In a pair of rulings, the U.S. Circuit Court of Appeals for the District of Columbia has rejected the National Association of Realtors petition for a rehearing in its case with the Justice Department.
The latest actions follow a 2-1 split decision that allowed the Biden Administration to reopen a case the trade group thought it had settled while Donald Trump was president.
But the Biden Administration never finalized the agreement and looked to reopen the investigation.
“This ruling stands in opposition to years of precedent on the interpretation of government contracts and the bedrock principle that the government must honor its word,” a NAR spokesperson said. “We are evaluating all remaining legal options and are committed to exploring all avenues to ensure the DOJ is held to the terms of our 2020 agreement.”
Some speculated that the April ruling could lead to more involvement by the Justice Department in cases involving real estate broker commissions and multiple listing services activities. Most recently, the Department filed an amicus brief, albeit in support of neither side, calling on Ninth Circuit Court of Appeals to reopen a case filed by Real Estate Exchange, also known as REX, against NAR and Zillow.
NAR has also entered into settlement agreements with some of the various plaintiffs in the buyer’s real estate broker fee commission cases, with a number of observers speculating that it wouldn’t have taken the action without the Justice Department’s blessing. But the DOJ’s actions since then have dispelled that conjecture.
After the April decision came out, NAR filed an appeal asking for both a rehearing among the three judge panel that initially decided the matter, as well as for an en banc hearing, where all members of the court would then rule on the case.
Both motions were rejected in single-page rulings without detailed explanation.
“Upon consideration of appellee’s petition for panel rehearing filed on May 20, 2024, it is ordered that the petition be denied,” wrote the unanimous three-judge panel consisting of Judge Karen Henderson, Judge Justin Walker and Judge Florence Pan.
The entire court, with the exception of Judge Bradley Garcia, participated in the unanimous ruling denying NAR’s request.
“Upon consideration of appellee’s petition for rehearing en banc, the response thereto, and the absence of a request by any member of the court for a vote, it is ordered that the petition be denied,” the unsigned ruling said.
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In recent years, the U.S. has hit record inflation rates due to factors as wide ranging as labor shortages and the war in Ukraine, but the degree to which prices have risen vary across the country.
WalletHub recently determined how inflation is impacting different communities in the U.S. by comparing 23 major MSAs (Metropolitan Statistical Areas) across two key metrics related to the Consumer Price Index, using the factors to determine a total score out of 100 for each metro area.
“Rising housing and natural gas prices accounted for 70% of the 3.4% increase in the latest monthly CPI report,” David Skidmore, professor of political science at Drake University, said in a WalletHub release. “Older homeowners who have mortgages locked in at low fixed rates are staying put, with the result that fewer homes are available for younger homebuyers to enter the market. This, along with sluggish new home construction, has pushed up home prices. Rents have risen to match.”
The metro area on this list with the biggest inflation problem is Detroit-Warren-Dearborn, Michigan, which has the highest CPI change over two months. Other top metro areas include Dallas-Fort Worth-Arlington, Texas, and Urban Honolulu, Hawaii. Honolulu has the highest CPI change over the year.
Read more about the cities with the biggest inflation problems.
Some things to look for are what are known as “horizontals”. These are structural amenities local to the site of the planned build such as paved roads, power lines, and water lines. These prospects can look like an undeveloped lot in an existing suburban neighborhood, or what is known as an “In-fill” in more Urban … [Read more…]
Thinking of making the Beaver State your new home? Oregon offers residents breathtaking natural scenery, vibrant urban centers, and a flourishing tech industry, making it a top destination for movers. Whether you’re looking at homes for sale in Portland, considering renting a home in Bend, or touring apartments for rent in Eugene, here’s what you need to know before moving to Oregon.
Oregon at a glance
Oregon provides a mix of natural beauty and urban life. From the stunning Crater Lake to the lush forests of the Willamette Valley, the state is perfect for both outdoor enthusiasts and city lovers. The largest cities in Oregon, Portland, Eugene, and Salem, are bustling hubs of activity. Oregon’s economy is driven by technology, agriculture, and manufacturing, with companies like Nike, and Columbia Sportswear headquartered here.
The state’s cultural scene includes vibrant music, arts, and culinary delights, while its strong educational institutions and job market make it an attractive place to live. For those seeking affordability, cities like Gresham, Springfield, and Salem offer more budget-friendly living options. Whether exploring the Oregon Coast, hiking around Mount Hood, or visiting the Portland Saturday Market, moving to Oregon is a great consideration.
