In response to the National Association of Realtors reaching a settlement in a class-action lawsuit requiring them to change its brokerage fee rules, the U.S. Department of Veterans Affairs recently announced an update to help ensure that Veterans using the VA-guaranteed home loan benefit remain competitive buyers.
Specifically, the VA says eligible Veterans, active duty service members and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home beginning Aug. 10, 2024. The update was intended to ensure VA’s programs continue to promote access to homeownership for Veterans. Previously, veterans could not pay buyer-broker fees when purchasing a home with a VA home loan. They say Veterans could be at a disadvantage in the evolving homebuying market, so VA released this update to make sure that Veterans remain competitive buyers.
“The full impact of the settlement is not yet certain because the real estate market is still adjusting, but there may be an increased expectation that home buyers will pay for their own buyer-broker fees. In VA’s program, it has been common practice for sellers to pay for the Veteran’s buyer-broker fees.”
Click here to read more at VA.gov.
