VA Loan Update: A New Benefit for Veteran Homebuyers
The U.S. Department of Veterans Affairs (VA) has recently introduced a temporary fix that is set to positively impact veteran homebuyers. As of August 10, 2024, eligible veterans, active-duty service members, and surviving spouses can now pay for their real estate agent’s commission using their VA loans. This change comes in response to the National Association of Realtors’ (NAR) commission lawsuit settlement agreement.
Key Points of the Temporary Update
Effective Date and Eligibility: Starting August 10, 2024, this update allows eligible veterans, active-duty service members, and surviving spouses to pay certain real estate buyer-broker fees when purchasing a home.
Reasonable and Customary Fees: The update includes safeguards ensuring that all buyer-broker fees are reasonable and customary within local markets. This measure helps maintain fairness and prevent overcharging.
Flexibility for Buyers: Veterans still have the option to ask sellers to cover these fees, which helps them maintain their competitive edge in the housing market.
What This Means for Veteran Homebuyers
This update is fantastic news for our veteran clients, ensuring they remain competitive in the rapidly changing housing market. It provides more flexibility and control over their homebuying process, allowing them to manage their finances better while securing the home of their dreams.
If you have any questions or need further assistance with your homebuying journey, don’t hesitate to contact us. We’re here to support our veterans every step of the way.