1. The national parks in Oregon are stunning
Oregon’s national parks are stunning natural treasures, offering diverse landscapes and unparalleled beauty. Crater Lake National Park showcases the deepest lake in the U.S., known for its vivid blue waters and surrounding volcanic peaks. Further north, the lush forests and cascading waterfalls of Mount Hood National Forest attract hikers and outdoor enthusiasts seeking adventure in a picturesque setting. Additionally, the rugged coastline and sea stacks of Oregon’s coastal parks, like Cape Perpetua Scenic Area, provide dramatic vistas and opportunities for coastal exploration and wildlife viewing.
Travel tip: To make the most of your visit to Crater Lake, aim to arrive before 9 am or after 4 pm to avoid waiting in long lines at the entrance stations. For further details about this stunning National Park, visit the National Park Service page.
2. Oregon has diverse climates throughout the state
Oregon’s diverse climates range from the lush, temperate rainforests of the western coast, where cities like Astoria receive over 70 inches of rain annually, to the arid high desert regions of the eastern part of the state, such as Bend, which gets less than 12 inches of rain per year. Additionally, Salem and Portland are among the rainiest cities in the U.S., contributing to the state’s reputation for varied and sometimes wet weather patterns.
The Willamette Valley, including cities like Eugene and Salem, experiences a mild, Mediterranean climate with warm, dry summers and cool, wet winters, ideal for growing wine grapes and other agriculture. In contrast, the southern part of the state, around Medford, enjoys a more temperate climate with hot, dry summers and mild, wet winters, supporting a variety of fruit orchards and vineyards.
3. There’s no sales tax in the state
Oregon is one of the few states in the U.S. that does not impose a sales tax, which can be beneficial for residents as it reduces the overall cost of goods and services. This tax policy can attract people looking to save money on everyday purchases, making it an appealing destination for those considering relocation. Additionally, the absence of sales tax can simplify financial planning and budgeting for households.
4. Oregon has amazing vineyards
Oregon’s Willamette Valley stands out globally for its stunning vineyards and production of world-class Pinot Noir wines. This is exemplified by acclaimed wineries like Domaine Serene and Archery Summit. The region’s diverse climate and fertile soil create optimal conditions for cultivating exceptional grape varietals, making it a mecca for wine enthusiasts. Additionally, the Columbia Gorge area complements this reputation with its own distinct vineyards, such as Maryhill Winery, contributing to Oregon’s acclaimed wine industry.
Travel tip: The sprawling vineyards make walking impractical, so planning your transportation ahead of time is essential when visiting the Willamette Valley for wine tasting. Uber and Lyft availability in the region can be inconsistent, so arranging a designated driver or booking a wine tour service in advance is advisable.
5. There’s people to help pump your gas
In Oregon, it’s common to find attendants at gas stations who pump your gas for you, making it a convenient service for drivers. This practice eliminates the need to leave your car, especially in bad weather or if you’re in a hurry. Additionally, the service provides an added level of safety and convenience, particularly for those who may have difficulty with self-service pumps.
6. There are plenty of unique festivals and cultural events
Oregon hosts a wide array of unique festivals and cultural events, offering something for everyone to enjoy. The renowned Oregon Shakespeare Festival in Ashland draws theater enthusiasts from around the world, featuring an extensive lineup of classic and contemporary plays performed in multiple theaters. Meanwhile, Portland’s annual Rose Festival pays homage to the city’s heritage with vibrant parades, exhilarating dragon boat races, and breathtaking floral exhibitions.
Travel tip: For budget-conscious visitors with flexible schedules, consider purchasing discounted day-of tickets for performances at the Oregon Shakespeare Festival.
7. Oregon is very environmentally-friendly
Oregon is renowned for its strong commitment to environmental sustainability, with cities like Portland and Eugene leading the way in green initiatives. Portland, for example, has implemented extensive public transportation options such as the MAX light rail and streetcars, significantly reducing carbon emissions. Meanwhile, Eugene is recognized for its widespread use of renewable energy sources like hydroelectric power and geothermal heating, alongside innovative community recycling programs aimed at minimizing waste and promoting recycling efforts.
Discover the pros and cons of living in Oregon to gain insight into the state’s unique lifestyle.
