Owning a house is a right of passage for many Americans. While buying a home was never particularly easy, in the past few years, it has become especially difficult. An unfortunate confluence of two factors has led to this difficulty: a rise in home prices and a spike in mortgage rates.
With both of these factors working against potential homebuyers, many people are wondering when things will get better. While nothing is certain, markets do move in cycles, so there’s a chance that things could shift to a better position than they are now.
Start shopping for a mortgage here and see what rate you qualify for.
When will mortgage rates fall?
As of October 25, 2023, the average interest rate for a 30-year fixed-rate mortgage in the United States is 8.04%. That is the highest that rates have been since the Great Recession. Elevated rates make it much more expensive over the long term to buy a home — and remember, that’s just the average. Potential homebuyers who already have significant debt or who have a checkered credit history may get an even higher interest rate.
Luckily, it is clear why mortgage rates have increased recently. Mortgage rates have increased over the past 18 months as the Federal Reserve has raised its benchmark interest rate to try and fight inflation. Though the Federal Reserve does not directly set mortgage rates, interest rates for mortgages tend to track alongside the rates set by the Fed.
Eventually, inflation will presumably be under control and the Fed will be able to lower rates. If that happens, there is a good chance that mortgage rates will also come down. When that will happen, however, is still up for debate.
The Fed also recently said they expect to make just two rate cuts in 2024 — fewer than the four cuts some initially expected. Still, if those two cuts go forward next year, there could be at least some reduction in mortgage rates, which would be good for potential homebuyers.
Want to buy a house? Start looking for a mortgage online right now.
When will home prices fall?
Believe it or not, home prices have actually already started to fall in some places. In California, for example, home prices are projected to fall by around 1.5% in 2023 compared to 2022, per a report from the California Association of Realtors — but the group expects prices to go up by 6.2% in 2024. So, there’s a good chance that the small dip we’ve seen in housing prices in California won’t continue into next year.
Part of the issue is that right now, many homeowners who secured rates closer to 3% during the pandemic are hesitant to move and get a new mortgage loan with a much higher rate. This results in a lower supply of homes for sale, which increases the competition for the available inventory, which, in turn, causes home prices to climb.
There is also a chance that when mortgage rates go down, so will home prices, as there will likely be more inventory on the market. However, some experts think the opposite will happen.
“My perspective will be that if rates go down, the prices will go way up,” said Matt Teifke, a broker and co-owner of Teifke Real Estate in Austin, Texas. “If rates go down, [buyers] can afford a higher payment. It’s pretty much just fact.”
In short, it’s unclear if or when home prices will fall — and it could be more likely that they’ll stagnate rather than decline. But when or if that will happen is still unclear.
The bottom line
Buying a home is rarely a walk in the park, but right now it can feel even worse than usual. A combination of high mortgage rates and soaring home prices has led buyers to feel the pain. Many are wondering when either factor will change for the better, making it easier to find a place to call their own.
Mortgage prices could start going down a little bit next year, as the Federal Reserve is expected to lower federal borrowing rates at some point. As for home prices, it’s a bit cloudier; the expert opinions vary — and it could end up being market-dependent.
“Trying to time up the market is something that’s always going to be a guessing game,” said Teifke. “There’s always a tradeoff and there’s never a perfect time to buy.”
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Ben Geier
Ben Geier is a personal finance writer based in Brooklyn, New York.
The Department of Veterans Affairs (VA) is pausing foreclosures on homes financed with VA loans for six months to help military borrowers in danger of losing their homes, a department spokesperson said in a statement to HousingWire on Monday.
The Veterans Assistance Partial Claim Payment program — which began July 2021 — allowed military borrowers to skip six or 12 mortgage payments during the COVID-19 pandemic if they had a financial hardship. VA borrowers would resume making the regular payments when they were back on their feet and the missed payments would be moved to the end of the loan term.
The VA, however, ended the program in October 2022 despite the mortgage industry urging the department to delay its expiration, forcing borrowers to pay back payments quickly or refinance at higher interest rates.
The department said it will push all mortgage servicers to pause foreclosures of VA-guaranteed loans through May 31, 2024, according to the statement.
The VA’s decision to reverse course comes on the heels of an investigative NPR article reporting that thousands of VA loan borrowers risk losing their homes after the VA ended the assistance program.
About 6,000 borrowers with VA loans who had COVID-19-related forbearances are in the foreclosure process and 34,000 more are delinquent, according to NPR’s article citing data from ICE Mortgage Technology.
The COVID-19 Refund Modification program – intended for borrowers who have not been able to financially recover from the pandemic back to their previous income level – was set to expire at the end of 2023, but is now extended through May 31.
The modification program allows military borrowers to obtain a zero-interest, deferred-payment loan from the VA to cover missed payments and modify their existing VA loan to achieve affordable monthly payments for the duration of the extension, the statement said.
The department plans to launch a new VA Servicing Purchase (VASP) program to allow the VA to purchase defaulted VA loans from mortgage servicers. This will allow federal officials to modify the loans and place them in the VA-owned portfolio as direct loans.
The National Consumer Law Center applauded the VA’s decision saying the foreclosure pause will give VA borrowers a much-needed opportunity to access the VASP program.
“The foreclosure pause is badly needed as veteran borrowers have had no meaningful alternatives to foreclosure for over a year,” said Steve Sharpe, senior attorney at the National Consumer Law Center.
Last week, a group of Democrat U.S. Senators – Sherrod Brown of Ohio, Jon Tester of Montana, Jack Reed of Rhode Island and Tim Kaine of Virginia – wrote a letter urging VA Secretary Denis McDonough to protect military borrowers from foreclosure.
“VA previously offered solutions to help borrowers exit forbearance and get back on track with their payments. But for more than a year, veterans have not had a viable option to bring their mortgages current, leaving them vulnerable to losing their homes,” the letter read.
“In the meantime, tens of thousands of veterans and service members are left with no viable options to get back on track with payments and save their homes. Stories from across the country show that this is already having severe consequences for veterans and their families.”
Over the past year, the department said it helped more than 145,000 military borrowers and their families keep their homes and avoid foreclosure.
Whether you’re purchasing a new pair of eyeglasses, stocking up on over-the-counter medications, or paying for your child’s daycare, there may be certain expenses your health insurance plan doesn’t cover.
In those cases, having a flexible spending account, or FSA, could help you save money. This special savings account lets you set aside pretax dollars to pay for eligible out-of-pocket healthcare expenses, which in turn can lower your taxable income.
Let’s take a look at how these accounts work.
What Is an FSA?
An FSA is an employer-sponsored savings account you can use to pay for certain health care and dependent costs. It’s commonly included as part of a benefits package, so if you purchased a plan on the Health Insurance Marketplace, or have Medicaid or Medicare, you may no longer qualify for a FSA. There are three types of FSA accounts:
• Health care FSAs, which can be used to pay for eligible medical and dental expenses.
• Dependent care FSAs, which can be used to pay for eligible child and adult care expenses, such as preschool, summer camp, and home health care.
