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VA updates mortgage benefits to allow for agency fees to be paid

by xyonent
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Following the National Association of Realtors reaching a settlement in a class action lawsuit seeking changes to brokerage commission rules, the U.S. The Department of Veterans Affairs recently released an update. To ensure that veterans who take advantage of VA guaranteed mortgage benefits remain competitive buyers.

Specifically, the VA said eligible veterans, active-duty military personnel, and survivors who use VA mortgage benefits will be able to pay certain real estate buyer’s agent fees when purchasing a home, beginning August 10, 2024. The update was intended to ensure that VA’s programs continue to facilitate veterans’ access to homeownership. Previously, veterans could not pay buyer’s agent fees when purchasing a home with a VA mortgage. Because they say veterans may be at a disadvantage in the evolving homebuying market, the VA announced this update to ensure veterans remain competitive buyers.

“The real estate market is still adjusting, so the settlement’s overall impact remains unclear, but it may increase the expectation that homebuyers will pay their own agent’s fees. Under the VA program, it was common practice for sellers to pay veterans’ agent’s fees.”

Click here to read more on VA.gov.

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