Legislation easing the homebuying process advances House committee

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The Homebuyer Assistance Act of 2019 has been advanced by the House Financial Services Committee, with officials maintaining the measure would make it easier for homebuyers to buy a home.

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The bill, introduced by Reps. Brad Sherman (D-CA) and Sean Duffy (R-WI), eases the process of buying a home with a Federal Housing Administration (FHA) mortgage by addressing the current shortage of certified appraisers.

“The process of purchasing a home is already difficult enough for first-time, low-income, and minority homebuyers, they do not need the added challenge of finding a certified appraiser,” Sherman said. “This legislation is a common-sense revision to current appraisal requirements, which will make FHA mortgage accessible to more Americans.” Sherman also thanked House Financial Services Committee Chairwoman Maxine Waters for working closely with him on this issue.”

The bill reduces several hurdles appraisers currently face before they are allowed to perform appraisals for home purchases financed by an FHA mortgage. Federal standards set for FHA appraisers would be brought in line with federal minimum requirements already in place for other home mortgages, particularly those purchased by Fannie and Freddie.

The bill has garnered support from, among others, the Center for Responsible Lending, the Appraisal Foundation, the Appraisal Institute, the Real Estate Valuation Advocacy Association, the National Association of Appraisers, the American Society of Appraisers, the MBREA – Association for Valuation Professionals and the National Association of REALTORS.

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