• Limited expense health care FSA, which can be used to pay for dental and vision expenses. This type of account is available to those who have a high-deductible health plan with a health savings account.
How Do You Fund an FSA?
If you opt into an FSA, you’ll need to decide on how much to regularly contribute throughout the year. Those contribution amounts will be automatically deducted from your paychecks and placed into the account. Whatever money you put into an FSA isn’t taxed, which means you can keep more of what you earn.
Your employer may also throw some money into your FSA account, but they are under no legal obligation to do so.
You can use your FSA throughout the year to either reimburse yourself or to help pay for eligible expenses for you, your spouse, and your dependents (more on that in a minute). Typically, you’ll be required to submit a claim through your employer and include proof of the expense (usually a receipt), along with a statement that says that your regular health insurance does not cover that cost.
Some employers offer an FSA debit card or checkbook, which you can use to pay for qualifying medical purchases without having to file a reimbursement claim through your employer. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
What Items Qualify for FSA Reimbursement?
The IRS decides which expenses qualify for FSA reimbursement, and the list is extensive. Here’s a look at some of what’s included — you can see the full list on the IRS’ website.
• Health plan co-payments and deductibles (but not insurance premiums)
• Prescription eyeglasses or contact lenses
• Dental and vision expenses
• Prescription medications
• Over-the-counter medicines
• First aid supplies
• Menstrual care items
• Birth control
• Sunscreen
• Home health care items, like thermometers, crutches, and medical alert devices
• Medical diagnostic products, like cholesterol monitors, home EKG devices, and home blood pressure monitors
• Home health care
• Day care
• Summer camp
Are There Any FSA Limits?
For 2023, health care FSA and limited health care FSA contributions are limited to $3,050 per year, per employer. Your spouse can also contribute $3,050 to their FSA account as well.
Meanwhile, dependent care FSA contributions are limited to $5,000 per household, or $2,500 if you’re married and filing separately.
Does an FSA Roll Over Each Year?
In general, you’ll need to use the money in an FSA within a plan year. Any unspent money will be lost. However, the IRS has changed the use-it-or-lose-it rule to allow a little more flexibility.
Now, your employer may be able to offer you a couple of options to use up any unspent money in an FSA:
• A “grace period” of no more than 2½ extra months to spend whatever is left in your account
• Rolling over up to $610 to use in the following plan year. (In 2024, that amount increases to $640.)
Note that your employer may be able to offer one of these options, but not both.
One way to avoid scrambling to spend down your FSA before the end of the year or the grace period is to plan ahead. Calculate all deductibles, copayments, coinsurance, prescription drugs, and other possible costs for the coming year, and only contribute what you think you’ll actually need.
Recommended: Flexible Spending Accounts: Rules, Regulations, and Uses
How Can You Use Up Your FSA?
You can consider some of these strategies to get the most out of your FSA:
• Buy non-prescription items. Certain items are FSA-eligible without needing a prescription (but save your receipt for the paperwork!). These items may include first-aid kits, bandages, thermometers, blood pressure monitors, ice packs, and heating pads. Check out the FSA Store to find out which items may be covered.
• Get your glasses (or contacts). You may be able to use your FSA to cover the cost of prescription eyeglasses, contact lenses, and sunglasses as well as reading glasses. Contact lens solution and eye drops may also be covered.
• Keep family planning in mind. FSA-eligible items can include condoms, pregnancy tests, baby monitors, fertility kits. If you have a prescription for them, female contraceptives may also be covered.
• Don’t forget your dentist. Unfortunately, toothpaste and cosmetic procedures are not covered by your FSA, but dental checkups and associated costs might be. These could include copays, deductibles, cleanings, fillings, X-rays, and even braces. Mouthguards and cleaning solutions for your retainers and dentures may be FSA-eligible as well. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Flexible Savings Account (FSA) vs. Health Savings Account (HSA)
You may have heard of a health savings account (HSA). It’s easy to confuse it with an FSA, as they share some similarities.
Both types of accounts:
• Offer some tax advantages
• Can be used to pay for co-payments, deductibles, and eligible medical expenses
• Can be funded through employee-payroll deductions, employer contributions, or individual deductions
• Have a maximum contribution amount. In 2023, people with individual coverage can contribute up to $3,850 per year, while those with family coverage can cset aside up to $7,750 per year.
That said, there are some key differences between HSAs and FSAs:
• You must be enrolled in a high deductible health plan in order to qualify for an HSA.
• HSAs do not have a use-it-or-lose-it rule. Once you put money in the account, it’s yours.
• If you quit or are fired from your job, your HSA can go with you. This happens even if your employer contributed money to the account.
• If you’re 55 or older, you can contribute an additional $1,000 to your HSA as a catch-up contribution — similar to the catch-up contributions allowed with an IRA.
• If you withdraw money from your HSA for a non-qualified expense before the age of 65, you’ll pay taxes on it plus a 20% penalty.
• If you withdraw money from your HSA for any type of expense after age 65, you don’t pay a penalty. However, the withdrawal will be taxed like regular income.
Recommended: Benefits of Health Savings Accounts
The Takeaway
Flexible spending accounts are offered by employers and can be a useful tool for paying for health care- or dependent-related expenses. Notably, you fund the account with pretax dollars taken from your paycheck, which can lower your taxable income and help you save money.
You typically need to spend your FSA money within a plan year, though your employer may give you the option to either roll over a portion of the balance into the next year or use it during a grace period. There are also guidelines around what you can spend the FSA funds on and how much you can contribute to your account.
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Are you searching for high-paying jobs that require no prior job experience? If you’re looking for high-paying jobs with no experience, it is possible to find them. There are many entry level jobs that you can start if you want to make a good income. Starting a new career path or entering the workforce for…
Are you searching for high-paying jobs that require no prior job experience?
If you’re looking for high-paying jobs with no experience, it is possible to find them. There are many entry level jobs that you can start if you want to make a good income.
Starting a new career path or entering the workforce for the first time doesn’t have to mean taking a low-paying job. In fact, there are many high-paying jobs that don’t require a ton of experience or an advanced degree.
26 Best High Paying Jobs With No Experience
There are 26 high-paying jobs with no experience listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Flexible way to freelance from home – Proofreading
Work from home as your own boss – Blogging
Make passive income – Sell printables
High paying customer-oriented job idea – Car salesperson
High paying travel job idea – Flight attendant
Is it really possible to land high paying jobs with no experience?
Yes, it is possible to find high-paying jobs even without prior experience.
So, you’re on the hunt for high-paying jobs but haven’t yet gathered a ton of experience? You’re not alone! Many people find themselves in this very situation, and the good news is, there are opportunities out there to make income even if you are brand new.
However, just because a job doesn’t require experience doesn’t mean it’s a walk in the park. In fact, it might be quite the opposite. These roles usually demand a quick learning curve and a can-do attitude.
So, while the entry requirements might be minimal and you may be able to learn as you go, the effort you put in can still be a lot.
