NAR chief economist Lawrence Yun commented on the implications of these record prices: “It’s terrific news for homeowners who are moving ahead in wealth gains. However, it’s difficult for those wanting to buy a home as the required income to qualify has roughly doubled from just a few years ago.” Price appreciation in cities In … [Read more…]
Homebuyers have a variety of financing options to consider. If you’re a current homeowner, a bridge loan and a home equity line of credit (HELOC) are two possible choices that let you use the equity in your home to finance your next home purchase.
But there are key distinctions in how these funds can be used, as well as pros and cons for each. Let’s take a closer look at how bridge loans and HELOCs compare.
Bridge loans, sometimes referred to as swing loans, interim financing, or gap financing, are a short-term, lump-sum financing option that’s typically used to purchase a new home before the sale of an existing property.
If you’re figuring out how to buy and sell a house at the same time, coming up with a down payment on the new house when you haven’t yet received payment for your current house can be challenging. This is when a bridge loan could come in handy — by filling the gap in funding so you can secure your new home without having to make a sale-contingent offer or feel pressured to accept a low bid on your current home.
Borrowers typically approach bridge loans in one of two ways: A common scenario involves using a bridge loan to cover just the down payment and closing costs on a new home. Alternatively, borrowers can apply for a larger bridge loan — potentially up to 80 percent of the value of both properties. With this second approach, borrowers pay off the entire mortgage on their current home and apply the remaining funds toward closing on their new home.
When comparing a bridge loan vs. a HELOC, note that both financing options are often secured using an existing home as collateral. An important difference is that bridge loans aren’t meant to be used for long-term financing, as they come with relatively higher interest rates and loan terms between six months and a couple years.
A home equity line of credit, or HELOC, is a type of financing that leverages home equity to fund a variety of expenses. Borrowers can typically take out between 75% to 85% of their home equity — the value of their home minus the mortgage balance — with a HELOC.
A HELOC works much like a credit card, providing a revolving line of credit that can be drawn upon as needed. However, a HELOC offers lower interest rates than a credit card since it’s secured by an existing property.
When you consider a HELOC, there are two phases to keep in mind: the draw period and the repayment period. During the draw period, which often spans 10 years, borrowers can access available funds as needed while only having to pay interest on the amount that’s withdrawn.
Once the draw period ends, funds can no longer be withdrawn and the repayment period kicks in. Borrowers will need to make regular payments on the principal, plus interest, until the balance is paid off. On a HELOC with a 10-year draw period, borrowers can expect to have a 20-year repayment period. This extended repayment time frame is a notable distinction between a bridge loan vs. a HELOC.
You may have heard about a home equity loan, which also uses your home as collateral. When comparing a HELOC vs. a home equity loan, some key differences are that with the latter, funds are disbursed immediately as a lump sum and repayment begins right away. If you’re weighing a bridge loan vs. home equity loan, note that home equity loans usually have fixed interest rates and terms ranging from five to 30 years.
Recommended: Home Loan Help Center
Both bridge loans and HELOCs can provide quick and flexible financing. But each comes with its advantages and drawbacks.
Here’s a look at the benefits for each financing option.
Bridge Loan:
• Quick access to funds for time-sensitive transactions
• Avoids the need to make a sale-contingent offer on a new home
• Could help buyers put 20% down and avoid private mortgage insurance
• Faster processing than conventional mortgages
• Often begin with more affordable, interest-only payments
HELOC:
• Flexibility to draw on credit line whenever you need it
• Lower interest rates than bridge loans
• Interest is only charged on the funds you withdraw
• Longer repayment period than bridge loans
• Interest can be claimed as an itemized tax deduction if used for home improvements. (This tax benefit is slated to expire after 2025.)
Here are some potential disadvantages to consider when comparing a bridge loan vs. a home equity line of credit.
Bridge Loan:
• Higher interest rate than other second mortgage options
• Shorter repayment period than a HELOC
• Often requires borrowers to also use the lender for their new home mortgage
• Puts home at risk of foreclosure for missed payments
• Limited borrower protections if sale of old home falls through
HELOC:
• Typically have variable interest rates that are subject to change over the repayment period
• Risk of running up balance quickly
• Potential for large jump in payment amount when moving from the draw to the repayment period
• Uses a home as collateral like a bridge loan
• May include prepayment penalties for paying off the balance early
It’s important to consider what you’ll be using financing for and your ability to repay the money you borrow when deciding whether a HELOC vs. bridge loan is a better bet. Situations that require funds over a longer period of time, or at different times, could be a good fit for a HELOC. Home renovations are a popular use for HELOCs, since the costs and timeline may be subject to change as the project unfolds. Funds from a HELOC may be used for other expenses like medical bills, tuition, or making a down payment if the line of credit provides sufficient funds. Note that these expenses are not eligible for a tax deduction.
A bridge loan, by comparison, is ideal for borrowers looking to buy and sell a home at the same time. Since bridge loans often start with interest-only payments, they can be an affordable option if borrowers can sell their old home soon after buying a new one. If there’s a good chance that the original residence won’t be sold for an extended period, it might be more cost-efficient to go with a home equity line of credit vs. a bridge loan.
Before you consider borrowing against your home equity and putting your property on the line, look closely at the qualifications and requirements. Both bridge loans and HELOCs require that borrowers have at least 20% equity in their home. Lenders factor in your creditworthiness for either loan, too. For a bridge loan, borrowers typically need a minimum credit score of 700, though some lenders may allow borrowers with lower scores. While it’s possible to qualify for a HELOC with a credit score of 620, this comes at a higher interest rate.
