Supporting Veterans on Their Path to Homeownership: What You Need to Know
The National Association of REALTORS® (NAR) proudly supports those who serve our country in achieving the American Dream of homeownership. Veterans and active servicemembers have unique needs when purchasing a home, and with recent real estate practice changes, it’s essential to understand how these updates impact the home-buying process.
VA Home Loan Benefits: What Has Changed?
As of August 10, 2024, the Department of Veterans Affairs (VA) has enacted a temporary policy allowing buyers with VA home loans to pay for real estate professional representation. This change, strongly advocated by NAR, expands veterans’ access to professional real estate guidance, ensuring they receive the expert assistance they deserve when navigating the home-buying process.
Will This Policy Become Permanent?
Currently, the policy remains temporary, and the VA will assess whether a formal rulemaking process is necessary to make it permanent. NAR continues to advocate for a lasting solution by working with lawmakers and VA officials to highlight how this change benefits veteran homebuyers.
Understanding Written Buyer Agreements
Another key change affecting homebuyers is the requirement for written buyer agreements, effective August 17, 2024. These agreements outline the services a real estate professional will provide and the compensation for those services.
Why Are Written Agreements Required?
- Provide transparency in the home-buying process.
- Clearly define financial expectations and responsibilities.
- Ensure that real estate professionals are accountable for the services they promise.
- Allow buyers to negotiate terms that best suit their needs.
How Are Buyer Agents Compensated?
Your written buyer agreement will specify how your agent is paid. Options include:
- The seller or listing broker offering compensation to the buyer’s agent.
- The buyer requesting the seller to pay the buyer’s agent as part of the purchase offer.
- The buyer paying the agent directly out of pocket.
NAR’s Ongoing Advocacy for Veterans
NAR has long supported the VA Home Loan Guaranty program, which has helped over 24 million veterans secure home loans. Additional advocacy efforts include:
- Ensuring veterans have access to competitive loan products with flexible terms.
- Working with the VA and Congress to allow certain veterans’ descendants to utilize unused home loan benefits.
- Advocating for assumable interest rates, allowing buyers to take over a seller’s existing loan terms.
Why Work with a REALTOR® as a Veteran or Active Servicemember?
REALTORS® follow a strict Code of Ethics, ensuring they act in the best interest of their clients. Many also obtain the Military Relocation Professional (MRP) certification, demonstrating expertise in working with veteran homebuyers.
How Global Vanguard International Supports Veterans
At Global Vanguard International, we are dedicated to helping veterans and active-duty military members navigate the home-buying process with confidence. Our team:
- Specializes in VA home purchases and understands the complexities of VA loans.
- Offers expert negotiation to help veterans secure the best possible home deals.
- Provides personalized guidance to ensure a seamless experience from start to finish.
Take the Next Step Toward Homeownership
Buying a home is one of the most significant decisions you’ll make. With the right real estate professional by your side, you can confidently navigate the process and maximize your VA home loan benefits. Contact Global Vanguard International today to start your journey toward homeownership.
For more details on NAR’s buyer agreement guidelines, visit facts.Realtor.