Below are high-paying jobs with no experience.*
1. Bookkeeper
Degree or education requirements: High school diploma or equivalent
Training requirements: There is a free workshop from Bookkeeper Launch that can help you get started with becoming an online bookkeeper.
Salary: $45,860 per year
You can become a bookkeeper with little to no experience. A bookkeeper is a person who tracks the finances of a business, handles billing and payments, makes spreadsheets, etc., but that doesn’t mean you need to be an accountant or have any related experience.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
2. Blogger
Degree or education requirements: None
Training requirements: On-the-job training and How To Start A Blog FREE Course
Salary: There is no average. I have earned over $5,000,000 blogging over the years, but I also know others who have not earned income.
Blogging can be a fun way to make money from home, and you don’t need any previous experience. In fact, this is one of my favorite top-paying jobs with no experience.
When I started my blog, I had no idea what I was doing and simply learned as I went.
As a blogger, you have the freedom to write creatively and share your thoughts or expertise on any given subject. Your income will depend on blog traffic, advertising, and sponsored content.
Recommended reading: How To Monetize A Blog: How I Grew A $5 Million Blog
3. Proofreader
Degree or education requirements: High school diploma or equivalent
Training requirements: Proofread Anywhere has a free training on How To Become A Proofreader
Salary: $45,410 per year
As a proofreader, your job is to scrutinize written materials and correct typos, grammar, and punctuation errors.
Not even the best writers are perfect. They still make grammar, punctuation, and spelling errors, and that’s why professional proofreaders are such a huge help.
Proofreaders proofread books, articles, blog posts, student papers, emails, advertising content, medical documents, and more.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
4. Freelance writer
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $73,150 per year
I know many, many people who have found freelance writing jobs with no experience (myself included!). You don’t need a background in writing or a degree in English or creative writing. I, myself, was a freelance writer for many years, and I enjoyed it a lot. This is one of the best high income jobs with no experience out there.
A freelance writer is someone who writes for a number of different clients and across different types of content. They may write articles for magazines or blog posts, web copy, resumes, technical manuals, social media posts, books, and much more.
Freelance writers write blog posts, content for a company’s sales page, press releases, SEO content for a business, ebooks, essays, emails, newsletters, and more.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
5. Virtual assistant
Degree or education requirements: High school diploma or equivalent
Training requirements: I recommend taking an online workshop such as Free workshop 5 Steps To Become a Virtual Assistant.
Salary: $44,080 per year
Several years back, I worked as a virtual assistant. I didn’t have any experience before, but I learned as I went along. That’s why I believe it’s one of the best jobs to start with because it was my first job too!
A virtual assistant helps businesses and entrepreneurs with tasks like managing an email inbox, data entry, scheduling appointments, and customer service.
A virtual assistant is someone who works for a person, company, or business owner doing administrative and business tasks to help the business run smoothly. Think of VAs as the online version of an in-person assistant. You work online from home rather than inside someone’s physical business.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
This free training shows you how to become a virtual assistant and work from home.
6. Flight attendant
Degree or education requirements: High school diploma or equivalent
Training requirements: Flight attendants get on-the-job training from the airline they work for.
Salary: $63,760 per year
If you want to travel and work, then this is one of the most fun high-earning jobs with no experience (as an employee of an airline, you typically get free or very discounted flights too!).
As a flight attendant, you have the opportunity to travel and assist passengers during flights. Flight attendants have two main jobs: they do regular tasks like serving food and drinks, and they also know what to do if something goes wrong, to keep passengers safe and comfortable during a flight.
No experience is usually required, but you will need to complete a training program with the airline.
Learn more at How To Become A Flight Attendant.
7. Insurance claims adjuster
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training which can last several months
Salary: $72,040 per year
An insurance claims adjuster investigates and settles insurance claims in the insurance industry. Claims adjusters are like investigators for insurance. They check if an insurance company should give money for a claim, and, if they should, they decide how much.
They determine whether the insurance policy covers the loss claimed, decide the appropriate amount the insurance company should pay, make sure that claims are not fraudulent, and more.
8. Construction worker
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $39,520 per year
Construction laborers have a hands-on role on construction sites. They do physically demanding tasks like cleaning up and getting sites ready, putting up structures, and moving construction materials, among other things.
There is a lot of job growth expected for this career too!
9. Police officer
Degree or education requirements: Ranges from a high school diploma to a college degree (such as a degree in criminal justice or law enforcement)
Training requirements: Training academy as well as on-the-job training
Salary: $69,160 per year (the average annual salary depends on many things, such as the city in which you work)
As a police officer, your duty is to protect and serve communities. This is a job that you will definitely need training for, but you can start with no experience.
Police officers do a variety of important tasks. They go to both urgent and less urgent calls, drive around neighborhoods to watch them, stop vehicles for checks, and even carry out warrants, among other duties.
10. Graphic designer
Degree or education requirements: High school diploma or bachelor’s degree
Training requirements: On-the-job training
Salary: $57,990 per year
Graphic designers many times learn as they go while on the job.
Graphic designers create visual concepts for branding, advertising, and other projects. Graphic designers use digital illustration and editing software to create designs, such as logos, images, brochures, advertising, and more.
Recommended reading: How To Make Money As A Digital Designer
11. Web developer and web designer
Degree or education requirements: Bachelor’s degree
Training requirements: On-the-job training
Salary: $80,730 per year
Web developers design and create websites. This includes making sure the website loads fast and can handle a lot of visitors. They also take care of the technical parts to keep the website running smoothly.
12. Dental laboratory technician
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $41,180 per year
Dental lab technicians create dental prosthetics like crowns and dentures.
Dental laboratory technicians receive work orders from dentists and form material for dental prosthetics. They also may repair damaged prosthetics.
13. Bartender
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $29,380 per year
Bartenders mix and serve drinks while providing excellent customer service. While, yes, you may have to work your way up through a restaurant before you can become a bartender, this is a job that you mostly learn through on-the-job training.
Bartenders have jobs in places like restaurants, hotels, and places where people eat and drink. When it’s really busy, they need to work fast and get drinks to customers as quickly as possible.
Depending on where you bartend, you can make a lot more money too. For example, bartenders in touristy areas may make $10,000+ each month.
14. Roofer
Degree or education requirements: None
Training requirements: On-the-job training
Salary: $47,920 per year
Roofers install and repair roofs on buildings, and this is a job that you learn as you do it. A roofer’s responsibilities may also include inspecting roofs, installing ventilation, cutting roofing materials, and more.
15. Plumber
Degree or education requirements: High school diploma or equivalent
Training requirements: Apprenticeship
Salary: $60,090 per year
Plumbers install and repair water and gas pipes in buildings. They also prepare estimates, read blueprints, follow building codes, inspect and test systems, and more.
16. Car salesperson
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $72,782 per year
Car salespeople help customers find the perfect car while earning a commission. They talk with customers, follow up with leads, go on test drives, and handle paperwork.
This is a job that you can start with no experience. In fact, my husband was randomly offered a job as a car salesman and took the job. He saw lots of success with it!
