"Expanding access to safe, affordable housing has been and will continue to be a top priority of my administration, during the COVID-19 pandemic and beyond," said Northam, according to NBC12. "The Virginia Rent and Mortgage Relief Program will help Virginians experiencing financial instability as a result of this unprecedented health crisis by preventing evictions and foreclosures and keeping Virginia families safely in their homes as we battle this virus."
Some folks are wondering if $50 million will be enough. "One of the things with a severely underfunded program is you're probably going to have to make distinctions on who can actually access that money or you're just going to run out of it quickly; which means people are not going to be able to get it later in the stage," said Louisa Rich, an attorney with Legal Aid Justice Center.
In order to obtain access to the fund, eligible families must show they were unable to make payments due to the pandemic. The report revealed that monthly rend or mortgage must be at or below the 150% Fair Market Rent and gross household income needs to be at or below 80% of the area median income.
Lender raises maximum loan amount to $700,000 while broadening underwriting parameters
Achieve is expanding both borrowing capacity and borrower eligibility for its fixed-rate HELOC as the company prepares to bring the product to mortgage professionals through its upcoming third-party origination channel.Effective June 2, Achieve increased the maximum loan amo...
Survey of first-time buyers reveals major knowledge gaps around mortgages, closing costs, and the homebuying process
For many Americans, buying a home is the biggest financial decision they will ever make. But a new survey from Wells Fargo suggests many prospective buyers may be entering the process with far less knowledge than they think.According to the bank's 2026 Home Lending Quiz, con...
Realtracs joins MRED in pushing back on Zillow's listing policies, a battle with potential implications for the broader homebuying and mortgage ecosystem
MBA’s standards organization says inconsistent fee naming still drives costly redisclosures and rework, with fee-related cures affecting more than 30% of mortgage loans
Legal battle over private listings and MLS access highlights growing competition to control the homebuyer relationship before borrowers reach a loan originator