8. Biking is a popular mode of transportation
Biking is a popular mode of transportation for residents in Oregon, especially in cities like Portland, known for its extensive network of over 400 miles of bike lanes and trails. The state’s commitment to promoting cycling is evident through its bike-friendly policies and infrastructure. This makes Portland one of the most bikeable cities in the nation. Additionally, events like Portland’s annual Pedalpalooza festival celebrate the vibrant cycling community and advocate for safer streets for all riders, further enhancing the city’s reputation as a cyclist-friendly destination.
9. Although there’s no sales tax, the income taxes are high
Oregon has one of the highest state income tax rates in the country ranging from 4.75%-9.9%, which can significantly impact residents’ take-home pay. The state’s progressive tax system means higher earners face steep rates, making it essential for potential movers to consider this in their financial planning. Despite the absence of sales tax, the high income tax rate can be a notable factor in the overall cost of living in Oregon.
10. The cost of living can be high in popular metros
The cost of living in Oregon varies widely across the state, with significant differences in housing prices. For example, in Portland, the median home sale price is around $539,500, while average rental prices hover around $1,812 per month for a two-bedroom apartment. In contrast, cities like Medford offer relatively lower housing costs, with median home prices averaging around $400,000 and rental prices averaging approximately $1,520 per month. These variations reflect regional differences in demand, amenities, and overall economic factors impacting housing markets across Oregon.
When choosing the best place to live in Oregon, it’s important to factor in considerations like affordability, amenities, and lifestyle preferences.
11. You’ll find a variety of different food throughout the state
Oregon offers a vibrant culinary scene celebrated for its diverse and farm-fresh food offerings. Cities like Portland are renowned for their bustling food cart pods, where locals and visitors can savor a variety of international cuisines. From Korean BBQ tacos to gourmet grilled cheese sandwiches, there’s plenty to try. Additionally, the state’s abundant farmlands contribute to a thriving farm-to-table movement, with restaurants across Oregon showcasing seasonal ingredients like Oregon hazelnuts, Willamette Valley wines, and fresh Pacific Northwest seafood.
Insider scoop: If you’re in Portland, be sure to visit the Barley Pod, where you’ll discover ample seating, charming string lights, and a central brewery hub.
12. The summers are hot and smoky
Summers in Oregon can be characterized by hot temperatures and occasional wildfire smoke, particularly in regions like the Willamette Valley and Central Oregon. High temperatures often reach into the 80s and 90s Fahrenheit, making it essential for residents and visitors to stay hydrated and seek shade during peak heat hours. Additionally, wildfire season, typically from late summer through early fall, can occasionally lead to reduced air quality due to smoke drifting from nearby forest fires, prompting advisories and precautions from local authorities.
13. Oregon has a beautiful coast
Oregon is renowned for its stunning coastline, which spans over 360 miles along the Pacific Ocean. The state’s rugged shoreline is dotted with picturesque sea stacks, sandy beaches, and dramatic cliffs, offering breathtaking vistas and opportunities for outdoor recreation such as hiking, whale watching, and beachcombing. Popular coastal destinations like Cannon Beach with its iconic Haystack Rock and the quaint town of Newport with its historic bayfront further highlight Oregon’s natural coastal beauty.
Fun fact: Cannon Beach is home to a surprisingly large population of bunnies. If you choose to camp at one of the nearby campgrounds, you can expect to encounter these adorable furry residents.
14. Mount Hood is an hour away from Portland
Oregon is home to majestic Mount Hood, a prominent landmark and popular outdoor destination for residents and visitors alike. Standing at over 11,200 feet, Mount Hood offers year-round recreational opportunities such as skiing, snowboarding, hiking, and camping. Its proximity to Portland, just about 60 miles away, makes it a convenient escape into nature, showcasing Oregon’s diverse landscapes and outdoor lifestyle that attracts outdoor enthusiasts and adventurers.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Banc of California Inc., a regional bank, is selling about $2 billion of business-purpose mortgage loans in a process led by Morgan Stanley, according to people with knowledge of the matter.
Banc of California picked up the loans after its acquisition late last year of PacWest Bancorp in a rescue deal, not long after fears of bank failures caused a run on deposits at regional lenders.
By the time of the acquisition PacWest had already sold the lending unit that made the loans, Civic Financial Services, but it held on to the pool of business-purpose loans. Bids for the loans were due on June 28, one of the people said.
