VA Seeking Public Comments on Minimum Property Requirements

The Department of Veterans Affairs (VA) recently published a request for public comments regarding improving minimum property requirements (MPRs) on homes purchased with VA-guaranteed and direct loans.  The VA also will consider any responses received when updating appraisal requirements, as required in the Improving Access to the VA Home Loan Benefit Act of 2022.

The VA request is open to any public comments on the MPRs, but specifically includes questions regarding, among others:

• Advantages and disadvantages of the VA MPRs in comparison to other, similar federal program requirements;
• Whether VA MPRs should be replaced by the property condition ratings used by Fannie Mae and Freddie Mac;
• Any impact of the current VA MPRs on the traditionally underserved population;
• Whether any changes to the VA MPRs would mean more or less lender participation in the programs; and
• Whether some MPR waivers are necessary for home buying with a VA loan.

Comments are due by February 9, 2024.