The VA Appraisal Modernization Act addresses appraisal costs and availability for veterans seeking home loans guaranteed by the Department of Veterans Affairs. The bill requires the VA to establish baseline appraisal fees within 180 days and adjust them annually based on home price increases, rounded to the nearest $25. In high-demand counties where appraisals take longer or appraisers are scarce, fees would increase to at least 125 percent of the standard rate (and up to 150 percent in persistently high-demand areas), while remote counties would qualify for mileage reimbursement at federal rates. The legislation also directs the VA to report within 180 days on how these changes will affect government spending, appraiser recruitment, completion times, and loan usage, and to study the feasibility of contract appraisers and restructuring the process to match the Federal Housing Administration model. No specific appropriations are mentioned in the bill, meaning costs would come from existing VA budgets.
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