WASHINGTON– The Defense Credit Union Council (DCUC) has issued a statement praising a Department of Veteran Affairs (VA) announcement that it will issue a temporary local variance for charges related to real estate broker or agent (buyer-broker) compensation.
“DCUC commends the VA for making this important decision,” President/CEO Anthony Hernandez said in a statement. “This variance will provide deserving service members and veterans better opportunities to use their VA benefits when purchasing a home.”
What VA Announced
As the DCUC noted, the VA published its announcement on June 11 in which it stated:
“[The] VA regulates fees and charges that may be made against or paid by a Veteran who is using the VA-guaranteed home loan benefit. While VA’s regulation specifies that, generally, a Veteran cannot pay for real estate brokerage charges, the Under Secretary for Benefits (USB) may authorize, in advance, charges that are appropriate for Veterans to pay as proper local variances.
“Through this Circular, VA is announcing a temporary local variance that will allow Veterans to pay for certain buyer-broker charges,” the VA continued. “The USB has determined this temporary variance is appropriate to ensure Veterans remain competitive buyers in the rapidly shifting real estate brokerage market. VA will develop a more permanent policy, through a new notice-and-comment rulemaking, as the real estate brokerage market restabilizes and new practices take hold.”
DCUC further noted that per the VA, the temporary variance will go into effect on August 10.
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