Central Missouri News

Congressman Mark Alford (MO-04), Co-chair of the Congressional Real Estate Caucus, has initiated a letter to the U.S. Department of Veterans Affairs (VA) calling for a review and revision of its policies on VA loans used by veterans employing buyer brokers in real estate transactions.

The letter raises concerns about veterans' access to buyer brokers following a significant Kansas City settlement. This restriction may disadvantage veterans in competitive housing markets, potentially limiting their ability to purchase homes.

Key points from the letter include:

1. Veteran Support in Real Estate: The letter advocates for policy changes allowing veterans to use their VA loans to retain buyer brokers.

2. Policy Review Request: The Congressional Real Estate Caucus Co-Chairs are requesting the VA reassess its policy on barring fees or commissions, questioning if existing rules place veterans in less favorable purchasing positions.

3. Impact on Veterans: Clarification is sought on the legal and financial implications for veterans who wish to use part of their VA loan to cover agent or broker costs.

Congressman Alford stated, "We must ensure that our veterans have access to all necessary resources to make informed decisions in the real estate market. The current VA loan policies will hinder their ability to compete fairly and must be revisited. Our veterans deserve the right to secure the best possible representation during such significant transactions."

Congressman Mann added, “Our support for our nation’s veterans and service members cannot stop when they take off their uniforms,” said Rep. Mann. “For 80 years, the VA’s Home Loan Guaranty Program has helped position these brave men and women to provide homes for their families and build equity for future generations. Failing to match the VA’s policies with modern-day industry standards would only handcuff veterans in an already extremely challenging housing market. We must ensure that America’s heroes have access to the same flexibilities as other buyers.”

Congressman Correa also emphasized, “Those who’ve offered to make the ultimate sacrifice for our freedom deserve the ability to be homeowners and continue on their journey to achieve the American Dream,” said Correa, a Co-Chair of the Congressional Real Estate Caucus. “The VA’s loan policies play a critical role in making that dream a reality for our veterans, and it’s past time that they’re revisited, and we allow veterans the flexibility they need during the incredibly complex, and increasingly competitive home-buying process.”

The National Association of Realtors expressed gratitude towards Representatives Mark Alford, Luis Correa, Tracey Mann, Brittany Pettersen, Aaron Bean, Brian Fitzpatrick, Juan Ciscomani, Monica De La Cruz, Wiley Nickel, Derrick Van Orden, and Andy Ogles for advocating on behalf of veterans.

“The U.S. Department of Veterans Affairs Home Loan Guaranty Program represents our country’s commitment to those who have served," stated NAR representatives. "It is imperative that we ensure veterans retain the freedom to choose and have the ability to compensate for representation in their home-buying journey."

Media inquiries for Rep. Alford should be directed to Peter Minetos at Peter.Minetos@mail.house.gov.