VA Mortgage Loan

Apply Now!
adjustable rate mortgage loan

VA Mortgage Loan Process Updates for 2024

The VA mortgage loan process has undergone significant changes in 2024. Here are the key updates:

Buyer-Broker Fees

As of August 10, 2024, eligible Veterans, active-duty service members, and surviving spouses using VA home loan benefits can now pay for certain real estate buyer-broker fees when purchasing a home. This change aims to keep Veterans competitive in the evolving housing market, following a class-action settlement involving the National Association of REALTORS®.

Negotiation and Flexibility

  • Veterans are encouraged to negotiate their buyer-broker fees.
  • They can still ask sellers to pay these fees at closing, which remains a viable practice under VA rules.
  • All buyer-broker fees charged to Veterans must be reasonable and customary within local markets.

Safeguards and Monitoring

The VA has implemented safeguards to protect Veterans and will continue to monitor the real estate market for changes. They are also looking out for new models of realtor commissions that may emerge to help lower costs and increase competition.

Eligibility and Documentation

While not explicitly stated as new changes, Veterans should review standard eligibility requirements and prepare necessary documentation for the loan application process. This suggests a continued focus on streamlining the application process.

It’s important to note that the VA is actively monitoring the impact of these changes and may make further adjustments as needed to ensure Veterans remain competitive in the housing market.

VA Mortgage Loans: Serving Those Who Served

At Trevor Aspiranti, we’re proud to offer VA mortgage loans to our nation’s veterans, active-duty service members, and eligible surviving spouses. These government-backed loans provide an excellent opportunity for those who have served our country to achieve the dream of homeownership.

Benefits of VA Loans

  • No Down Payment Required: Qualified borrowers can finance 100% of the home’s value.
  • No Private Mortgage Insurance (PMI): Save hundreds each month compared to conventional loans.
  • Competitive Interest Rates: Often lower than conventional loan rates.
  • Flexible Credit Requirements: More lenient credit score minimums than many other loan types.
  • Limited Closing Costs: The VA limits the closing costs lenders can charge.

Eligibility Requirements

To qualify for a VA loan, you must meet one of the following service requirements:

  • Served 90 consecutive days of active service during wartime
  • Served 181 days of active service during peacetime
  • Served 6 years in the National Guard or Reserves
  • Be the spouse of a service member who died in the line of duty or as a result of a service-related disability

The VA Loan Process

  1. Obtain your Certificate of Eligibility (COE)
  2. Apply for your VA loan with Trevor Aspiranti
  3. Get your home appraised
  4. Close on your new home

Why Choose Trevor Aspiranti for Your VA Loan?

Our team at Trevor Aspiranti specializes in VA loans and understands the unique needs of our military community. We’re committed to providing personalized service, expert guidance, and the most competitive rates available. Let us help you navigate the VA loan process and secure the home you deserve.

Ready to start your VA loan journey? Contact us today at (586) 206-1390 or apply online to take the first step towards homeownership.