Improving Access to the Va Home Loan Benefit Act of 2022

Floor Speech

Mr. Speaker, I rise today in support of H.R. 7735, as amended, the Improving Access to the VA Home Loan Benefit Act of 2022.

Every veteran deserves the chance to own a home and pursue the American Dream. We know that with increased inflation and economic uncertainty brought on by the failed economic policies of the Biden administration, this dream is harder for veterans to achieve.

With interest rates on the rise, we should do whatever we can to make the VA home loan benefit the best option for veteran home buyers and sellers alike.

We have heard that the time it takes to complete a VA appraisal is a barrier to veterans who want to use the VA home loan program.

My bill would address that issue by requiring VA to update the regulations on how and when the appraisals must be completed.

While not eliminating traditional appraisals, my bill would make the process for veterans to purchase a home more efficient by shortening the appraisal timeline to match industry standards.

It would also require VA to consider when changes to the appraisal process would save a veteran money during the closing process.

Mr. Speaker, I want to thank the mortgage bankers and the other stakeholders for their work in crafting this bill to help make the VA loan more competitive.

With their support, we have been able to create a solution that I hope will help thousands of veterans.

Mr. Speaker, I thank Chairman Takano for his assistance in moving this bill forward, I urge all of my colleagues to support it, and I reserve the balance of my time.

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Mr. BOST. Mr. Speaker, I encourage my colleagues to support this bill, and I yield back the balance of my time.

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