17. Sell printables
Degree or education requirements: None
Training requirements: There is a free workshop: Earn Money Selling Printables
Salary: There is no average salary, but you may be able to make a couple hundred to several thousand a month.
Selling printables online can be a great way to make money without needing any prior experience.
Creating printables can also be quite passive because you just need to create one digital file per product, which you can then sell an unlimited number of times. Because you only need a laptop or computer and an internet connection, it can be quite affordable to start.
Printables are digital products that customers can download and print at home. Some examples are bridal shower games, grocery shopping checklists, budget planners, invitations, printable quotes for wall art, and patterns.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
18. Commercial truck driver
Degree or education requirements: High school diploma, professional truck driving school training, and commercial driver’s license
Training requirements: On-the-job training
Salary: $49,920 per year
A commercial truck driver transports goods across the country. Tractor-trailer drivers usually do long-distance driving. They handle trucks that weigh more than 26,000 pounds when you count the vehicle, passengers, and cargo. These drivers transport goods on routes that can stretch across multiple states.
19. Tree trimmer
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $47,080 per year
Tree trimmers prune and cut trees, maintaining their appearance and safety. This is a job that you will learn by watching others and through on-the-job training.
20. Real estate agent
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training, as well as pass real estate courses and a licensing exam.
Salary: $52,030 per year
Real estate agents assist clients with buying, selling, and renting properties. Their tasks may also include advising on market conditions, making a list of properties for sale or rent for their clients, hosting open houses, presenting purchase offers, managing negotiations between a buyer and seller, and more.
This role may require you to pass a licensing exam, but it doesn’t necessarily need prior experience. With an average salary range starting at a decent scale, real estate brokerage is one of the high-income jobs available with little-to-no initial experience.
21. Sales representative
Degree or education requirements: None
Training requirements: On-the-job training
Salary: Depends on what you’re selling. Could be anywhere from $30,000 to $100,000+ per year
Sales representatives sell products or services to clients, and you usually learn through on-the-job training after you are hired.
Successful salespeople come from various backgrounds and often start their careers with no relevant experience. What matters most is your ability to communicate, negotiate, and build relationships. The high earning potential makes it an appealing career choice for many.
22. Travel agent
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $46,400 per year
As a travel agent, you help plan vacations for clients. Travel agents help people choose where to go, plan out the details of the trip, and take care of all the travel bookings for their clients.
Travel agents figure out what customers want and book a trip that matches their preferences and budget. They may plan honeymoons, day trips, family vacations, cruises, find flights, and more.
23. Masonry worker
Degree or education requirements: High school diploma or equivalent
Training requirements: Learn masonry either through an apprenticeship or on the job, working with experienced masons
Salary: $49,490 per year median pay
Masonry workers build structures with bricks, stones, and concrete, and they typically learn the job through an apprenticeship with no prior work experience needed.
24. Tutor
Degree or education requirements: Depends on the topic you are tutoring on
Training requirements: On-the-job training
Salary: $36,680 per year if done as a full-time job
With tutoring jobs, you can start if you don’t have any prior experience. You will need to be knowledgeable on the topic, though, and many people on your job search may even want to see a bachelor’s degree.
There are many different kinds of tutoring jobs, from tutoring students with their homework to helping a college student pass a major exam. Tutors might spend 30 minutes teaching a lesson, a few minutes answering questions online, or work one-on-one with a student in a video lesson.
Recommended reading: 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour)
25. Bake dog treats
Degree or education requirements: None
Training requirements: On-the-job training
Salary: Depends on if it’s part time or full time
Dog treat bakers make dog treats, cupcakes, cookies, cakes, and more.
With a dog treat bakery business, you may be able to earn an extra $500 to $1,000 a month or more on the side. Or, you can turn it into a full-time business and make much more.
Recommended reading: How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!)
26. Hazmat removal worker
Degree or education requirements: High school diploma or equivalent
Training requirements: On-the-job training
Salary: $46,690 per year
Hazmat removal workers clean up hazardous materials like asbestos, mold, and lead.
Training for hazmat removal workers usually involves two parts: learning in a classroom and working in the field. In the classroom, they learn about safety rules and how to use protective gear. When they’re on a job site, they get hands-on experience with tools and materials, and they’re guided by someone who has a lot of experience.
Frequently Asked Questions About High Paying Jobs With No Experience
Below are answers to common questions about how to find high-paying jobs with no experience.
What entry-level jobs pay the most?
Some of the highest-paying entry-level jobs include positions such as web developer, car salesperson, and bookkeeper.
How can I find a job that pays well without prior experience?
To find a good-paying job without any prior experience, you may want to focus on skills that can be used in different jobs and highlight your personal strengths, like communication, problem-solving, or adaptability. Use job search websites that are designed for beginners, and look for job listings that mention “no previous experience needed.”
Are there any fun, well-paying entry-level positions?
Yes, definitely! Many on the list above can be considered fun. My most favorite is becoming a blogger.
What careers offer high pay with short training periods?
Some careers that have high pay with short training periods include bookkeeper, insurance claims adjuster, bartender, car salesperson, and more. These roles may require specialized training or certifications.
How can I make a good income without a degree?
There are many jobs that pay well without requiring a college degree, such as being a construction worker, freelancer, and real estate agent.
How can I make $20 an hour without a degree?
Jobs that pay around $20 an hour without requiring a degree include proofreading, bookkeeping, plumbing, and more. Many on the list above do not require a college degree.
What jobs pay $80,000 with no experience?
Though a little more difficult to find, some jobs that may pay $80,000 or more with no prior experience include positions in sales and real estate.
How to make $150,000 a year without a degree?
Earning $150,000 a year without a degree can be challenging but is achievable in certain fields, such as running your own business, working as a real estate agent, and in sales.
What should I include in my CV when I have no experience?
Even without prior job experience, you can still make a good resume. You should put in any skills you have that are relevant to the job you are applying for, like things you learned in classes or volunteering. Also, remember that skills you use in everyday life, like solving problems, working on a team, or talking with others are important too.
Should I consider additional form of education for these jobs?
Getting more education can be helpful, but it’s not always a must. For some jobs, taking classes, getting certifications, or attending workshops can make you stand out.
How To Find High Paying Jobs With No Experience – Summary
I hope you enjoyed this article on how to find high-paying jobs with no experience.
Some high-paying jobs with no experience may surprise you, while others may seem more attainable. But one thing they all have in common is that they value different skill sets and backgrounds. So don’t worry if your resume is lacking in years of experience or a specialized degree, because these opportunities are out there waiting for someone like you to apply for them.
I hope you are able to find a high paying job that requires no previous experience that works best for you.
What high paying jobs with no experience would you add to the list above?
*Salary and data for the jobs is from the U.S. Bureau of Labor Statistics (BLS).
Since investors don’t have (functional) crystal balls, figuring out how to know when to buy a stock, in an effort to time the market and generate the biggest return, is difficult. While you shouldn’t necessarily try to time the market, if you are trading and incorporating some knowledge and tactics around when to buy a stock as a part of your larger financial plan, you’ll want to do what you can to fine-tune your strategy.