Requirements on how the funds are spent differs between the financing types. A HELOC offers greater flexibility in how the funds are spent, whereas bridge loans may be limited to the purchase of a new home while selling an existing property.
Early on in the home-buying process, you’ll want to look into applying for financing. For either a bridge loan or a HELOC, you’ll need to provide documentation of homeownership, proof of income, mortgage statements showing you’ve been making on-time payments, and information on any existing debts. With either form of financing, lenders may require a home appraisal to determine the property’s market value, which is the basis for the loan or line of credit amount.
The application and underwriting processes for a bridge loan and HELOC are usually quicker than conventional mortgages, making them an ideal choice if a homebuyer needs to act fast.
Recommended: Mortgage Prequalification vs. Preapproval
Both a bridge loan and a HELOC can provide quick access to financing to buy a home. There are pros and cons to each financing type, so it’s important to determine which works best for your financial situation. Remember that both financing options use your current home as collateral, meaning that lenders can foreclose on your house if you fall behind on payments.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
Yes, both types of financing can be paid off early. Note that some lenders may charge prepayment fees if you pay off a HELOC within the first few years of the repayment period.
The interest rates on bridge loans are generally 2% higher than prime mortgage rates.
You may have to pay an inactivity fee if you open a HELOC and don’t use it. Minimal withdrawal requirements are typically outlined in your HELOC contract.
Photo credit: iStock/MicroStockHub
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
²To obtain a home equity loan, SoFi Bank (NMLS #696891) may assist you obtaining a loan from Spring EQ (NMLS #1464945).
All loan terms, fees, and rates may vary based upon individual financial and personal circumstances and state.
You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Bank, N.A. is currently NOT able to accept applications for refinance loans in NY.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
SOHL-Q324-007
Source: sofi.com
Known for its coastal beauty and fascinating history, Rhode Island is full of affordable living options. From fast-growing cities to charming small towns, here is a quick overview of ten of the cheapest places to live in Rhode Island, along with some of the largest employers and most affordable attractions in each area. Today’s the day to find the perfect place to settle down in Rhode Island.
Average rent: $1,143
Newport tops our list as one of the most affordable cities in Rhode Island, with an average rent of just $1,143. One-bedroom apartments in Newport are about $1,035, and two-bedroom apartments are $1,250.
Major employers in Newport include the Naval Station Newport and Newport Hospital. For a free day of fun, walk the Cliff Walk for stunning ocean views or explore Fort Adams State Park.
Apartments for rent in Newport | Houses for rent in Newport | Homes for sale in Newport
Average rent: $1,286
Woonsocket has an average rent of $1,286, making it another highly affordable option. One-bedroom apartments average $1,022, while two-bedroom units are about $1,550.
Major employers in Woonsocket include CVS Health and Landmark Medical Center. For a relaxed day, visit the Museum of Work & Culture or take a stroll through River Island Art Park. The city also hosts free community events throughout the year, like the beloved Autumnfest celebration.
Apartments for rent in Woonsocket | Houses for rent in Woonsocket | Homes for sale in Woonsocket
Average rent: $1,506
Cranston’s average rent is $1,506, making it a budget-friendly place to live. Studio apartments average $1,120, one-bedroom units are around $1,347, and two-bedroom apartments are $2,050.
Major employers in Cranston include Citizens Bank and the Cranston Public School District. For fun, visit the Roger Williams Park Zoo or time your visit up with the annual Cranston Greek Festival.
Apartments for rent in Cranston | Houses for rent in Cranston | Homes for sale in Cranston
Average rent: $1,523
The average rent in Coventry sits at $1,523, offering affordable living in Rhode Island. One-bedroom apartments in Coventry are about $1,395, and two-bedroom apartments are $1,650.
Major employers in Coventry include Kent County Memorial Hospital and the Coventry School District. Coventry locals enjoy free attractions like the Nathanael Greene Homestead and walking the trails at Carbuncle Pond.
Apartments for rent in Coventry | Houses for rent in Coventry | Homes for sale in Coventry
Average rent: $1,545
Johnston’s average rent is $1,545. One-bedroom units are about $1,000, and two-bedroom apartments are $2,090.
Key employers in Johnston include FM Global and Citizens Bank. To enjoy an affordable day about town, start at Johnston Memorial Park or enjoy the scenic views at Snake Den State Park.
Apartments for rent in Johnston | Houses for rent in Johnston | Homes for sale in Johnston
Average rent: $1,550
Westerly offers an average rent of $1,550. One-bedroom units are about $1,400, and two-bedroom apartments are $1,700.
Major employers in Westerly include Westerly Hospital and the Westerly School District. If you’re in town, a visit to Watch Hill Lighthouse or a stroll through Wilcox Park are essential.
Apartments for rent in Westerly | Houses for rent in Westerly | Homes for sale in Westerly
Average rent: $1,717
Pawtucket’s average rent of $1,717, making it an affordable choice in Rhode Island. Studio apartments average $1,540, one-bedroom units are about $1,600, and two-bedroom apartments are $2,010.
A couple noteworthy employers in Pawtucket include Hasbro and the Memorial Hospital of Rhode Island. For entertainment, visit the Slater Mill Historic Site or enjoy the trails at the Blackstone Valley Park.
