VA Temporarily Suspends Loan Rule Impacting Veteran Home Buyers

Jun 11, 2024, 05:48 PM

The Department of Veterans Affairs (VA) has announced a temporary suspension of a loan rule that would have negatively impacted veteran home buyers. The 'Buyer-Broker Agent Temporary Local Variance Circular' was introduced in response to concerns from Realtors who feared that veterans would become less competitive in the real estate market. NAR President Kevin Sears issued a statement in response to the VA's announcement, and the American Real Estate Association has been advocating for these changes. The temporary rules were first announced in May ahead of Memorial Day. However, a permanent fix is needed as Washington band aids only last so long.