Mann, Alford, Correa, Pettersen Push VA to Enhance Veterans' Buying Power

WASHINGTON, D.C. – Today, Representative Tracey Mann (KS-01), alongside co-chairs of the Congressional Real Estate Caucus Representatives Mark Alford (MO-04), Lou Correa (CA-46), and Brittany Pettersen (CO-08), led their colleagues in sending a letter to the U.S. Department of Veterans Affairs (VA), urging a critical review and revision of its current policies regarding the use of VA home loans for veterans employing buyer brokers during real estate transactions. Due to recent changes in the real estate industry, restrictions could place veterans at a disadvantage in competitive housing markets, potentially limiting their ability to purchase homes. The letter was also signed by Representatives Derrick Van Orden (WI-03), Aaron Bean (FL-04), Juan Ciscomani (AZ-06), Wiley Nickel (NC-13), Brian Fitzpatrick (PA-01), Monica De La Cruz (TX-15), and Andy Ogles (TN-05). The Members requested a response from the Department by Friday, June 28.

“The prohibition of a veteran’s ability to pay the compensation of their own agent or broker using a VA loan can push them to a less favorable loan product, leave them unrepresented in the buying process, or out of the market entirely. VA buyers should have the same flexibility and rights as others in the real estate market,” the Members wrote.

“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 the 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. I’m hopeful that the VA will swiftly correct this simple flaw.”

"We must ensure that our veterans have access to all necessary resources to make informed decisions in the real estate market,” said Rep. Alford.  “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."

“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 Rep. Correa.  “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 letter is also supported by the National Association of Realtors.

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