Apartments for rent in Pawtucket | Houses for rent in Pawtucket | Homes for sale in Pawtucket
Average rent: $1,723
Warwick’s average rent is $1,723, making it a reasonably priced place to live. Studio apartments average $1,614, one-bedroom units are about $1,497, and two-bedroom apartments are $2,059.
One of the more significant employers in Warwick is Infineon Technologies, a semiconductor and system solutions company. For an affordable day out, visit Warwick City Park or explore the historic Pawtuxet Village.
Apartments for rent in Warwick | Houses for rent in Warwick | Homes for sale in Warwick
Average rent: $1,807
North Providence’s average rent is $1,807, making it another affordable option in Rhode Island. Studio apartments average $1,195, one-bedroom units are around $2,150, and two-bedroom apartments are $2,075.
Major employers in North Providence include Our Lady of Fatima Hospital and the North Providence School District. Visit Governor Notte Park for scenic views and outdoor activities or explore the North Providence Pool and Fitness Center to get the full North Providence experience.
Apartments for rent in North Providence | Houses for rent in North Providence | Homes for sale in North Providence
Average rent: $1,817
Bristol’s average rent is $1,817, making it a reasonably priced place to live in Rhode Island. One-bedroom units are about $1,500, and two-bedroom apartments are $2,700. Despite the higher cost for larger units, the overall affordability of the city is supported by relatively low utility costs and affordable groceries.
Roger Williams University is a major employer in Bristol and the driving force behind Bristol’s reputation as one of the best Rhode Island college towns. For free attractions, you can explore Colt State Park or take a stroll along the East Bay Bike Path. The city also hosts various free events and festivals, like the annual Bristol Fourth of July Parade, which is the oldest continuous celebration of Independence Day in the United States.
Apartments for rent in Bristol | Houses for rent in Bristol | Homes for sale in Bristol
All cities must have over 20,000 residents per the US Census and have an average rent price under the median rent price for the state – which is $1,964 per month according to Redfin data. Average rental data from Rent.com July 2024.
Source: rent.com
Burglaries decreased substantially from 2012 to 2022 (the most recent year of data available), according to the FBI
. However, burglaries rose 26% between 2021 and 2022, reaching nearly 850,000 — still a significant number, considering that the FBI’s Crime Data Explorer contains data from only about two-thirds of American law enforcement agencies in that period.
It’s likely no coincidence, then, that home security systems have become much more advanced over the past decade. However, not all security systems are created equal. Here are five ways to maximize the effectiveness of your alarm system to prevent burglaries.
According to the FBI, more residential burglaries occur during the day than at night
. What burglars see outside your home could make a difference. Accessories such as yard signs and window stickers can help broadcast your security system’s existence.
“These are crimes of opportunity,” says Geoff Kohl, Senior Director of Marketing at the Security Industry Association. Kohl cited a 2013 study led by a researcher from the University of North Carolina at Charlotte Department of Criminal Justice and Criminology, which found that over 80% of perpetrators would check a home to see if there was an alarm system or any security technology — and usually go to a different location if they spotted anything
.
“If you have a system, make sure you sign it,” Kohl says.
A sticker on a window might not be enough, though. Burglars may still check for an actual camera or keypad. Also, several alarm companies warn that fake stickers or signs mimicking an actual security company may violate copyright laws.
If you have actual security equipment, make sure those items are “extremely visible,” Kohl says. Hidden cameras have their value, but an outdoor camera in a prominent location can deter burglars. Many outdoor cameras are wireless, so you don’t need to sacrifice location for power.
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According to the FBI, in 2019 (the most recent data for these statistics), 37.8% of burglaries were unlawful entries. This means the perpetrator did not use force to enter the home, such as breaking windows, picking locks or forcing doors open — they simply walked in
.
Investing in a smart door lock with a keypad that requires a code, especially a lock that can be locked and unlocked remotely, can provide vital protection for your home’s primary entry point — and give you peace of mind if you’re away from home and can’t remember if you locked the door, Kohl says.
“A key can be copied, and once it’s copied, you don’t know where it is,” he says.
Smart deadbolts are one way to give a friend or service provider access to your home for a limited time period — say, two hours to fix the plumbing or walk the dog — with a one-time code.
Even in cases where burglars do “break and enter,” they’re typically still using entry points, forcing open garage doors, windows or doors. With this in mind, securing your home’s entry points should be a priority, especially if you have a limited budget or are just getting started with home security.
If you’re ready to add to your system, door/window sensors that alert you when an entry point is open are a great next step. Some companies even make specific sensors for garage doors.
“You don’t want to broadcast the fact that you’re not around,” Kohl says. “If your house is the only house on the street where the lights have been out for two weeks, and if someone’s in the area and is maybe looking to perpetrate a crime, they’re probably going to notice that.”
If you’re planning an extended vacation, make sure you have someone to collect your mail, especially if it lands at your front door. Also, recreate some human activity. Many home security systems can turn lights on and off at scheduled times, simulating your typical daily routine even when you’re gone. There are even devices that mimic a TV flicker.
Many outdoor cameras have motion-activated floodlights, which are usually very bright and might startle an intruder creeping along a home’s perimeter. Some even activate flashing lights and a loud siren — though this may be overkill if your system is prone to false alarms.
Whether you add deterrents to the outside of your home or not, it’s important that a door or window sensor triggers a siren if your system is armed. If your system sends you a phone alert but nothing physically occurs in the home, an intruder may not be deterred.