Trading stocks, of course, is fairly risky, and investors will want to keep that in mind. But with some practice and knowledge, you may be able to figure out the best time to buy stocks, and other variables, to help you try to boost your portfolio.
The Best Times to Buy Stocks
As noted, it’s generally not a good idea to try and time the market. But that’s not to say that there are larger market forces at work that result in certain trends. With that in mind, there can be good times of the day, days of the week, and even months to buy stocks that could generate bigger returns – though nothing is guaranteed.
The Best Time of Day to Buy Stocks
First and foremost, remember when the stock market is open and when trading is occurring. The New York Stock Exchange and Nasdaq, two of the largest and most active stock exchanges, are open 9:30 a.m. to 4:30 p.m. ET, Monday through Friday.
With that, the best time of the day, in terms of price action, is usually in the morning, in the hours immediately after the market opens up until around 11:30 a.m. ET, or so. That’s generally when most trading happens, leading to the biggest price fluctuations and chances for investors to take advantage.
The Best Day of the Week to Buy Stocks
If investors are aiming to trade during times of relative volatility, then they’ll want to utilize a trading strategy that aims to crowd their activity near the beginning and end of the week. Monday is probably the best day to trade stocks, since there is likely considerable volatility pent up over the weekend.
That said, Friday can also be a good day to trade, as investors make moves to prepare their portfolios for a couple of days off. The middle of the week tends to be the least volatile.
The Best Month to Buy Stocks
When thinking about the best months to buy stocks, examining historic performance can be helpful. For instance, looking at monthly returns from 2000 to 2020, the best months to buy are usually April, October, and November. Conversely, the month with the worst historic performance is September.
Again, these “best times to buy stocks” in terms of times, days, and months aren’t guarantees of anything, but are merely based on historical performance. That can be good to keep in mind.
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When Should You Buy Stocks
There’s a difference between “can” and “should” – and investors trying to discern when they should buy stocks should really consider their personal preferences, risk tolerance, and investment strategies. The right time to buy a stock is when an investor has done their research and feels confident that a stock price will rise in the short or long term, and that they’re willing to hold onto it until it does.
It helps to be informed when considering whether to buy stocks, and one way to do that is to learn about the company itself. Interested investors can find many company’s financial reports and earnings reports from government databases or private company research reports.
While ultimately it may be a good idea to buy stocks across different industries in order to diversify, it sometimes helps to start with a business or industry one is familiar with. Knowing about the company can help put the earnings reports into context.
Understanding the value of stocks is often, if not always tied to understanding the business those stocks represent a share in. Is the company a good investment? Does it have sound financials and growth potential? Here are helpful questions to consider when contemplating buying a stock:
What is the price range at which you’re willing to buy? If an investor has a company in mind, setting a price range at which they would want to buy stock in that company may help inform their decision. One can do this through analysts’ reports and consensus price targets, which average all analyst opinions.
Does the stock appear undervalued? There are different ways to determine value. The most common valuation metric is a price-earnings ratio (or P/E), which takes the price per share and divides it by earnings per share. The lower the number, the less the value. Generally for U.S. companies, a P/E below 15 is considered a good value and a P/E over 20 is considered a bad value. You can also compare the company’s P/E to others in the industry.
Another way to look at value is a discounted cash flow (DCF) analysis, which takes projected cash values and discounts them back to the present. This ultimately gives an investor a theoretical price target; if the actual price is below the target, then in theory, it’s undervalued and a good buy. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
When Is the Worst Time to Buy Stocks?
Just as there are the purported best times to buy stocks, there are also the worst times to buy stocks, too. Given that investors may be looking for relatively volatile times in the market to buy stocks, relatively calm periods during the trading day may be the worst times to buy. Those hours would be during the middle of the day, perhaps from 11:30 a.m. ET until 3 p.m. ET.
In terms of days of the week? Tuesdays, Wednesdays, and Thursdays may be worse than Mondays or Fridays, barring any market-moving news or other volatility-inducing events. Finally, September, February, and May tend to be the weakest-performing months for the stock market, dating back nearly a century. 💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
How Do You Know When to Hold Stocks?
Knowing when to hold a stock often comes down to one’s investment strategy. With a passive investment approach, investors invest in various stocks with the intention of holding them for an indefinite amount of time. This is also known as a buy and hold investment strategy.
With this type of investing, investors attempt to match a market index such as the S&P 500 and the Dow Jones Industrial Average. So, they select stocks in that market index coinciding with the same percentages in that index.
One benefit of the buy and hold strategy is that the tax rate on long-term capital gains (from stocks that an investor has owned for more than one year) are much lower than that of short-term capital gains.
For many, if not most investors, if you’re going to buy a stock, it may be a good strategy to hold onto it for a while. When an investor buys an undervalued stock, it could take a few years for it to reach its “correct” valuation. And of course, there’s always a risk it will never reach what the investor has determined is the correct valuation.
Not everyone holds onto their stocks for a long time, but there are risks to day trading that may inspire some to become buy-and-holders.
How Do You Know When to Sell a Stock?
Just like how a decision to hold a stock largely depends on an individual investor’s specific strategy, so does the choice as to whether or not to sell.
Some investors rely on a rule of thumb that states that the stock market reaches a high point in May or June and then goes down over the summer until September or October. While that can sometimes be observed in overall market behavior — partially because traders (just like lots of people) go on vacation in the summer and partially because it’s a bit of a self-fulfilling prophecy — it doesn’t mean an individual stock will definitely go down over the summer.
Taking this advice, however, — and other, similar types of advice – should be taken with a grain of salt. Again, the choice of whether to sell a stock is up to you, and the research you’ve put into making the decision.
The Takeaway
Knowing when to buy, sell, and hold stocks can be less confusing when an investor does the research into company health, overall market conditions, and their own financial needs as relates to personal short-term and long-term goals.
One of the easiest ways to buy and sell stocks or manage any investment portfolio is to open an online taxable brokerage account. This is often appealing to investors who want to take more of an active investing approach and buy and sell stocks. Investors would typically pay fees based on the account and the number of trades they make.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
FAQ
Is it best to buy stocks when they are down?
The best time to buy a stock is when an investor has done their research and due diligence, and decided that the investment fits their overall strategy. With that in mind, buying a stock when it is down may be a good idea – and better than buying a stock when it is high. But there are always risks to take into consideration.
Should I buy stocks at night?
Investors can engage in after-hours trading, but there are unique risks to doing so, and orders won’t execute until the market opens. Interested investors may want to try after-hours trading to get a feel for it before fully incorporating it into their strategy.
What are the worst months for the stock market?
Based on past performance, the worst months for the stock market tend to be in the early fall and summer. September is usually the worst, but October, June, and August can be bad as well.
