Mortgage Update: April 22

Updates on the proposed NAR Settlement relating to seller paid commission and interested party contributions.

We have some additional information on the proposed NAR settlement as it relates to seller paid commissions and seller paid closing costs, which are also known as interested party contributions.

Fannie Mae, Freddie Mac, and FHA have now confirmed that seller paid commissions will not be counted into the maximum allowed for interested party contributions. This is great news, especially for first-time buyers.

The VA has yet to come forth to say if the veteran, if needed, can or cannot pay their commission to the buyer's agent. We will remain diligent in communicating any new information as soon as we hear.

If you have any additional questions regarding the proposed NAR settlement, getting pre-approved, how this whole thing will work, please reach out to mortgages at mortgages@johnadamsmortgage.com.