Even with deterrents in place, a break-in is still possible, and you may have no way to respond to alerts if you’re lying on a beach thousands of miles away (and burglary rates tend to rise during summer, according to the Department of Justice)
.
“If you’re on a cruise, you may not have internet connectivity, so if you’re self-monitoring your security system, you may not be able to look at that camera or see the status on that lock,” Kohl says. If someone breaks into your home and sets off an alarm or a camera alert, you’ll still need to contact local authorities to stop them.
Some companies require a multiyear contract for professional monitoring, which can work for those who want year-round protection, but others allow you to activate the service for just a month without a contract. Prices range from around $20 to $40 per month.
Still, professional monitoring can be worthwhile, Kohl says. It enables a home security company’s agents to send emergency services to your home if the alarm goes off, even if you’re not reachable.
Source: nerdwallet.com
One former employee recounted being kept at the office until 5 a.m. and asked to underreport their hours. Another described being instructed to report fewer hours despite working through multiple all-nighters each week. High compensation an equal trade-off? The demanding nature of banking, known for long hours and high salaries, is often viewed as a … [Read more…]
If you have military experience, a loan from the U.S. Department of Veterans Affairs could help you take a giant step toward becoming a homeowner. VA loans come with a number of benefits — notably, they require no down payment. But first, you need to understand the VA loan pros and cons to make sure it’s the right choice.
A VA loan is a federally guaranteed loan administered by the U.S. Department of Veterans Affairs. Even though the VA sets the basic eligibility requirements and guarantees the loan, borrowers actually apply to private lenders for these loans, after first obtaining a certificate of eligibility from the VA.
What is a VA loan? It’s a type of mortgage designed to help improve access to home ownership for veterans, service members, reserve members, National Guard members, and surviving spouses. It comes with several noteworthy characteristics that make it attractive for homebuyers, like having no down payment requirement and limited closing costs.
In order to get preapproved for a VA loan, you must get a Certificate of Eligibility that ensures you meet the service qualifications. Here are the basic requirements for each type of borrower:
• Veteran: Served at least 90 continuous days of active-duty service.
• National Guard: Served at least 90 days of active duty (there are additional eligibility options if you served before August 2, 1990).
• Reserve members: Served at least 90 days of active duty (there are additional eligibility options if you served before August 2, 1990).
• Spouses: You’re the surviving spouse of a veteran or the spouse of a veteran who is missing in action or being held as a prisoner of war.
Lenders also evaluate your VA loan approval and mortgage amount based on your credit score, income, debt, and assets. The VA does not impose a minimum credit score requirement, although many lenders require a credit score of at least 620.
Are VA home loans good? They do come with a number of benefits. A big one is that there’s no down payment required. As long as your debt-to-income ratio can handle the mortgage payments, you can borrow up to the full sales price of the home with a minimal amount of cash at closing.
Here is what to think about as you weigh VA home loan pros and cons:
• No down payment requirement: You don’t have to put down any cash on your home purchase. Conventional loans typically require at least 3% down for first-time homebuyers and FHA loans require 3.5% down for all borrowers.
• No mortgage insurance: Other mortgages require that you pay private mortgage insurance when your down payment is less than 20%. There is no comparable fee with a VA loan.
• Lower interest rate: Not only are VA loan interest rates usually lower than conventional loan rates, you can apply for a VA Interest Rate Reduction if rates drop after closing.
• Flexible credit requirements: Lenders usually require a minimum credit score of 620. But technically, there is no minimum set by the government.
• No use limits: You can get a VA loan multiple times throughout your life; in fact, there are no limits on how many times you can use one to buy a home.
In addition to these advantages, there are also some potential drawbacks of choosing a VA loan for your mortgage.
• Funding fee: This is a one-time fee that is paid either at closing or rolled into your mortgage balance. The fee varies depending on how many times you’ve used the VA loan and the size of your down payment. For instance, a first-time VA loan borrower with a 0% down payment would pay a 2.15% funding fee.
• Strict appraisal process: All mortgage lenders require an appraisal, but your appraiser must be VA-approved with this type of loan.
• Property eligibility requirements: The home inspection must also meet VA-specific requirements, which means you can’t finance a major fixer-upper. For instance, it needs a working HVAC system, no lead paint, and adequate roofing, among other criteria.
When comparing a VA loan vs. a conventional loan, there are some significant differences to consider.
A VA loan has no minimum down payment requirement, while a conventional loan requires at least 3% down for first-time homebuyers. In the first quarter of 2024, the median home sales price was about $420,000. With a conventional loan on that amount, a first-time homebuyer would need a down payment of at least $12,600.
Although there’s no agency-mandated minimum credit score for VA loans, most lenders set a minimum of 620 — the same you’ll typically find with a conventional mortgage.
Although you may be required to pay a one-time funding fee with a VA loan, there’s no ongoing mortgage insurance like you may have to pay with a conventional mortgage.
Private mortgage insurance (PMI) is required with a conventional loan if your down payment is less than 20%. You may have a one-time, upfront payment at closing, or your PMI may be split up between up-front and monthly premiums that are rolled into your mortgage payment.
VA loans pros and cons may matter more or less depending on your personal situation. Some examples of when a VA loan may be the best choice include:
• Buyers who don’t have cash for a down payment or want to preserve cash for other goals may want to go with a VA loan after they weigh VA home loan pros and cons.
