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VA Announces Real Estate Commission Changes

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Mortgage and Lending with Rate, Inc NMLS# 2611 NMLS #151088
On June 11, 2024, the Department of Veterans Affairs released Circular 26-24-14 that announced a temporary local variance to allow Veterans to pay real estate commission when purchasing a home using VA financing.
 
VA is authorizing a temporary local variance that allows Veterans to pay reasonable and customary amounts for any buyer-broker charges (including commissions and any other broker-related fees), subject to the following:
 
a. The home the Veteran is purchasing is an area where—
(1) listing brokers are prohibited from setting buyer-broker compensation through multiple listing postings; or
(2) buyer-broker compensation cannot be established by or flow through the listing broker.
b. Buyer-broker charges are not included in the loan amount.
c. Buyer-broker charges paid or to be paid by the Veteran are to be considered in determining whether the Veteran has sufficient liquid assets to close the loan.
d. An invoice is not necessary to support the buyer-broker charge
 
VA also clarifies that the Seller's payment of any buyer-broker charges are NOT classified as a Seller Concession. This temporary change becomes effective August 10, 2024. A permanent policy through a notice and commitment period.  
 
https://www.benefits.va.gov/HOMELOANS/documents/circulars/26-24-14.pdf
 
Guaranteed Rate is honored to support our Military community by waiving all Lender Fees on our VA loans through 12/31/24.
 
  

 

https://www.rate.com/resources/waived-va-loans?LOID=18865


#Mortgage #NoDownPayment #VA #Veteran #VAHomeBuyer #VALoanMyths #VALoanExpert #VALoan #VALoans #VALoanSpecialist #VAMortgagePro #VAIRRRL #VARefinance

 
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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Renovation - FHA 203(k), Fannie Mae HomeStyle Renovation, & VA Renovation

 

  • ************************************************************************************************************
  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.

  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:     Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  •  

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  

  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

          GR - Reverse Mortgage Certified GR - Renovation Certified GR - VA Loan Expert

Comments(11)

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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Thanks for this update, Rodney.

Jun 11, 2024 08:03 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Rodney Mason, VP of Mtg Lending this is good news for Realtors.  For once the VA made a timely decision.

Jun 11, 2024 08:27 AM
Rodney Mason, VP of Mtg Lending

It is temporary as they still have to follow the formal process to make any permanent changes.  It's at least a good step forward for now

Jun 11, 2024 08:37 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Good news for the VA buyers, and was hoping this change would come about.

Jun 11, 2024 08:34 AM
GilbertRealtor BillSalvatore
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Wishing you continued

success. Have a wonderful day and sell a house. Bill

Jun 11, 2024 09:46 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Associate Real Estate Broker

The one part of that post that is a positive is that the VA will look at buyer broker compensation as paid by the seller as acceptable.

Jun 11, 2024 06:38 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jun 12, 2024 04:37 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Rodney. It's a first step in correcting a mistake made to a system that was not broken. Still costs the Vet more money. Enjoy your day.

Jun 15, 2024 03:52 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Keep me posted and keep on doing your thing! Love and let all the best

Jun 15, 2024 11:22 PM
Michael J. Perry
Fathom Realty - Lancaster, PA
Lancaster, PA Relo Specialist

I’m glad to see VA being Proactive about the changing Commission situation. Now Fannie & Fredi need to increase allowable Seller Assistance ! …..

Jun 16, 2024 12:17 PM
Rodney Mason, VP of Mtg Lending

I really do not see Fannie or Freddie changing their Seller Contribution limits.  With the increase in sales prices in the last several years, 3% gets a lot of Seller Contribution.  It's not that often that I see or even need more than the 3% limit.   

Jun 16, 2024 07:03 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Houston we have a problem.   I've taken courses, been in on office calls, 2 day ABR courses, and the word compensation replaces commission in our lingo after 8/17.  AND we're also told we have to ask the listing agents if the seller is paying a selling concession, which includes compensation.  This could get tricky if the seller can't include compensation in seller concessions for buyers agents/realtors, when that's what buyer brokers will receive.  I'm told that seller concessions will include buyer broker compensation.  

Jun 17, 2024 08:12 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Rodney Mason, VP of Mtg Lending ,

A good set in the right direction but I think we are going to be in a world of turmoil this fall. More law suits, the DOJ trying to insert their influence and no one seems to really know at this juncture how it's all going to work..too many what ifs!

Jun 18, 2024 07:24 PM
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