VA Introduces Temporary Variance Allowing Veterans to Pay Buyer-Broker Fees

VA Introduces Temporary Variance Allowing Veterans to Pay Buyer-Broker Fees

In a significant move to ensure Veterans stay competitive in the ever-evolving real estate market, the Department of Veterans Affairs (VA) has announced a temporary local variance. This variance allows Veterans to pay certain buyer-broker charges when purchasing a home using their VA loan benefits. Effective August 10, 2024, this groundbreaking change addresses the shifting…

FHA and VA Fee Update: Increased Allowances for Assumable Mortgages

FHA and VA Fee Update: Increased Allowances for Assumable Mortgages

The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) have recently updated their policies regarding fees associated with assumable mortgage transactions. These changes are designed to better align the allowable fees with the current market conditions and to facilitate more efficient processing of assumable mortgages by loan servicers. FHA Doubles Allowable Fees…

VA Assumable Loan Entitlement Update: New Form and Guidelines

VA Assumable Loan Entitlement Update: New Form and Guidelines

The Department of Veterans Affairs (VA) has recently released two important circulars that introduce significant changes to the VA assumable loan process. These updates focus on ensuring that all parties involved in an assumption transaction have a clear understanding of how the assumption may impact their available VA home loan guaranty entitlement. The two circulars we…

How Long Does it Take to Assume a VA Loan?

How Long Does it Take to Assume a VA Loan?

The Department of Veterans Affairs (VA) recently released Circular 26-23-27, which has significantly impacted the VA loan assumption process. This circular addresses the issue of non-compliance among lenders and servicers, mandating that they must process VA loan assumptions within a 45-day timeline. This new guidance has changed the landscape of VA loan assumptions, which previously…

VA Assumable Loan: Making Homebuying More Affordable

VA Assumable Loan: Making Homebuying More Affordable

Assuming a VA loan can be an attractive option for both homebuyers and sellers. With the flexibility and benefits it offers, it’s no wonder why many homebuyers choose this route when it comes to homeownership. In this article, we will explore the concept of VA assumable loans, how they work, and the advantages they bring…