12.20.22

Senate Approves Sullivan Legislation to Modernize VA Home Loan Program

WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Committee on Veterans’ Affairs, issued the following statement regarding Senate passage of H.R. 7735, the Improving Access to the VA Home Loan Act of 2022. H.R. 7735, which was sponsored by Congressman Mike Bost (R-Ill.), ranking member of the House Committee on Veterans’ Affairs, will enhance the Department of Veterans Affairs (VA) home loan program by streamlining the home buying process for veterans and their families. The Senate version of this bill, S.4208, was introduced by Senator Sullivan earlier this year.

“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. “Congressman Bost and I put forward legislation to help save our veterans and their families time and money when possible. I thank my Senate colleagues for helping us pass our legislation, which will make the home buying process less burdensome and more expedient for those who have honorably served our country in uniform. I look forward to President Biden signing our bill into law.”

The Improving Access to the VA Home Loan Act of 2022 will direct the VA to update their regulations on appraisals. Because of this law, the VA will be required to consider when an appraisal is not necessary and when a desktop appraisal should be used. Desktop appraisals are faster and less expensive than in-person appraisals because they allow appraisers to view and assess property virtually rather than in-person, which cuts down on closing costs for homebuyers and expedites the purchase of a home. 

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

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