• Buyers who can’t make a 20% down payment (who would have to pay for private mortgage insurance if they obtained a conventional mortgage loan) might find a VA loan especially appealing.
Questions? Call (844)-763-4466.
Even if you’re eligible for a VA loan, it still makes sense to look at other options. Three other common types of mortgages include FHA loans (backed by the Federal Housing Administration), conventional loans, and U.S. Department of Agriculture loans.
An FHA loan is another federally guaranteed mortgage with flexible credit requirements. To qualify for a minimum down payment of just 3.5%, you need at least a 580. But you can still qualify with a 500 credit score, as long as you pay at least 10% down.
With a lower down payment, you must pay a mortgage insurance premium. There is an upfront fee at closing, as well as a monthly fee. If your down payment is less than 10%, the fee stays on for the life of the loan unless you refinance to a new mortgage.
Some conventional mortgages allow for a down payment as low as 3% for first-time homebuyers, though others may require 5%. You must pay private mortgage insurance for down payments under 20%, but that fee usually drops off once you have 20% equity in your home. The credit requirements are usually a little higher with conventional loans.
A USDA loan is designed for individuals looking to buy a home in a rural area. You can explore eligible properties on the USDA website. However, you also need to meet certain income limits based on your county and family size in order to qualify for this 0% down payment mortgage.
Weigh VA loan pros and cons to make sure you choose the best mortgage for your personal financial situation. Among the things you’ll want to consider are your credit score and how much, if anything, you have saved for a down payment on a new home.
SoFi offers VA loans with competitive interest rates, no private mortgage insurance, and down payments as low as 0%. Eligible service members, veterans, and survivors may use the benefit multiple times.
Our Mortgage Loan Officers are ready to guide you through the process step by step.
VA loans have more flexibility with application requirements compared to other types of loans, as long as you meet the military service requirements. There may also be additional restrictions on the type of home you buy, especially if you’re eying a fixer upper.
No, you may get a VA loan with no down payment, as long as your debt-to-income ratio suggests that you can make the monthly mortgage payments.
The VA itself does not require a minimum credit score but most lenders look for a minimum credit score of 620 for VA loans.
Photo credit: iStock/sommart
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
SOHL-Q324-005
Source: sofi.com
As the leaves begin to change and the air turns crisp, our homes naturally become a refuge from the cooler temperatures outside. Fall is a season that invites us to embrace warmth, comfort, and a connection to nature. The 2024 fall decor trends are poised to blend timeless seasonal elements with fresh ideas, offering a perfect blend of tradition and innovation. In this Rent. guide, we’ll take an in-depth look at what to expect this season and how to incorporate these trends into your home, whether you’re buying a home in Annapolis, MD, or renting an idyllic San Diego apartment.
At the tail end of the summer heat, it can be tricky to think far ahead of other seasons. Before tackling your next season’s decor, get into the right state of mind. “I love fall,” interior designer Laura Medicus with The Colorado Nest begins, “first order of business to get your home and mind ready – put on Taylor Swift’s Folklore album and bake some pumpkin bread so the house smells great. Then, work in some velvet. Velvet pillows in mustard yellow, deep charcoal, forest green, or burgundy work magic. Pair those with a plaid throw in cozy colors, add some candles, and find some thrillers to read as the nights grow longer,” Medicus concludes. By setting the scene, and starting small, you’re ensured to embrace the fall vibes earnestly.
The color palette for fall 2024 is all about earthy tones and warm neutrals. “Embrace the fall 2024 decorating trends with the trending colors of the season; deep forest green, cream, and tan, or go with vintage glamour with rich burgundy, gold accents, and dark walnut softened with blush pink and ivory,” recommends Libier Reynolds, lifestyle expert and Christian speaker. ” Incorporate natural textures and warm earth tones into your beautiful living space; opt for terracotta pots, wooden accents, and cozy textiles like linen and velvet. Most of all, be grateful for and enjoy your space. Remember a little love makes any space a home.
These colors are known for their ability to create a cozy, inviting atmosphere that makes any space feel like a warm hug on a chilly day. And how you combine them is equally as important as the hues themselves. “This year’s color schemes are making a clear diversion from years’ past popular trends of rust, camels, and taupe,” explains Anna Markow with Buy Wholesale Clothing.
So what’s replacing those fall staple colors? “In this early autumn preview I’m seeing a wide spectrum of hues being entertained from magenta to forest green and what can be said with certainty is yellows, mustards, and rusts have fallen greatly in popularity. My early pick for the winning color combination for the upcoming fall and winter would be a mix of greens and darker hues like charcoal with a pop of color sprinkled in including the aforementioned magenta,” Markow predicts.
Sustainability continues to play a crucial role in shaping decor trends, and this fall is no exception. In 2024, there’s a growing emphasis on using natural, eco-friendly materials that not only enhance the aesthetic appeal of our homes but also contribute to a more sustainable lifestyle.
“Embrace sustainable decor to enhance your living space this fall 2024,” recommends Interior designer, Kelly Moorcroft with Spaces by Kelly. “This can be easily achieved by incorporating the beauty of nature and being mindful of our impact on the environment. Shop sustainably by sourcing a reclaimed wooden table, repurposing vintage furniture, or selecting natural materials in warm, earthy tones. Choose quality, timeless pieces instead of fast decor trends to reduce waste and create a warm space filled with your own personality and memories – perfect for relaxing during long fall evenings,” Moorcroft explains.
