
Who does this affect?
- U.S. Military Veterans
- Real Estate Appraisers
- Mortgage Lenders
What is the real world impact?
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Helps veterans compete in the housing market
Modernizes the VA home loan appraisal process to reduce delays. This helps veterans' purchase offers be more competitive against other buyers who might not have the same appraisal hurdles.
When does this start?
This law sets specific deadlines for the Department of Veterans Affairs to complete its work.
Report on faster appraisals
Within 90 days of the law's enactment on December 27, 2022, the Secretary of Veterans Affairs must give Congress recommendations to speed up the appraisal process.