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Every U.S. veteran should be able to \u201cbuild wealth through homeownership,\u201d NAR Pres. Rouda Smith testified to a House Veterans Affairs subcommittee.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 National Association of Realtors\u00ae (NAR) President Leslie Rouda Smith testified before Congress on Wednesday, encouraging lawmakers to further help veterans achieve the American dream of homeownership.<\/span><\/span><\/p>\n The hearing before the House Committee on Veterans Affairs Subcommittee on Economic Opportunity brought together lawmakers and housing industry leaders to brainstorm ways to remove barriers specific to veteran homeownership.<\/span><\/span><\/p>\n \u201cNAR has a tradition of service: 12% of our members are veterans or have a spouse or partner who is a veteran. That\u2019s about 180,000 strong,\u201d Rouda Smith said during her opening remarks. \u201cThe overarching theme in our policy solutions is to afford every veteran the opportunity to build wealth through homeownership.\u201d<\/span><\/span><\/p>\n During testimony, Rouda Smith highlighted the importance of strengthening the VA Home Loan Guaranty Program. She cited its benefits for borrowers and its role in closing the racial homeownership gap.<\/span><\/span><\/p>\n \u201cThe VA Home Loan Guaranty program offers many unique benefits, including a zero-down payment requirement,\u201d she said. \u201cVA loan delinquency rates are lower than FHA loans and comparable to conventional loans. With more than 90% of veterans choosing a no down payment option, this program shows that prudent underwriting and servicing is key.\u201d<\/span><\/span><\/p>\n Rouda Smith also emphasized the benefit for minorities.<\/span><\/span><\/p>\n \u201cSixteen percent of Black Americans received financing through the VA in 2018, compared to 9% of white Americans,\u201d she said. \u201cClearly, hurdles faced by VA borrowers will disproportionally impact homebuyers of color. And, unfortunately, many elements of the VA loan program meant to protect veterans and service members are instead keeping them on the sidelines in today\u2019s housing market.\u201d<\/span><\/span><\/p>\n Rouda Smith outlined NAR efforts to improve the homebuying process for veterans, and she offered lawmakers four policy recommendations:<\/span><\/span><\/p>\n Rouda Smith also fielded questions from House committee members and drew on her expertise as a 36-year real estate veteran in Texas. Committee Chairman Mike Levin (D-CA) brought up the appraisal process.<\/span><\/span><\/p>\n \u201cThere are problems with the appraisal process, which can undermine the closing if it is longer than the review period,\u201d Rouda Smith answered. \u201cVA appraisers are hard to come by, and the best way to solve that problem is to attract more appraisers to serve them. We need to pay them more.\u201d<\/span><\/span><\/p>\n During the question-and-answer period, Rouda Smith also promoted NAR\u2019s Military Relocation Professional credential, which educates Realtors\u00ae about working with U.S. service members and their families and veterans.<\/span><\/span><\/p>\n\n\n