Natural materials add texture and depth to a space while creating a connection to the natural world. “This fall, I am embracing the season by incorporating nature-inspired elements into my décor (surprise, surprise),” shares Dorothy Huntsman with Dayhouse Studio. “Warm, earthy tones like deep greens, burnt oranges, and rich browns as well as pops of blues can create a cozy and inviting atmosphere.
I’m also adding layers of texture with natural materials such as plants and flowers, wood, soft wool, textured wallpapers, and stone to enhance the sensory experience. As a bonus, these elements are known to improve your health. Plants purify indoor air by removing toxins and increasing oxygen levels and natural materials lower cortisol levels, reducing stress and promoting relaxation as well as improving mood and decreasing feelings of anxiety and depression,” Huntsman shares. “So it’s pretty much a no-brainer for me and my clients to incorporate these elements into the home environment. Right?”
Though plants are often recommended decor items, no one specified that they have to be living. “Dried flowers are making a beautiful comeback this fall, offering a timeless and elegant way to decorate,” artist Lisa Audit shares. “I simply love using them to add a touch of nature indoors. Their neutral palette of soft beige, with hints of orange, yellow, and deep red, creates a warm and inviting atmosphere. Perfect for any arrangement, dried flowers bring a cozy yet sophisticated charm that’s ideal for the 2024 fall season,” Audit concludes.
Nostalgia will be a key influence in fall decor trends for 2024, with a resurgence of vintage and retro styles. This trend is all about bringing the past into the present in a way that feels fresh and contemporary. Decor from the ’70s and ’80s, characterized by bold patterns, retro color schemes, unique textures, and classic furniture shapes, is making a comeback, adding a touch of character and history to modern homes.
This revival isn’t just about replicating past styles but rather blending them with modern elements to create a unique, eclectic look. “The trends this fall are about embracing rich textures and elegant details. Velvet is making a huge comeback, especially on golden hues,” shares lifestyle blogger, Sonya Burgess. “Scalloped edges bring in a playful element, while marble accents continue to be a classic staple. Add these to traditional fall favorites such as layering textures, natural elements, and the warm glow of seasonal candles to create the beloved cozy fall feel to your home.”
To avoid overwhelming your space with too much retro influence, mix these vintage elements with contemporary pieces. For example, pair a bold, retro-patterned wallpaper with sleek, modern furniture or add a vintage armchair to a room with minimalist decor. This blend of old and new creates a dynamic contrast that feels both nostalgic and fresh.
For several years, minimalism has been the go-to trend in home decor, but 2024 is seeing a shift towards maximalism, particularly in the fall. This trend is about embracing abundance — filling your space with colors, patterns, textures, and objects that reflect your personality and interests. It’s about creating a space that feels lived-in, cozy, and welcoming.
‘For fall 2024, dive into maximalism by embracing bold, sophisticated decor that truly expresses your personality,” Ana Medeiros, creative director of Maeve recommends. “Mix rich colors, intricate patterns, and a variety of luxurious textures to create a vibrant and inviting space. Layer rugs, throws, and cushions, and don’t shy away from combining different finishes and styles. This trend is all about creating a visually stimulating, cozy environment that’s uniquely you,” Medeiros shares.
In a world where mass production often dominates, there’s a growing appreciation for artisanal and handmade items. In the upcoming fall season, you will see a continued focus on unique, handcrafted decor that adds a personal touch to your home. These pieces, whether they’re pottery, textiles, or furniture, bring a sense of craftsmanship and authenticity that mass-produced items often lack.
Artisanal and handmade pieces are fantastic ways to add texture to your space as well, which quickly elevates any room. “One of the delightful things about the change in weather in the fall is the opportunity to add comforting textures to your spaces,” notes Karen Highland with Frederick Real Estate Online. “You can easily elevate your autumn decor by adding textured elements such as cozy throws, plush pillows, and knit blankets. Woven baskets, faux fur, and velvet cushions also bring a comforting touch to any room. These pieces not only provide warmth but also infuse your room with a seasonal charm that embodies fall. By incorporating these textural accents, you can create a welcoming and inviting atmosphere perfect for the cooler months.”
For those who want to refresh their decor without overwhelming their space or budget, this upcoming fall is all about small, thoughtful changes that make a big impact. This approach is perfect for anyone who wants to embrace the season’s vibes without committing to a full redesign.
“My biggest tip for decorating for a season like fall is to make simple changes to your everyday lifestyle,” recommends interior designer Rashmi Patel with Rushme Home. “For example, I love changing out pillows, it’s such a subtle way to change up the colors and go for more burgundy and greens. I also love updating my faux stems on the kitchen island or a console table to liven up the space for fall. The last tip is to add a nice deeper-toned throw blanket on the couch or an accent chair for a pop of color for the season. Decorating for fall shouldn’t be stressful, it should be fun, easy, and a quick way to feel the season,” Patel shares.
By making these small updates, you can infuse your home with the warmth and charm of the season, creating a space that feels fresh and inviting without the need for major renovations.
“Get ready for fall 2024 with the hottest interior design trends. Embrace the cozy elegance of neutral tones paired with organic textures, setting a serene and inviting mood. This season, expect to see geometric patterns making a bold statement in pillows and decor, adding a dynamic touch to your space,” shares interior design experts at Marbella Studio. “Modern lighting, such as globe pendants, will illuminate your home with a warm, contemporary glow. Decor tips: incorporate natural elements like stone or ceramic vases, and layer your seating with plush throws and textured cushions for added comfort. Transform your living space with these trends and make your home the epitome of autumnal sophistication.”
