On July 31st, President Trump signed H.R. 1815, the VA Home Loan Reform Act, into law, which aims to make permanent the VA’s temporary policy allowing veterans to directly compensate their real estate agents, ensuring they can participate in the housing market on equal footing with other homebuyers.
NAR has championed efforts to ensure veterans can access professional real estate representation, securing a 2024 temporary suspension of a VA policy that barred them from paying for such services. Since then, NAR has worked with the VA and Congress to permanently eliminate the outdated rule that had blocked veterans from having representation in transactions involving seller-paid commissions.
“Veterans deserve the same shot at homeownership as every other buyer, and NAR is grateful that the president has signed this measure into law,” says Shannon McGahn, NAR executive vice president and chief advocacy officer-https://www.nar.realtor/newsroom/nar-secures-win-for-veterans-as-va-home-loan-reform-act-becomes-law?narmail=ExecutiveOutreach&date=08-04-2025&user=2879545&itid=14410629
- NAR Launches New Member-Exclusive Market Statistics Dashboard with Forward-Looking Affordability Analysis
The National Association of Realtors® published the NAR Market Statistics Dashboard today. The Dashboard is a member-exclusive tool that provides NAR members with unparalleled local housing data that enhances their ability to help their clients buy and sell homes.
“The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients. Using exclusive NAR data, the Dashboard is a one-stop-shop that equips members with insights into shifts in affordability, demand, and the economy. This allows agents who are Realtors® to advocate on behalf of their clients with confidence and achieve better outcomes,” said Lawrence Yun, NAR chief economist.
The interactive Market Statistics Dashboard is updated monthly and provides NAR members with metro data on:
- Housing affordability
- Sales and listing trends
- Home pricing changes
- Economic indicators
- Homeownership and demographic insights
- One Big Beautiful Bill In-Depth Analysis
Following a long and difficult congressional process that started early this year, President Trump on July 4th signed into law H.R. 1, “The One Big Beautiful Bill Act” (the Act). This enormous piece of legislation includes a number of important tax provisions that will have a large impact on real estate professionals and on real property investment.
- Opportunity Zones are extended permanently, including the full exclusion of capital gain on OZ investments held for 10 years, and strengthened. Beginning in 2027, the Act provides a rolling, 5-year deferral period for prior gain that is invested in an opportunity fund, which ends the prior problem of a shrinking OZ tax incentive as the statutory recognition date for deferred gain approaches.
- The Estate and Gift Tax threshold is set permanently to $15 million per person, plus adjustments for future inflation. The higher threshold that was established by TCJA was set to fall to just $5 million per person (plus inflation adjustments) in 2026. This change will ensure that many family-owned real estate businesses will not be subject to confiscatory taxes when passed from one generation to another.
- The 20 percent Qualified Business Income Deduction (Section 199A) is made permanent and slightly improved. This was the largest single tax reduction for most REALTORS® and other independent contractors and owners of pass-through businesses from the Tax Cuts and Jobs Act of 2017 (TCJA), but it was scheduled to expire at the end of 2025. Its extension and enhancement prevents a nasty tax hike that otherwise would have hit most real estate professionals in a few months.
- The reduced tax rates, higher standard deduction, and increased child tax credit initiated by the TCJA, which were set to expire at the end of 2025, are extended permanently and enhanced. This means that any resulting shock to the economy from the scheduled higher taxes starting in 2026 has been dodged and that more households may be able to afford to own or purchase a home than otherwise could.
- The Act increases permanently the allocation of low-income housing credits to states by 12 percent and permanently lowers the requirement for private bond financing for these projects without a state credit allocation from 50 percent to 25 percent. This is projected to result in the creation of over a million additional apartments throughout the nation over the next decade.
- The Act broadens 529 Education Savings Accounts to allow them to be used for expenses related to acquiring and maintaining professional credentials such as real estate licenses and career training.
- NAR Urges Full Funding for Critical Housing Programs in FY 2026
On July 8, NAR sent a letter(pdf) to the leadership of the House and Senate Appropriations Subcommittees on Transportation, Housing and Urban Development, requesting full funding for essential housing programs in the FY 2026 appropriations bill. The letter emphasizes that America faces an unprecedented housing crisis with an inventory shortage making housing increasingly unaffordable and pushing the American Dream of homeownership further out of reach for families.
The letter requests full funding for the Housing Choice Voucher Program, which provides housing stability for millions of families and a consistent source of income for mom-and-pop landlords. The program’s success depends on collaboration with local property owners, including many REALTORS®, and benefits both families and property owners participating in the program. Full funding ensures these vital partnerships can continue and expand, supporting housing choice for families and stability for property owners across the country.