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“Fear of missing out is just that — fear,” says licensed professional counselor Justin Kahn of Point Pleasant, New Jersey. However, in today’s society, this fear runs rampant with about 69 percent of millennials experiencing FOMO (fear of missing out) daily. To proactively combat feelings of FOMO as we head into the coldest nights and darkest days of the year, we asked eight experts to share their tips for fighting FOMO and seasonal blues with us.
1. Disconnect from social media
“One of my favorite tips for fighting FOMO — or at least reduce it — is to get off social media. If you are scrolling on social media and you feel competitive or experience jealousy, take a breath and put your phone down. Scrolling endlessly on your phone can lead to FOMO and anxiety. Do a social media cleanse and delete apps off your phone if they are causing anxiety,” says owner and holistic therapist Katie Ziskind, LMFT, RYT500 from Wisdom Within Counseling.
“It’s important to know there are events that you won’t be able to attend and that’s okay. As well, it’s OK to not get invited to all social events. Know that you won’t always be invited to everything and that’s OK, too.”
“Give yourself permission to let go and not over-commit. Know that if you do too much, you will feel out of balance. If you have FOMO, you might over-commit and try to do too much, you will be leaving yourself mentally and emotionally exhausted.”
2. Reframe your perspective
“Because we often focus on what everyone else is doing, we can forget that everyone also has a no list — the things they gave up because it didn’t matter as much as what they said yes to,” says Tiffany Rochester, a clinical psychologist from We’re On The Same Mountain. “You might miss out on an experience because you choose to prioritize staying within budget or being close to friends. Focus on what it is you decide to have rather than what you pass up.”
3. Practice mindfulness and gratitude
“FOMO may often be the result of a racing mind that is always craving for more and forgetting to notice what is truly important. I recommend these two tips for fighting FOMO,” says Archana Bahuguna, the founder of Pahoti Wellness.
“Try to slow down and remain mindful of who you are. If you like, you can practice a simple meditation practice like observing a lit candle’s natural light for a few minutes while breathing deeply and slowly.”
“Work on developing a gratitude practice. Pick your favorite writing utensil and jot down a list of all you are grateful for. This will help you remember all your blessings.”
4. Decorate your apartment
“In your apartment, always surround yourself with things that make you smile. Make sure to fill your apartment space and your personal life with safe, positive people who love you,” says certified life and business coach, Megan Smidt.
5. Get crafty
“Combat FOMO by staying creative and working with a craft that keeps your hands and mind busy,” says Maddie from CraftJam. “Activities like crochet, embroidery and watercolor help with anxiety and stress relief while helping you stay present (and off your phone)!”
6. Become your best friend
“Be your own bestie, plain and simple. You can never miss out if you’re having a good time — even if you’re alone. Whether you’re making spontaneous Target runs for apartment decorations, pampering yourself with a spa night or planning a scenic drive, there’s no limit to solo entertainment,” says the Just Girl Project.
7. Tune into the seasons
“The changes of seasons can impact mood and motivation. Make sure to maintain your exercise routines along with efforts to get outside,” says Main Street Counseling, “There are plenty of fall and winter activities that can help you cope with symptoms of seasonal depression, including hiking, biking, fishing, skiing, snowboarding and ice skating.”
8. Look to the light
“Seasonal affective disorder (SAD) is real. If the shorter days and longer nights affect your mood and wellbeing, remember — orient to the light,” says the Foundation for Positive Psychology.
“Try bringing color into your space, add new curtains with a fun print or cheerful color. Additionally, full-spectrum lights help bring more warmth and light into any space. Consider hanging up fairy lights — the way they brightly twinkle will reflect happiness into your space.”
“Remember, every winter solstice holiday is about preserving the light through the winter season as we and the earth sleep to emerge anew for spring. Always tend to your inner fire.”
Beat the winter blues
According to the Mayo Clinic, SAD is a type of depression that relates to the changing seasons. In fact, most people with SAD start experiencing symptoms around this time each fall — typically coinciding with Daylight Saving Time ending and continuing through the winter months. While about six percent of people experience winter depression, another 20 percent may experience mild SAD.
These are the most common signs and symptoms of SAD:
Feeling sad and depressed most of the time in a seasonal pattern
Low energy
Constant tiredness
Loss of interest in activities
Changes in appetite or weight
Sleeping too much
Sleeping too little
Difficulty concentrating
Feeling irritated, agitated or sluggish
Having frequent thoughts about death or suicide
If you’re experiencing these signs and symptoms, you don’t have to go through them alone. There are resources aplenty that offer confidential, free help:
Practice, practice, practice
Let’s get real, removing Instagram from your phone or taking up a new craft is often easier said than done. That being said, make sure to give yourself plenty of grace as you practice and apply these tips for fighting FOMO in your everyday life.
Charlsie Niemiec has spent the last 10 years working as a content marketing and social media editor and strategist. With in-house experience ranging from The Elf on the Shelf to CNN to Piedmont Healthcare, Charlsie has freelanced for the last four years with clients ranging from ESPN to the Atlanta Beltline. When she’s not copyediting or scrolling on Twitter, she is walking her very scruffy wirehaired terriers mixes Leonard and Biscuit or probably watering one of her 54 houseplants.
Last year, when mortgage rates fell from 7.37% to 5.99%, we got three good months of positive purchase application data until the first week of February before mortgage rates started to run higher from 6%-8%. We need to focus on the data weekly to see if lower mortgage rates can once again spur purchase applications because we are working from such historically low levels that it doesn’t take much to move the needle.
So far, we have had back-to-back positive prints, and the year-over-year decline is at the lowest level all year long. However, this is due to extremely easy year-over-year comps. Let’s see how this looks in the critical time from the second week of January to the first week of May 2024. Remember, application data looks out 30-90 days before it hits the sales data.
Purchase application data was up 3% versuslast week, making the year-to-date count 20 positive prints, 23 negative prints, and one flat week.
Mortgage rates and the 10-year yield
The 10-year yield ranged from a high of 4.69% to a low of 4.38% last week, and mortgage rates went from a high of 7.58% to a low of 7.36%. More importantly, the CPI data came in light, and it looks like that might have been the final nail in the coffin for the Federal Reserve in terms of raising rates as the growth rate of inflation has cooled down enough that the market is now pricing in a few rate cuts in 2023.
Still, the 10-year yield and mortgage rates are higher today than last year, and the inflation growth rate is lower than the peak inflation growth rate in 2022. I talked about how much lower mortgage rates can go from here in this recent podcast. As I have stressed, if the market believes the Fed is done with rate hikes, history says the next big move is lower bond yields and mortgage rates.
Weekly housing inventory data
As someone who believes that housing inventory will grow with higher rates, I was hopeful that when mortgage rates got above 7.25% we would have a few weeks this year of 11,000-17,000 growth, which isn’t a lot. I failed 100% of the time so far.
We would usually be in a seasonal decline by now, but inventory growth has recently picked up due to higher rates. So, higher rates did their thing, just not big enough for my taste. Mortgage rates have fallen, so this is something to consider next year if they keep falling because that traditionally means flat to lower inventory data, assuming that the economy is still expanding.
Last year, according to Altos Research, the seasonal peak for housing inventory was Oct. 28.