Depending on your geographic location, your fall season may look unique and tailored. Camille Duvall, real estate expert, shares her take on the upcoming fall season in Lake Tahoe. “As you prepare your Lake Tahoe home for fall, embrace cozy warmth and style by incorporating Tibetan lamb throws and pillows. Swap out summer linens for those in earthy jewel tones and organic neutral shades to complement the soon-to-be snowy backdrop,” Duvall shares.
“Instead of traditional bear motifs and kitschy ski posters, opt for local organic handmade pieces, such as live-edge furniture and woven baskets crafted by local artists. Tribal art and unique textures will add depth and a contemporary flair to your space, creating a fresh look that embodies the essence of Tahoe’s natural beauty and artistic spirit.”
This fall season is shaping up to be a season of warmth, comfort, and personality in home decor. By embracing both earthy and unexpected jewel tones, sustainable materials, vintage pieces, cozy maximalism, and artisanal decor, you can create a home that feels inviting and reflective of the season.
Whether you’re looking to make big changes or simply update a few pieces, these fall decor trends offer endless inspiration for a stylish and cozy fall home. So, as the leaves begin to fall and the days grow shorter, take the opportunity to refresh your space and create a haven that celebrates the beauty of the season.
Source: rent.com
Sacramento often flies under the radar compared to its flashier neighbors, but those who live here know it’s a gem worth discovering. Known for its abundant sunshine, farm-to-fork dining, and rich tree canopy, Sacramento offers a unique blend of urban amenities and natural beauty. As a city that has grown rapidly in recent years, it attracts new residents with its relatively affordable cost of living, thriving job market, and laid-back vibe. Not sure if Sactown is for you? Read on to find out what to expect if you’re considering a move to the Sacramento area in 2024.
You know it from: Lady Bird, Sacramento, Step Brothers
Average 1 bedroom rent: $2,022 | Sacramento apartments for rent, Sacramento houses for rent
Average home price: $520,000 | Sacramento homes for sale
Average cost of full-service moving services: $182/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Agriculture, Health Care, Education
Move here for: Farmer’s markets and fresh food, tree-lined streets, great biking and outdoor opportunities
Be sure to bring: Your bike and your sunscreen
Sacramento enjoys over 260 days of sunshine each year, making it a haven for anyone who craves warmth. Summers can get scorching, with temperatures often exceeding 90°F, but the low humidity makes it bearable. Winters are mild, with occasional rain but rarely dipping below freezing. If you love basking in the sun or enjoy outdoor activities year-round, Sacramento’s climate won’t disappoint. Just be prepared with sunscreen and stay hydrated during those hot summer days.
Sacramento takes pride in being the “Farm-to-Fork Capital” of the U.S., and it’s not just a catchy slogan. With its proximity to fertile farmland, the city boasts an impressive array of fresh, local produce. Farmers markets abound, and restaurants highlight seasonal ingredients, making it a food lover’s paradise. Dining out in Sacramento means enjoying meals that are fresh, flavorful, and locally sourced. Whether it’s a casual café in Midtown or a high-end restaurant Downtown, you’ll taste the difference.
Compared to other California cities like San Francisco or Los Angeles, Sacramento’s cost of living remains relatively affordable, but that gap is closing. Housing prices have been climbing steadily, with the average home costing around $520,000. Renters will find that decent apartments are still available, but they go fast. While Sacramento’s cost of living is 20% higher than the national average, it’s still more manageable than in other major California cities.
Moving Tip: Be prepared to act quickly if you find a house or apartment you like. Competition is fierce, whether you’re looking to rent or buy a home. The average single family home only stays on the market for 11 days. If you are looking for buy, working with a local real estate agent can help ensure you find the perfect home.
Sacramento’s traffic isn’t as notorious as L.A.’s, but it can still be a headache. I-5 and Highway 50 see regular congestion, especially during rush hour. The city’s rapid growth has outpaced its infrastructure, leading to bottlenecks and delays. On the bright side, Sacramento is investing in its public transportation system, which could ease some of the traffic woes in the future.
Moving Tip: If you’re commuting from suburbs like Elk Grove or Roseville, expect to spend a fair amount of time in your car. If you’re hoping to rely on pubic transit, you’ll want to live closer to the city center.
With its flat terrain and bike-friendly streets, Sacramento is a cyclist’s paradise. The American River Parkway offers 32 miles of scenic bike trails, perfect for weekend rides. Midtown and Downtown are particularly bike-friendly, with ample bike lanes and easy access to local shops and restaurants. If you’re looking to ditch your car, Sacramento makes it easy to get around on two wheels.
Moving Tip: Sacramento’s commitment to cycling extends to its community, with frequent bike events and a growing network of cycling clubs.
Beer enthusiasts will feel right at home in Sacramento, which boasts a vibrant craft beer scene. With over 50 breweries in the region, there’s always something new to try. Midtown, in particular, is a hotspot for craft beer, with popular spots like Device Brewing and Urban Roots offering diverse selections. Sacramento’s beer culture is laid-back and welcoming, making it easy to strike up a conversation with fellow beer lovers. Whether you’re into IPAs, stouts, or sours, you’ll find plenty to satisfy your palate.