Spokespeople for Banc of California and Morgan Stanley declined to comment.
In its first quarter earnings call, Banc of California’s chief executive officer, Jared Wolff, said that it had already sold some of the Civic-originated loans it acquired from PacWest. Wolff added that the bank may look to sell larger portions of the portfolio in the coming quarter as part of the bank’s push to boost its profits.
A number of regional banks have looked to trim their balance sheets ahead of the implementation of revamped bank-capital regulations known as Basel III Endgame. Many of the assets being shed by banks are ending up with private credit lenders, who don’t have to worry about risk-capital requirements.
The loans being sold are known as debt-service coverage loans, which are given to landlords who rent out properties. They’re underwritten based on expected rental revenue rather than bank statements or personal income.
Mortgage lock volumes pulled back in June, as pervasive market sluggishness kept a grip on the housing market, according to a new report.
Rate locks finished 7.84% lower compared to May, Mortgage Capital Trading said in its latest report. On a year-over-year basis, though, volumes increased by 6.11%.
Among loan categories, purchase locks fell 8.99%. On the other hand, the refinance market saw an 11.56% jump in rate-and-term transactions, but cash-outs inched down 0.36% between May and June.
The latest reading comes after lock volume rose by 6.78% the previous month, with every loan type posting increases, after interest rates hit a 2024 high in early May, then slid downward.
The June decline in activity occurred as the 30-year fixed rate hovered near 7% throughout the month, displaying less volatility than shown earlier this year. Typical seasonal patterns also contributed to the decline, with purchase momentum slowing after the initial surge in spring home buying seen every year, MCT said.
But June’s reversal continues to show the effects of persistent market headwinds as well and suggests “a continuing stalemate between limited housing supply and higher interest rates.”
Although last month’s interest rates were, on average, lower than May’s levels, they ran higher than what the typical homeowner holds today, according to data from Freddie Mac’s weekly Primary Mortgage Market survey.
Limited interest among homeowners to list their properties and take on higher-rate loans, in combination with still-rising prices, means mortgage activity will likely move sideways over the summer, MCT added.
“Market supply likely peaked at the start of summer, and with rates remaining steady, significant changes in volume are not expected in the near term,” the report said.
Borrower interest in refinancing, though, has come in stronger in recent months, albeit from historically low levels, driven by buyers who made their purchases in the past year, ICE Mortgage Technology reported this week.
Lending momentum is likely to pick up when the Federal Reserve makes its first interest rate cut, a decision many mortgage industry stakeholders have been awaiting in hopes of driving demand. Investors and lenders will be closely eyeing June jobs numbers, which came out Friday, and the month’s inflation numbers for possible signs.
Should they continue to point to a slowing economy, “we could see one or two rate cuts by the end of the year,” said Andrew Rhodes, senior director and head of trading at MCT, in a press release.
June’s Consumer Price Index data is scheduled to be released on Thursday, July 11.
June’s housing market data shows a mixed bag for prospective homebuyers as prices hit a new all-time high but monthly mortgage payments decreased, a report from Redfin said.
U.S. house values reached a peak in June with the median home sale price coming in at $397,954, the biggest increase since March. This led to a 5% decline in pending sales, the real estate brokerage reported.
With the new record, affordability is even more out of reach for many potential homeowners. The affordability crunch is unlikely to change by the end of 2024, according to First American Data & Analytics’ Real Home Price Index.
“Unfortunately, inflation has proven stubborn and led to the Federal Reserve’s ‘higher-for-longer’ stance on interest rates, contributing to an elevated outlook for mortgage rates, while house prices have once again demonstrated their ‘downside stickiness,'” said chief economist Mark Fleming at First American Financial, First American Data & Analytics’ parent company.
Redfin found that June’s pending home sales posted their biggest decline since February, as the median sale price rose 5% from last year.
The good news for prospective homeowners, however, is that more new listings are on the market for them to choose from, Redfin reported. Also, monthly housing payments decreased by nearly $100 from their peak in April.
New listings jumped 10% in June, the biggest increase seen in two months. Over 100,000 new listings landed on the market, a 9.9% increase year-over-year.
As of July 2, the daily average 30-year fixed mortgage rate sat at 7.13%. The latest metric is up from a three-month low of 6.97% that was seen three weeks earlier. Fortunately, the current number is still a ways away from a five-month high of 7.52% in early May.
