Navigating the Changing Landscape in Real Estate: What You Need to Know
With these new regulations and shifts in the market, it’s more important than ever to stay informed. At VIP Mortgage Group, we understand that changes like these can create uncertainty for buyers, sellers, and real estate professionals alike. We’re here to ensure you have the guidance, resources, and support you need during this transitional period.
How Major Agencies Are Responding:
Fannie Mae: No immediate policy changes are expected. Seller-paid commissions are still allowed if they are customary in the local market and don’t count towards seller contribution limits.
Freddie Mac: Similar to Fannie Mae, no immediate changes are anticipated. Seller-paid buyer agent fees are typically excluded from financing concession limits if they are customary according to local practices.
FHA: Issued guidance on seller-paid buyer agent commissions. If these commissions follow local custom and are reasonable, they won’t be considered an interested party contribution.
USDA: Exempted real estate commission fees from the 6% cap on seller concessions for rural homebuyers, ensuring continued access to affordable home loans.
VA: Temporarily allows Veterans to pay buyer-broker fees in specific situations due to rapid market shifts. These fees cannot be included in the loan amount and must be considered when assessing a Veteran’s ability to close the loan.
At VIP Mortgage Group, our priority is helping you make informed decisions, whether you're navigating these new changes as a buyer, seller, or real estate professional. The landscape may be shifting, but our commitment to your success remains steadfast. Reach out to us today to discuss how these changes might impact your next home purchase or sale, and let us guide you through the process with confidence.
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