Sacramento is often called the “City of Trees,” and for good reason. The city’s tree canopy is one of the densest in the nation, with over 100,000 trees lining its streets. Walking through neighborhoods like Land Park or East Sacramento, you’ll be greeted by towering oaks, elms, and sycamores that provide shade and beauty. The trees not only enhance the city’s aesthetics but also help keep temperatures cooler during the hot summer months. If you appreciate nature, Sacramento’s lush greenery will be a daily delight.
Sacramento’s job market has been expanding, particularly in government, healthcare, and tech sectors. Major employers include the State of California, Sutter Health, and Intel, offering a variety of career opportunities. However, the job market can be competitive, especially for those seeking positions in specialized fields. Networking is key, and connecting with local professionals through events or LinkedIn can make a difference. If you’re relocating for work, it’s wise to have a job lined up or at least a solid plan for your job search.
While Sacramento’s public transportation is better than it used to be, it still has room for improvement. The Sacramento Regional Transit (SacRT) system offers light rail and bus services, but coverage can be spotty outside of the city center. If you live in Downtown or Midtown, you can get by without a car, but suburban areas might find it less convenient. On the plus side, SacRT has been expanding its services and improving reliability, making it a viable option for some commuters.
Sacramento’s art scene is experiencing a renaissance, with murals, galleries, and performance spaces popping up across the city. The Wide Open Walls mural festival has transformed the city into an open-air gallery, with stunning street art around every corner. Midtown and Downtown are hubs for creativity, featuring galleries and institutions like the Crocker Art Museum and monthly art walks. Whether you’re into traditional art, modern installations, or street performances, Sacramento offers a thriving cultural experience that’s worth exploring.
Living in Sacramento means being just a short drive away from some of California’s most stunning natural landscapes. Lake Tahoe, Yosemite National Park, and the Napa Valley are all within a few hours’ reach. Whether you’re into skiing, hiking, or wine tasting, weekend getaways are a breeze. Even within the city, parks like William Land Park and the Sacramento River provide plenty of opportunities for outdoor activities. If you love nature and adventure, Sacramento’s location is a major perk.
Sacramento’s culinary landscape is as diverse as its population, offering everything from authentic Mexican tacos in South Sacramento to upscale dining in Midtown. The city’s food scene reflects its agricultural roots, with farm-to-table dining being the norm rather than the exception. Food trucks are also a big deal, especially at events like SactoMoFo, where you can sample a variety of cuisines in one place. Whether you’re a foodie or just love a good meal, Sacramento’s dining options won’t disappoint.
Sacramento might not have as many professional sports teams as larger cities, but it’s home to some passionate fans. The Sacramento Kings have a loyal following, and game nights at the Golden 1 Center are electric. Soccer enthusiasts can catch Sacramento Republic FC in action, with plans for the team to join Major League Soccer in the works. If you’re a sports fan, Sacramento offers plenty of opportunities to get in on the action.
Moving Tip: Local sports bars like The Zebra Club are always buzzing with excitement, whether it’s for NBA, NFL, or college games.
Methodology: Average rent prices sourced from Rent.com August 2024. Home prices sourced from Redfin August 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Executech.
Virgin Red — the rewards program for the Virgin Atlantic airline, Virgin Hotels and Virgin Voyages cruises — is launching a new credit card. The Virgin Red Rewards Mastercard, issued by Synchrony, isn’t open for applications yet. For now, you can join the waitlist and be notified when the card becomes available in fall 2024.
The Virgin Red Rewards Mastercard will charge a $99 annual fee, but will charge no foreign transaction fees.
Image courtesy of Virgin Red
The Virgin Red Rewards Mastercard will offer a welcome bonus of 40,000 Virgin Points when you spend $3,000 in the first 90 days.
Cardholders will also earn:
3 Virgin Points per $1 spent on Virgin Atlantic, Virgin Hotels and Virgin Voyages purchases.
1 Virgin Point per $1 spent on anything else.
If you spend $15,000 per year on the Virgin Red Rewards Mastercard, you can select one “exclusive Virgin perk,” such as:
A voucher for a companion seat or seat upgrade on a Virgin Atlantic flight.
A free night or suite upgrade at a participating Virgin Hotel.
Up to a $300 bar tab on a Virgin Voyages cruise.
A “Blue Extra Perks Package” with Virgin Voyages, which includes laundry service, access to an exclusive cocktail party and daily coffee credits.
You can select a second perk once you spend $30,000 in a year, and if you reach that spending threshold, you can choose the same perk twice if you’d prefer.
There are also a number of ways to earn extra points. Get 5,000 Virgin Points each year when renewing your card. If you add authorized users, you’ll get 2,500 points per person (up to four people).
You’ll earn 25 Flying Club Tier Points after $2,500 in eligible purchases, with a maximum earning of 50 Tier Points per month. Flying Club Tier Points will move you up to higher status levels with Virgin Atlantic.
Also, you can get a third night free after booking two nights at a participating Virgin Hotel once per year.
Redeem Virgin Points for flights, hotel stays and cruises through the Virgin brand. You can also use points for experiences like bike or kayak tours, wine tastings, movie tickets and more.
Source: nerdwallet.com
The FHFA’s Office of Technology and Information Management (OTIM) is responsible for ensuring the security and resilience of the agency’s IT resources. These resources host a variety of critical data, including financial reports and information from Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and Common Securitization Solutions, LLC. Additionally, the network contains personally … [Read more…]