What Veterans Need to Know About Buying a Home
The National Association of REALTORS® (NAR) is proud to support those who serve our country on their journey to achieve the American Dream of homeownership. Veterans and active servicemembers often have unique needs when looking for a home, and agents who are REALTORS® are committed to helping ensure those needs are met following the real estate practice changes that went into effect on August 17, 2024.
VA Home Loan Benefits
Can veterans pay for a real estate agent under VA rules?
Yes. On August 10, 2024, the VA enacted a temporary policy allowing buyers with VA home loans to pay for real estate professional representation. NAR advocated extensively for this outcome to give veterans greater access to professional representation in their pursuit of homeownership.
Is the policy permanent?
Currently, the policy is temporary. The VA will decide if a formal rulemaking process is needed to make it permanent. NAR continues to advocate for the policy to become permanent by engaging lawmakers and sharing examples of how this change benefits consumers.
Written Buyer Agreements
Written buyer agreements outline the services your real estate professional provides and how they will be paid. These agreements are fully negotiable, and you should not sign anything that includes terms you do not understand or agree with.
How Buyer Agents Get Paid
Payment terms for buyer’s agents are outlined in the written buyer agreement and may include:
- The seller or their listing broker offering compensation.
- The buyer requesting the seller to pay the buyer broker as part of the purchase offer.
- The buyer paying the agent directly out of pocket.
NAR’s Advocacy for Veterans
NAR has been a long-time advocate for veterans’ access to home financing, including:
- Supporting the VA Home Loan Guaranty program, which has facilitated over 24 million home loans for veterans.
- Promoting flexible and competitive loan products for veterans.
- Advocating for the descendants of veterans to use unused home loan benefits.
- Allowing buyers to assume veterans’ existing interest rates during a sale.
Why Work with a REALTOR®?
REALTORS® are bound by NAR’s Code of Ethics to work in your best interest. Many REALTORS® also hold NAR’s Military Relocation Professional (MRP) certification, preparing them to serve veteran buyers effectively.
For more information about written buyer agreements or VA home loans, visit:
NAR’s Consumer Resources.
Disclaimer:
Practices may vary based on state and local laws. Consult your real estate professional and/or an attorney for details about state law where you are purchasing a home.
Credit: Content provided by the National Association of REALTORS®.