The VA Rule Change Every Veteran Homebuyer and Agent in Melbourne, Florida and Brevard County Needs to Know

Hey everyone! Welcome to our blog, where we bring you the latest updates on Veteran affairs. Today, we’re diving into a new and important rule from the Department of Veterans Affairs (VA) that can help Veterans when buying a home in Melbourne, Florida, and Brevard County. If you’re a Veteran or know someone who is, you’ll want to read on to learn how this new rule can help you stay competitive in the local housing market.

What is VA Circular 26-24-14?

The VA has introduced a new rule called VA Circular 26-24-14. This rule is all about making it easier for Veterans to buy homes. Normally, Veterans using the VA-guaranteed home loan benefit couldn’t pay for certain real estate broker or agent fees, known as buyer-broker charges. But now, with this new rule, Veterans can pay these charges, which can help them in the fast-changing real estate market, especially in places like Melbourne and Brevard County.

Why Did the VA Make This Change?

The real estate market is always changing, and the VA wants to make sure Veterans can keep up. By allowing Veterans to pay for some of these buyer-broker charges, they can be more competitive when buying a home. This temporary rule is a smart move to help Veterans navigate the market better, including the vibrant housing market in Brevard County.

Key Conditions of the New Rule

Here are the main points you need to know about this new rule:

1. Where It Applies:
   • This rule is for areas where listing brokers can’t set buyer-broker fees through multiple listings or where these fees aren’t controlled by the listing broker. This can be especially relevant in various neighborhoods throughout Melbourne and Brevard County.
2. Loan Amount:
   • The buyer-broker charges can’t be included in the loan amount. This means you need to have enough money to cover these fees separately.
3. Liquid Assets:
   • These charges will be considered when checking if a Veteran has enough liquid assets (like cash) to close the loan.
4. Disclosure:
   • Veterans don’t need an invoice for these charges, but they must be recorded on the Closing Disclosure. Also, the buyer-broker agreement needs to be included in the loan package.

Tips for Veterans in Melbourne and Brevard County

• Negotiate: Veterans are encouraged to talk with their brokers and negotiate the fees. Don’t be afraid to ask questions and get the best deal possible.
• Seller Payments: The seller of the home can still pay these fees, and the VA doesn’t see this as a problem.

Effective Date and Where to Get More Information

This new rule starts on August 10, 2024. If you have any questions or need more information, you can visit the VA’s ServiceNow customer portal or call them at 1-877-827-3702 between 8:00 AM and 6:00 PM Eastern time.

Summary

In short, this new rule is a great step to help Veterans in Melbourne, Florida, and Brevard County stay competitive when buying a home. It’s a temporary change for now, but the VA plans to make a permanent policy as the market stabilizes. If you’re a Veteran looking to buy a home, make sure to take advantage of this new rule and stay informed.

Thanks for reading! Make sure to share this blog with fellow Veterans and stay tuned for more updates and insights. And as always, thank you for your service.

Stay informed and stay strong!