NAR Goes to Capitol Hill on Appraisals for VA Home Loan Program

It’s no secret that a professional appraisal is key to getting a clear understanding of the home purchase. It’s an important part of ensuring that buyers pay a fair price for their new home, and buyers who utilize the Department of Veterans Affairs’ Home Loan Guaranty Program are no exception.

Realtors® took to Capitol Hill today to champion the good work happening at the VA, but also to warn Members of the House Committee on Veterans Affairs of the challenges facing appraisers who serve the Home Loan Guaranty Program.

Michelle Bradley, Immediate Past Chair of the National Association of Realtors® Real Property Valuation Committee, testified before the HVAC’s Subcommittee on Economic Opportunity to offer her expertise as a state-certified general real property appraiser. She told Members of the Committee that despite the good work happening within the program, regulatory burdens remain that need attention.

“America’s veterans have been well-served for years by VA’s appraisal system, and professionals in the business should be proud of their good work,” Bradley said. “Unfortunately, that system is under tremendous pressure today.”

For over 70 years, the VA Home Loan Guaranty Program has served veterans and active duty service members with zero-down payment options and by encouraging private lenders to offer favorable terms on home loans.

Veterans made up 18 percent of homebuyers in a recent NAR survey, with over half of those buyers turning to a VA loan to finance their home purchase. That means getting the program right is important, but Bradley pointed out a number of impediments to continuing the current level of service.

“What we’ve found is that, among appraisers, there’s a real reluctance to work with the VA,” Bradley said. “Generally, appraisers are dissatisfied with the level of compensation they’re receiving for their work. It’s also harder than ever for trainees to enter the field, not just within the VA system but across the industry, which only adds to the perception of an appraiser shortage. This overall regulatory burden is a significant issue, and we have to turn things around.”

Despite these  challenges, Bradley sounded optimistic as she faced the Committee.

“What we have today isn’t perfect, but it’s an important part of ensuring veterans and active-service members are protected when using a VA home loan,” Bradley said. “NAR looks forward to working with the VA and Members of Congress to improve this system in the years to come.”

For more on the subject, NAR recently released fresh survey data from over 2,000 appraisers within the industry. That’s available online here: http://narnewsline.blogs.realtor.org/2017/03/16/appraiser-survey-shows-challenges-remain-for-practitioners/

If you’re a veteran considering purchasing a home give me a call for more information about the VA loan program – J.P. Cook – 602-320-4253.

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$624,990

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6759517

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$624,970

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2,494 SqFt

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$624,950

5 Beds

3 Baths

2,871 SqFt

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16213 N 9th Place Phoenix, AZ 85022

Open House

$624,950

3 Beds

2 Baths

1,910 SqFt

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Property Type Single Family Residence

Price Type --

BLACK FRIDAY BLOW OUT PROMOTION!! Submit the Black Friday Coupon in the documents tab with your offer to receive $7,500 off the listed price!! All written offers must be submitted with the coupon by 11:59 pm on Sunday, December 1st to receive this promotion. NO EXCEPTIONS! BUYER COULD NOT PERFORM-BACK ON MARKET!!! Brand new roof!! Welcome to this beautifully remodeled 3-bedroom, 2-bathroom ranch-style home at 16213 N 9th Place! Located in a peaceful cul-de-sac, this 1,910 sq. ft. home features an open concept living space with a split floor plan, luxury vinyl plank wood-look floors, a custom kitchen with a large island, coffee bar, and white cabinets that complement sleek silver appliances. The dual shower primary bathroom with elegant double sinks add a touch of luxury. Outside, enjoy the covered patio, oversized backyard, RV parking, and desert landscaping. The community offers a private park, playground, and green belt, and it's just minutes from Lookout Mountain with easy access to the I-17 and 51 freeways. This home has it all!

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31006 W 213th Lane Wittmann, AZ 85361

$624,900

3 Beds

2.5 Baths

2,100 SqFt

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Property Type Single Family Residence

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$624,900

4 Beds

2 Baths

2,148 SqFt

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Property Type Single Family Residence

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2055 W Edgemont Avenue Phoenix, AZ 85009

$624,900

3 Beds

2 Baths

2,061 SqFt

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$624,900

3 Beds

2 Baths

1,592 SqFt

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MLS # 6778347

Property Type Single Family Residence

Price Type --

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12810 S 209th Lane Buckeye, AZ 85326

$624,900

4 Beds

2 Baths

1,983 SqFt

Status Active Under Contract

MLS # 6778549

Property Type Single Family Residence

Price Type --

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16814 S 37th Way Phoenix, AZ 85048

$624,900

3 Beds

2.5 Baths

2,458 SqFt

Status Active Under Contract

MLS # 6777415

Property Type Single Family Residence

Price Type --

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6750 W Via Montoya Drive Glendale, AZ 85310

$624,900

4 Beds

2.5 Baths

2,539 SqFt

Status Active

MLS # 6756139

Property Type Single Family Residence

Price Type --

Spacious 4-bedroom, 2.5-bath home with over 2,500 sqft of living space! This inviting property boasts a generous floor plan featuring tile and wood flooring in high-traffic areas. The chef's kitchen is a culinary enthusiast's dream, offering abundant cabinet space, a large island with pendant lighting, high ceilings, stainless steel appliances, and large pantry int laundry room. The primary bedroom provides ample room with an en suite featuring dual sinks, a separate stand-in shower, and a walk-in closet. Vaulted ceilings and a great room add to the home's open, airy feel. Step outside to a covered patio, ample backyard space with cozy seating areas, and an outdoor fireplace perfect for entertaining. Plus, enjoy the convenience of a 3-car garage. Don't miss out on this gem!

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2099 S Mountain View Road Apache Junction, AZ 85119

$624,900

3 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6787145

Property Type Single Family Residence

Price Type --

Views Views Views! This home sits at the base of the Superstition Mountains and has unobstructed views. Amazing home on over an acre. Vaulted ceilings in the main living room. Chefs kitchen with a custom built hood over the range. Master bedroom has mountain views from the windows. Updated bathrooms with new cabinets, flooring and fixtures. Master bedroom has a private exit out to the backyard to the spa. The possibilities are endless with this vast open space, providing room for all your toys, boats, trucks, and RVs. Conveniently located a mile from the freeway! Come see this one of a kind property.

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