U.S. Rep. Juan Ciscomani (R-AZ) recently joined several of his Republican colleagues to unveil legislation that aims to remove barriers in the Veterans Administration home loan process for former and current members of the United States military and their spouses.
The congressman on April 27 cosponsored the VA Home Loan Affordability Act, H.R. 8532, alongside bill sponsor U.S. Rep. Derrick Van Orden (R-WI) and fellow cosponsors including U.S. Reps. Mike Bost (R-IL) and Jen Kiggans (R-VA) to align elements of the U.S. Department of Veterans Affairs (VA) Home Loan Program with requirements of the Federal Housing Administration.
“I’m proud to have co-led this effort with Rep. Van Orden to further expand opportunities for the men and women who have worn the uniform faithfully serving our nation,” Rep. Ciscomani said on Monday.
Since its creation in 1944, the VA Home Loan Program has helped millions of U.S. military veterans, service members, and surviving spouses achieve homeownership through favorable terms, such as zero-down payments and competitive interest rates. However, the program has not kept pace with the current housing market.
“Homeownership is a cornerstone of the American Dream, especially for our veterans who should not face delays when buying a home because of outdated bureaucracy that has only made it increasingly difficult to access the benefits they have earned,” said Rep. Ciscomani. “The VA Home Loan Affordability Act will modernize the home loan process, align it with other federal programs, and ensure that those who served our country can achieve homeownership without unnecessary barriers.”
If enacted, H.R. 8532 would modernize the system by reducing the time required to become a certified VA appraiser from the current three to five years to align with the 12–18-months timeline for state certification.
Additionally, the bill includes provisions to cap closing costs at 1.5 percent and limit seller concessions to 6 percent, aligning VA standards with those of the Federal Housing Administration, according to a bill summary provided by Rep. Ciscomani’s staff.
To help streamline access for veterans, the measure also would direct the VA to review and update its minimum property requirements and appraisal processes to eliminate outdated regulations, the summary says.