“While affordability is likely to remain constrained for the remainder of 2024, mortgage rates are expected to come down in 2025, which would be welcome news for potential home buyers,” Fleming continued.
Homebuilder-stock analysts are increasingly worried about signs of softening in key hot spots like Florida and Texas.
Lennar and D.R. Horton were downgraded by Citigroup analyst Anthony Pettinari on concerns the housing market could stay “sluggish” in the second half of the year. Raymond James Financial’s Buck Horne also cut his recommendation on Lennar to market perform from outperform, particularly pointing to the company’s “outsized exposure” to Florida.
“We see softness in data – permits, starts, sales and prices all recently below expectations – potentially continuing” in the second-half of the year, Pettinari wrote in a Tuesday note to clients. “New and existing home inventories are ticking up and the ‘twin engines’ of the hot U.S. housing market – Texas and Florida – are seeing some areas of softening.”
Shares of Lennar and D.R. Horton each fell as much as 2.9% at the market open on Tuesday in New York.
Homebuilder shares soared in 2023, but had a more measured start to 2024. The S&P Composite 1500 Homebuilding Index was nearly flat through the first six months of the year, while Lennar and D.R. Horton’s shares slipped after notching record highs.
Pettinari downgraded the pair of stocks because he sees long-term positives for both builders as being balanced by the signs of worsening housing fundamentals. The analyst says that single-family housing inventories have climbed quickly in the spring and are back around pre-Covid levels.
The pair of downgrades pushed consensus recommendations on Lennar shares to the lowest level since 2017, according to data compiled by Bloomberg.
Raymond James’ Horne is more specifically concerned about the outlook for the Sunshine State and its impact on Lennar. He said the “surging re-sale inventory, now warrants an added layer of near-term caution” particularly for the company, given its dominant share of the state’s market.
Last month, Lennar’s earnings included a third-quarter forecast for home orders that was below consensus expectations. On the company’s conference call, management said they saw “continued strength” in most Florida markets.
“We still remain constructive on our broader homebuilding coverage and steadfast in our conviction that the sector is long overdue for a material valuation re-rating,” Horne wrote in a note.
The Federal Reserve’s preferred measure of underlying U.S. inflation decelerated in May, bolstering the case for lower interest rates later this year.
The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.1% from the prior month. That marked the smallest advance in six months. On an unrounded basis, it was up just 0.08%, the least since November 2020.
From a year ago, it rose 2.6%, the least since early 2021, according to Bureau of Economic Analysis data out Friday. Inflation-adjusted consumer spending posted a solid advance after a pullback in April, driven by goods and fueled in part by a jump in incomes.
The report offers welcome news for Fed officials seeking to commence with rate cuts in the coming months, though policymakers will likely want to see additional reports like this one first. They recently dialed back their projections for rate cuts this year following worse-than-expected inflation data in the first quarter.
“The deflation in goods prices and weakness we are starting to see at least gets us a path to a possible September cut,” said KPMG Chief Economist Diane Swonk.
Central bankers pay close attention to services inflation excluding housing and energy, which tends to be more sticky. That metric increased 0.1% in May from the prior month, according to the BEA, the least since October.
Household demand has so far remained resilient even as borrowing costs have taken a toll on some sectors of the economy. The report showed inflation-adjusted outlays for services rose 0.1%, driven by airfares and health care. Spending on merchandise advanced 0.6%, led by computer software and vehicles.
Despite some signs of cooling in the labor market, solid wage growth continues to power consumer spending. Wages and salaries rose 0.7%. On an inflation-adjusted basis, real disposable income jumped 0.5%, the most since January 2023, after a flat reading in April.
The saving rate rose to 3.9%, the highest level since the start of the year.
A monthly government report on employment, due July 5, will offer the latest insight on how income growth is holding up.
The Department of Veterans Affairs home loan program has been used by millions of service members and veterans since it took shape near the end of World War II. It’s one of the most popular benefits for veterans: Lenders issued 400,692 VA-backed loans totaling nearly $145 billion in 2023, with an average loan amount of $360,863, according to the VA.
The basics
The VA doesn’t issue the loans themselves, but backs loans issued by financial institutions. The VA guarantees a percentage of an eligible beneficiary’s loan to purchase or refinance a home, allowing the lender to provide better, more affordable terms and often letting the borrower seal the deal without a big cash-down payment.
