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…
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…
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…
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…
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