Do you only offer VA loans?

I am a full service mortgage broker. Although VA is the majority of what I do, I also have other mortgages like FHA, Conventional, USDA and Non QM.

Do you only service the Dayton and Cincinnati markets?

Dayton and Cincinnati are the majority of my business. However, I'm authorized to offer mortgage loans in 40 states. For loans outside of these areas, I can refer them to friends in the business.

How The NAR Settlement Affects VA Home Buyers | Carlos Scarpero- Mortgage Broker

How The NAR Settlement Affects VA Home Buyers

The National Association of Realtors settled the commission lawsuit on March 15, 2024.

Here are the ways that VA home buyers will be affected by the settlement.

Update….the VA issued a circular, 26-24-14 on June 11, 2024 saying that veterans can now pay buyer’s side commissions when getting a VA home loan in certain limited cases. This circular goes into effect on August 10, 2024.

Can VA home buyers pay buyer's side agent commissions?

In the past, er VA guidelines, VA home buyers cannot pay buyer’s side real estate commissions. This includes any processing or assistant fees. The contract would need to say that the seller is paying all buyer’s side Realtor commissions.

This changes on August 10, 2024 with the new guidance

Is the VA planning to change their policy in light of the NAR settlement?

Yes, the VA changed their policy with the new guidance that was issued on June 11, 2024. This policy goes into effect on August 10, 2024.

Are VA offers now at a disadvantage in light of the NAR settlement?

VA buyers would have been at a disadvantage if the policy was not updated. This is why Circular 26-24-14 was issued.

Does the payment of buyer's side commissions by the seller count toward allowable seller concessions?

In Circular 26-24-14, the VA reiterated that the seller’s payment of buyer’s side commissions is not considered a seller concession and would not count toward VA allowable concessions.

Conclusion

While buyer commissions will change with the NAR ruling, it is still possible to buy a home with a VA home loan. As always, if you have any questions, feel free to reach out at 937-572-3713 or cscarpero@edgehomefinance.com

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Carlos Scarpero

Carlos Scarpero is the founder of Scarpero.com and a mortgage loan officer focusing on VA and Non QM mortgage loans. He is also the author of VA Loans Made Easy.