Weekly inventory change (Nov.10-Nov. 17): Inventory rose from 566,941 to 569,898
Same week last year (Nov. 11-Nov. 18): Inventory fell from 572,347 to 569,571
The inventory bottom for 2022 was 240,194
The inventory peak for 2023 so far is 569,898
For context, active listings for this week in 2015 were 1,120,115
The one positive inventory story for 2023 is that new listing data — while trending at the lowest levels ever in history — didn’t create a brand new low level, no matter how high mortgage rates rose. Even though we saw a noticeable decline week to week, new listings are positive year over year, still trending at the lowest levels ever. I talked about how new listings data is forming a bottom on CNBC recently.
Traditionally, one-third of all homes take price cuts before they sell. When mortgage rates rise, and demand decreases, the percentage of homes with price cuts usually increases. This is why it’s so crazy that this year, even with higher home prices and rates recently, we haven’t been able to catch up to price cuts in 2022 when home prices were falling month to month.
Even as mortgage rates got to 8%, we have consistently been 4% below last year’s levels of price cuts. If mortgage rates fall more over the next six months, this data line will be exciting as we head into Spring 2024.
2023: 39%
2022: 43%
2021: 28%
The week ahead: Leading Economic Index and existing home sales
This week is a holiday with Thanksgiving, but we have some important economic data coming up: the leading economic index and the existing home sales report. We should see a pick up in the monthly supply of homes with mortgage rates rising as much as it did for this report. People will wait to see how Black Friday sales perform, but Black Friday doesn’t mean the same thing it did 30 years ago. We will see if the bond market and mortgage rates are volatile in a holiday-light trading week.
Mortgage rates dropped for the third week in a row, providing some wiggle room for budget-conscious homebuyers.
More softening may be on the way, with some experts predicting that rates may have already peaked this year.
The average rate on the 30-year fixed mortgage fell to 7.44% from 7.50% the previous week, according to Freddie Mac on Thursday. Still, rates have held steadily above 7% for three months, a stretch not seen in 22 years.
Read more: Mortgage rates at 20-year high: Is 2023 a good time to buy a house?
The move in rates came after a government report this week showing inflation came in lower than expected in October. While Federal Reserve Chair Jerome Powell didn’t rule out the possibility of another rate hike in December, the Fed’s commitment to remain data dependent gave traders and housing experts some hope.
“Recent incoming data, such as that from this week, is making a rate hike far less likely,” Jiayi Xu, Realtor.com economist, said in a statement. “Mortgage rates are likely to continue dropping, as they have in recent weeks.”
Elevated rates have been a blow for homebuyers’ affordability in recent weeks, keeping homeowners from listing and home prices out of reach for some. Still, the worst of rates may be behind us, said one expert.
Read more: How to buy a house in 2023
“I certainly hope so,” Daryl Fairweather, chief economist at Redfin, told Yahoo Finance Live (video above) when asked if rates were done rising. “Anything could happen with new data prints. Hopefully we continue to get more good news about inflation cooling, and that continues to be good news for mortgages.”
‘A slow recovery’
Mortgage demand for purchases hit its highest level in five weeks as mortgage rates edged lower last week, according to the Mortgage Bankers Association (MBA), but a full recovery is still far.
The volume of purchase applications increased 3% on a seasonally adjusted basis for the week ending Nov. 10, MBA data showed, but remained 12% lower compared to the same week a year earlier.
Rates moved lower last week after a weaker than expected monthly jobs report solidified the Fed’s decision to hold its benchmark interest rate between 5.25% and 5.5% — where it’s remained since July. That marked the second consecutive meeting where Fed officials chose to hold rates steady, following 15 rate hikes.
But rates are just part of the equation, as many buyers on the hunt for a home also have to deal with scarce inventory levels that are keeping home prices high.
“It’s not going to be a major turn of events. We may just see a few more people decide that now is the time to make a move and lock in a rate, but mortgage rates are still substantially higher than they were last year,” Fairweather said. “Sales are still down, so it’s going to be a slow recovery.”
According to Realtor.com, elevated rates have pushed homebuyers nationwide to offer larger down payments to reduce the size of their mortgage loans.
Read more: Types of mortgage loans: Buying a house in 2023
The average down payment was 14.7% of the sales price in the third quarter — a high — according to Realtor.com. The median down payment amount equaled $30,000.
“Despite mortgage rates trending below the 8% ceiling, they remain nearly multi-decade highs,” said Xu. “…An unexpected consequence of this heightened rate environment is the surge in down payments, climbing to a new peak in the third quarter of 2023.”
Gabriella is a personal finance and housing reporter at Yahoo Finance. Follow her on Twitter @__gabriellacruz.
Click here for real estate and housing market news, reports, and analysis to inform your investing decisions.
In an effort to keep more veterans and servicemembers in their homes, the VA has paused foreclosures for the next six months.
The move was made following an investigation and a series of new stories alleging that tens of thousands of VA loan holders were at risk of foreclosure.
It all stems from the end of COVID-19 related forbearance, which expired in October and left homeowners with large bills for missed payments.
While there is a plan in place to help these borrowers transition back to making normal payments, it will apparently take 4-5 months to implement.
As a result, the VA has called on loans servicers to enact a foreclosure moratorium until the changes can be made.
No Foreclosures for VA Loan Borrowers Through May 31st, 2024
While the VA works to implement new loss mitigation procedures, they are asking loan servicers to pause foreclosures for military servicemembers and veterans.
There are an estimated 147,000 veteran homeowners behind on their mortgage payments at this time.
This means no foreclosures should be processed between now and May 31st, 2024.
The move comes after an NPR investigation found that the Department of Veterans Affairs ended its Partial Claim Payment program and loan servicers began asking for lump sum payments.
But this isn’t how it was supposed to work. Borrowers were told that missed mortgage payments would simply be tacked on to the back of their mortgages.
The Veterans Assistance Partial Claim Payment (VAPCP) program would allow them to simply resume payments and worry about the missed ones later.
And when it came time to sell their home or refinance the mortgage, these arrearages would be cured via the payoff.
Instead, loan servicers have apparently been requiring borrowers to make up the shortfall, which clearly many at-risk homeowners just don’t have.
One couple was told they’d need to come up with $22,000, or be forced to sell the home or face foreclosure.
This prompted a call from several senators asking the VA to enact a foreclosure moratorium until a new loss mitigation solution could be rolled out.
Veterans Assistance Servicing Purchase (VASP) Program Coming Soon
The VAPCP program expired in October 2022, putting many VA loan holders at risk of foreclosure.
This came just months after the COVID-19 Refund Modification wound down in July.
This meant borrowers unable to resolve their delinquency and resume regular payments were between a rock and a hard place.
Compounding the issue is a loan modification typically results in the mortgage being brought to current market interest rates.
However, most of these borrowers hold record low mortgage rates, with the average interest rate in a Ginnie Mae security reportedly a low 3.25%
This means it would make little sense to modify the loan to say a 7% mortgage rate, as this would put even more strain on at-risk borrowers.
