The U.S. Department of Veterans Affairs (VA) has updated several home loan appraisal requirements, removing and revising certain Minimum Property Requirements (MPRs), the agency announced Thursday.

The changes are now in effect and reflected in the revised VA Lenders Handbook. The agency said in a news release that the updates are intended to “reduce delays, cut outdated rules and help Veteran homebuyers move faster in a competitive housing market.”

VA is also adjusting appraisal fees in select regions to remain competitive and maintain a pool of experienced appraisers.

“The cost for the appraisal details ⇒

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