Eligible service members and veterans can apply for home-purchase loans via private-sector lenders. There are no VA loan limits for veterans who have the full entitlement. For a VA-backed home loan, you’ll still need to meet your lender’s credit and income loan requirements in order to receive financing. These VA home purchase loans can be used to buy manufactured homes or homes under construction, in some cases, but not mobile homes.
The VA loan program also offers cash-out refinance loans.
An Interest Rate Reduction Refinance Loan may be able to reduce the rate on an existing VA-backed loan, or can make the payments more stable by moving from an adjustable or variable interest rate to a fixed rate.
Fees
VA loans come with fees that vary by loan type and veteran status. Veterans using the benefit for the first time on a no-down-payment purchase loan pay a 2.15% fee, for example, while a veteran making a second cash-out refinance loan would pay a 3.3% fee. A full fee table is available through the VA.
Veterans who receive or are eligible for VA disability compensation, Purple Heart recipients and certain others are exempt from fees. Other loans — including joint loans, construction loans and loans to cover the cost of energy-efficient repairs — can also be backed by the VA. Consult your lender for more information.
Eligibility
VA loan eligibility does not expire, though the entitlement can only be used for the borrower’s place of residence (not a rental property). It can be reinstated after the loan is paid off or under other circumstances — another veteran can assume the loan, for instance.
Whether current or former troops are eligible for VA loans depends on how long they served and in which years.
Older veterans qualify for VA loans if they served on active duty for at least 90 days during these dates:
Sept. 16, 1940–July 25, 1947
June 27, 1950–Jan. 31, 1955
Aug. 5, 1964–May 7, 1975 (begins Feb. 28, 1961 for those who served in Vietnam)
If a person’s service fell outside those date ranges, they may need 181 continuous days on active duty to qualify. That includes enlisted troops who separated on or before Sept. 7, 1980, and officers who separated on or before Oct. 16, 1981.
If a person’s service came after the above date ranges, they need 24 months of time on active duty — or less for certain discharges.
For loan purposes, VA considers Gulf War service to run Aug. 2, 1990 through present day. Service members from that time period must have completed 24 months of continuous active-duty service to be eligible, or at least 90 days for certain discharge statuses.
Troops who are currently on active duty become eligible for a VA loan after 90 days of service, for as long as they remain active. Eligibility now includes National Guard and Reserve members with at least 90 days of active service. Troops discharged for a service-connected disability are eligible, regardless of service length.
Foreclosure assistance
If a VA-guaranteed loan becomes delinquent, VA works with the borrower to avoid foreclosure, including providing financial counseling. In some cases, that involves direct intervention with a mortgage loan servicer for the borrower.
In 2023, the VA helped more than 145,000 VA borrowers keep their homes. Find more information on home-loan assistance at the VA.
Action items
The key step for service members and veterans is to obtain a Certificate of Eligibility, either through the eBenefits site or via their lender, to be eligible for a VA-backed loan.
Those seeking to refinance existing loans should read lenders’ advertising material carefully: VA and the Consumer Financial Protection Bureau have warned of deceptive lending practices. Among the red flags are aggressive sales tactics, low interest rates with unspecified terms, and promises that borrowers can skip a mortgage payment as part of the new loan — a practice prohibited by VA.
Some veterans have experienced difficulty in using their VA loan benefit, especially in competitive housing markets in which multiple bids are made on houses. VA officials have said that misperceptions still persist among sellers and agents that VA financing is less desirable than conventional loans. Those in the industry have recommended that veterans question their real estate agents and lenders about their experience and how often they’ve helped veterans use their VA loan benefit.
What’s new
Veterans still struggle to make their loan payments. VA has “strongly urged” a moratorium on foreclosures through May 31, 2024 as they work with loan servicers to find solutions. The moratorium doesn’t apply to vacant or abandoned properties.
VA is also extending the COVID-19 Refund Modification program through May 31. The program aims to help veterans keep their homes by allowing VA to purchase part of their loan, creating a non-interest-bearing second mortgage.
For more information, such as eligibility details, visit VA’s home loan page or call 877-827-3702.
Read more from the 2024 Pay and Benefits Guide here.
Leo covers Congress, Veterans Affairs and the White House for Military Times. He has covered Washington, D.C. since 2004, focusing on military personnel and veterans policies. His work has earned numerous honors, including a 2009 Polk award, a 2010 National Headliner Award, the IAVA Leadership in Journalism award and the VFW News Media award.