September 15th, 2022 5:31 PM by Austin Howland
The US House of Representatives just recently passed a new bill this week, that improves and modernizes the VA appraisal requirement.
The bill is titled HR 7735, and is known as the "Improving access to the VA home loan benefit Act of 2022". The key takeaway from this bill is that the VA will now allow "desktop appraisals" , and will even begin allowing "appraisal waivers", in certain scenarios. This should help to modernize the VA appraisal process and bring it up to speed with Conventional and FHA loans.
The bill was introduced by Illinois Rep. Mike Bost, who said, "This bill will make sure that veterans are not unfairly disadvantaged during the home buying process and allow for a modern, digital appraisal process, which will get them into their new home faster".
To learn more, click on the following link: https://www.housingwire.com/articles/house-passes-bill-to-modernize-va-appraisals/