That’s why the VA is working on a new loss mitigation tool called the Veterans Assistance Servicing Purchase (VASP) program.
The details are still evolving, but my understanding is it would allow borrowers to keep their low-rate mortgages and receive payment assistance.
Crucially, it wouldn’t require homeowners to make lump sum payments on the arrearages to qualify for assistance.
The FHA is working on a similar loan modification program known as the Payment Supplement Partial Claim.
It would cure arrearages and temporarily reduce the principal amount of the borrower’s monthly mortgage payments for three to five years.
Ultimately, it would be silly to take away these borrowers 2-3% mortgage rates. And requiring a large lump sum payment also makes no sense.
The hope is these changes can come fast enough to avoid unnecessary foreclosures as borrowers continue to get back on their feet post-pandemic.
Mmmmm donuts. Homer Simpson was onto something, for sure.
Whether it’s glazed, sprinkles or jelly-filled, donuts are one of the most iconic breakfast treats in the country.
Best cities for donuts
Our rankings go beyond favorite shops around the U.S. We looked at the 150 most populated cities in the country. Then, to create our top 10, we looked at the proportion of donut businesses in a city, donut businesses per capita and donut businesses per density.
Take a look at our top 10 best cities for donut lovers — you won’t be able to walk away without your favorite donut hole.
10. McKinney, TX
Historic downtown McKinney will capture your heart with its charm. Visit one of the many stores on Main Street, followed by a bit of barbecue and a concert at the McKinney Performing Arts Center.
The quiet town is only 45 miles from Dallas with about 15 donut shops per 100,000 residents, so you’ll have your pick. Get in line for one of The Donut Kitchen‘s apple cinnamon donuts that tastes just like fall.
9. Philadelphia, PA
We’ll never know if our forefathers enjoyed a good donut, but Philadelphia, indeed, has many options when you look both at density and per capita rank. You’ll get a unanimous “Beiler’s Doughnuts” on where to go first if you ask anyone in the city. The Amish bakery serves Pennsylvania Dutch doughnuts like an apple fritter, chocolate glazed cake and famous peanut butter and jelly.
For the vegan inclined, Dottie’s Donuts offers lemon lavender, vegan maple bacon, cinnamon sugar and even a vegan Boston Creme.
8. Orlando, FL
Orlando is currently a hub for some of the best donut shops in the country — Portland’s Voodoo Doughnut at Universal and the Salty Donut hailing from Miami with delicious cake donuts.
Or, Seattle’s Dochi Japanese Mochi Donuts serving donuts made with rice flour that are chewy inside and crispy outside. But it also has some delicious local options like DG Doughnuts‘ fluffy yeast donuts or Valkyrie Doughnuts‘ cronuts and vegan offerings.
Orlando has one of the highest per capita numbers in our top 10 list, with about 23 stores per 100,000 residents.
7. Boston, MA
Boston enjoys a high city walk score of 89, making it easy to hop from donut shop to donut shop in the mornings with a bit of cardio in between. The city has 11 stores per 100,000 residents and a high density of donut shops at 1.6.
Union Square Donuts takes the cake for most original with brioche-style dough that resembles more pastry than a donut but is equally good.
If you’re just looking for a cup of joe and a traditional donut, try Demet’s Donuts.
6. Newark, NJ
Newark isn’t just an airport layover stop — it’s also home to more than 25 Dunkin’ locations just minutes from each other. The density of Dunkin’ in Newark and how many hot and fresh donuts they’re making each morning pushes Newark to No. 6 on our list.
If you want something more unique, stop by Suissa. This small Portuguese bakery makes a deep-fried sonho, a sugar-topped donut you’ll love.
5. Buffalo, NY
In Buffalo, Paula’s Donuts reign supreme. Among the favorites? Paula’s peanut sticks, a cake donut stick coated in peanut. The menu also includes classic sprinkles, Bavarian-style donuts, glazed and jelly donuts. In a recent Buffalo News survey, one reader said that they would drive 1,800 miles for one.
You’ll have choices beyond Paula’s as Buffalo has 18 donut stores per 100 residents.
4. Providence, RI
Despite having a population of fewer than 200,000 residents, Providence has an impressive density of donut shops. For gourmet donuts, visit PVDonuts, a local favorite that serves brioche-style donuts along with seasonal offerings. Similarly, Knead Doughnuts makes fresh donuts every day via pre-order like maple sea salt, butternut squash fritter and spiced sour cream.
3. Jersey City, NJ
Sure, you could go to Krispy Kreme, but Jersey City has so many more donuts to offer. Taking the No. 3 spot on our list, Jersey City has both coffee shops and donut shops to choose from. The Grind Shop carries donuts from New York’s Doughnut Plant with flavors like matcha green tea, red velvet, PB&J and more.
Or, head to The LoDG, where very creative flavors rotate monthly. Don’t miss the Lil’ Chickies (chicken and waffles cake donut), What’s the Flan and Reverse O-S’moresis.
2. Rochester, NY
Family-owned and secret recipes are the name of the donut game in Rochester. Since 1958, Donuts Delite has baked their famous cannoli donuts. The donut is filled with fresh cannoli cream and chocolate chips. Ridge Donut Cafe, operating since 1977, boasts over 30 varieties, including the classic glazed, coconut and powdered blueberry.
Rochester has a pretty high density of shops, so these two will get you started on a delicious tour.
1. Worcester, MA
And our No. 1 best city for donut lovers is Worcester, with an impressive density of shops that offer hot donuts. Worcester also has a whopping 22 stores per 100,000 residents — that’s a lot of donuts near each other. Glazy Susan, a newer specialty shop in the city, slings flavors like cannoli, pumpkin cheesecake, maple French toast cake and, of course, chocolate sprinkle. Get there early, as the shop tends to sell out.
The 50 best cities for donut lovers
Your city didn’t make the list? D’oh! Don’t worry, check out the 50 best cities for donut enthusiasts below and find the nearest spot to you.
The top 10 worst cities for donut lovers
A lower density of donut shops leads to long lines, sold-out inventory and you missing out on a Saturday morning treat. Here are the top 10 worst cities.
Methodology
To find the best cities for donuts, we looked at the 150 most populated cities in the U.S. according to the Census Bureau’s population estimates. We then used a database of more than 8 million business listings to determine the count of donut shops in any given city.
Then, we calculated the proportion of donuts (donut shops compared to all businesses), donuts per density (donut shops per square mile) and donuts per capita (donut shops per population) in each area. We weighted these factors, and the cities with the best overall score were determined to be the best cities for donuts in America.
Business listings may not reflect recent openings or closures.
Muriel Vega is an Atlanta-based journalist who writes about technology and its intersection with arts and culture. She’s worked on content for startups like Mailchimp, Patreon, Punchlist, Skillshare, Rent. and others. Muriel has also contributed to The Washington Post, Eater, DWELL, Outside Magazine, Atlanta Magazine, AIGA Eye on Design, Bitter Southerner and more.