MBA Comment Letter to VA on Minimum Property Requirements ANPR
The Mortgage Bankers Association (MBA) appreciates the opportunity to provide comments in response to the Department of Veterans Affairs (VA) Advance Notice of Proposed Rule Making (ANPR) concerning the need for improvements to VA’s minimum property requirements (MPRs) for the VA-guaranteed and direct loans as required by the Improving Access to the VA Home Loan Benefit Act of 2022. The VA Home Loan Guaranty Program is one of the most significant benefits servicemembers and veterans receive in return for their sacrifice, and making this program more accessible and operationally efficient is a critical step towards delivering much needed housing to our nation’s heroes. At a time when inventory remains historically low and the average purchase price for a new home has reached $492,3002, it is imperative to ensure that the VA Home Loan Guaranty program remains competitive and viable for veterans or service members.