- FHFA Approves VantageScore 4.0 for Mortgage Underwriting
On Tuesday, July 8, 2025, Federal Housing Finance Agency (FHFA) Director Bill Pulte announced on X (formerly known as Twitter) that Fannie Mae and Freddie Mac (the GSEs) will begin accepting VantageScore 4.0 for mortgage underwriting. This change, which happens with immediate effect, hopes to create more qualified borrowers by modernizing credit scoring models in addition to the traditional FICO score. VantageScore 4.0 includes additional data points—such as rental, utility, and telecom payments—in the credit report, rewarding borrowers for making timely payments. These other data points have traditionally been excluded from credit reports.
NAR previously sent a letterpdf with other industry partners encouraging the adoption of VantageScore 4.0.
- HUD Updates FHA Single Family Program Requirements
The Federal Housing Administration (FHA) issued multiple Mortgagee Letters (ML) on June 27, 2025, implementing several policy changes affecting FHA-insured single family loans. These changes, which take effect immediately, are part of what the Trump administration says is a broader effort to reduce regulatory burden in the housing market. The policy modifications affect various aspects of the FHA-insured loans, from construction standards in flood zones to appraisal protocols and borrower data collection.
- Rescission of Federal Flood Risk Management Standard (FFRMS) for New Construction Eligibilitypdf:
- Rescission of Outdated and Costly FHA Appraisal Protocolspdf:
- Rescission of Mandatory Pre-Endorsement Inspection Requirements for Properties Located in Presidentially Declared Major Disaster Areas (PDMDAs)pdf:
- Rescission of the Supplemental Consumer Information Form Requirementpdf:
- NAR Participates in Congressional Roundtable on the VA Loan Guaranty Program
Democratic members of the House Veterans’ Affairs Committee (HVAC) invited NAR, along with other industry partners, Veteran Service Organizations (VSOs), and non-profits, to participate in a roundtable on the VA Loan Guaranty Program, a vital homeownership tool that provides veterans with a centralized, affordable, and accessible method of purchasing homes as a benefit for their service to our nation. The roundtable discussion focused on the health of the program; mitigation measures to prevent veteran foreclosures; how to make more veterans aware of the program; and how to ease program requirements to increase veteran homeownership.
Watch the recording: “Housing More Veterans Using the VA Loan Guaranty Program.”
- Downpayment Toward Equity Act Reintroduced
Representative Maxine Waters (CA), along with representatives Al Green (TX), Ayanna Pressley (MA), and Sylvia Garcia (TX), reintroduced the Downpayment Toward Equity Act (H.R. 4069) this week, legislation that would provide $100 billion in direct assistance to help first-time, first-generation homebuyers purchase their home.
The bill provides up to $20,000 for first-generation homebuyers and up to $25,000 for socially and economically disadvantaged homebuyers. The assistance can be used for down payments, closing costs, and mortgage interest rate buydowns. Eligibility extends to those with incomes up to 120% of area median income (or 180% in high-cost areas) and includes homebuyer education and counseling. NAR supports this legislation. Shannon McGahn, NAR’s senior vice president of government affairs, stated: “We applaud Ranking Member Waters’ reintroduction of the Downpayment Toward Equity Act. This bill has the potential to be a meaningful step toward addressing long-standing disparities in wealth and homeownership, while expanding access for first-generation buyers. By directing assistance to those who need it most, the bill acknowledges that the greatest barrier to homeownership today isn’t credit—it’s cash. REALTORS® see firsthand how a lack of upfront funds keeps creditworthy Americans out of the market. We commend the leadership behind this legislation and look forward to supporting it as it moves through Congress.”
- NAR Calls for Regulatory Reforms to Expand Private Flood Insurance Market
As part of its recent letter to the Justice Department’s Anticompetitive Regulations Task Force, NAR recommended several federal agency actions aimed at eliminating longstanding barriers that have impeded the development of a competitive private flood insurance market.
While the National Flood Insurance Program (NFIP) continues to provide essential coverage for the highest-risk properties, private insurers are unable to compete on a level playing field when outdated mapping, NFIP subsidies, and restrictive federal regulations effectively crowd out private market options. As a result, just 4% of U.S. homeowners currently carry flood insurance—far below the estimated 20 million homes at high flood risk.
- Modernize FEMA’s maps to cover the full U.S. and show all flood risks with property-level detail, so buyers can make informed decisions inside and outside high-risk zones.
- Continue implementing Risk Rating 2.0 to ensure accurate, property-specific rates as subsidies phase out under the congressionally mandated glidepath.
- Expand mitigation grant programs to help homeowners reduce both flood risk and insurance costs.
- Reform the Write-Your-Own program to allow more qualified private insurers to participate and compete.
- Clarify continuous coverage rules so consumers can switch to private policies without penalty.