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Exciting Update for VA Home Loan Benefits

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Great news for veterans, active-duty service members, and surviving spouses! As of August 10, 2024, those who use the VA-guaranteed home loan benefit have more flexibility when buying a home. The U.S. Department of Veterans Affairs (VA) has announced that eligible buyers can now cover certain real estate buyer-broker fees. This change is designed to help veterans stay competitive in the housing market.

Why This Matters

Previously, veterans couldn’t pay these buyer-broker fees with their VA home loan benefits, which could put them at a disadvantage. This update is in response to a significant class-action settlement involving the National Association of Realtors (NAR) went into effect on August 17th, 2024. The goal is to ensure veterans aren’t left out or disadvantaged in the home buying process.

Key Takeaways

  • New Flexibility: Veterans can now pay certain real estate buyer-broker fees with their VA home loan benefits.
  • Competitive Edge: This change helps veterans stay competitive and not be disadvantaged due to recent market changes.
  • Negotiate and Save: Veterans should still negotiate their buyer-broker fees and can ask sellers to cover these costs at closing.
  • Fair Charges: All fees must be reasonable and customary within local markets.

What the Update Means for You

Under Secretary for Benefits, Joshua Jacobs, explained the update: "We always want to put veterans and their families in the best possible position to buy the homes they want, and that’s what this update is all about." Now, veterans can pay reasonable and customary charges, including commissions and other broker-related fees, helping them remain competitive in the fast-changing housing market.

If you’re a veteran, active-duty service member, or surviving spouse, Churchill Mortgage has your back. With the new updates to the VA loan program, now’s a great time to see what options are available to you. Our VA loan option offers competitive rates and flexible terms, making it easier for you to buy a home or refinance your current mortgage.

Moving Forward

As the real estate market evolves, the VA will continue to look for new models and opportunities to support veterans in their home buying journey. So, if you’re a veteran or know one, spread the word about this update and get ready to take advantage of these new benefits!

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