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Want a community with a little of everything—arts, education, adventure, business, family-friendly and more? It may be time to check out Provo and Orem. As the heart and hub of Utah County, these two cities collectively hold plenty of surprises that are certain to delight would-be residents, even the ones who’ve never considered living in “Happy Valley” before.

Adventure

Want rugged mountain terrain and inspiring views? Provo and Orem are surrounded by them. From hiking on Y Mountain to the build-your-own-adventure wonderland that is Mt. Timpanogos, residents don’t look far for outdoor fun.

Bike the entire 16 miles of the Provo River Parkway Trail, a paved pathway running from Utah Lake to Vivian Park in Provo Canyon. Stop at Bridal Veil Falls to dip your toes in the icy cold water, too.

Train for the annual Utah Valley Marathon each June or any of a number of other competitive opportunities. For details on everything running, check in with the experts at Runner’s Corner in Orem.

Nordic and alpine skiing are accessible up Provo Canyon. Just turn left into Sundance Resort and stay for dinner in the Foundry Grill or the Tree Room, or grab a cocktail and live music at the Owl Bar. Rather be in the water? Fly-fishing and tubing are yours in Provo Canyon, just upstream from your next picnic in any of the five Provo Canyon parks. You can also launch your boat in Utah Lake—not a reservoir, it’s a real lake—or watch the Orem Owlz or other sports team at either of the local universities.

Where to live: For recreation just outside your door, look near Heather Lane and 8th North at the mouth of Provo Canyon, or venture further up into Sundance, Springdell or near Vivian Park.

Arts

Museums. Festivals. Concerts. Movies. Just say what you want and Provo and Orem supply the rest. Annual events include January’s Sundance Film Festival, where screenings are held daily at the screening room at Sundance Resort, and summer concerts and plays at the SCERA Center for the Arts.

UVU’s UCCU Event Center brings big-name concerts to the area throughout the year, or celebrate Independence Day (give or take a few days) at Stadium of Fire. Museums include the Museum of Art, B.F. Larsen Gallery, and Life Science Museum on the BYU campus and the Woodbury Art Museum at UVU.

Where to live: Fast-growing-but-quaint Vineyard, Utah, on the western side of Provo and Orem, offers newer homes, access to Utah Lake, and is a short drive from just about everything.

Education

Brigham Young University and Utah Valley University provide students here world-class educational opportunities.

The side benefit? Residents here get access to world-class libraries as well as scholarly events, including literary, philosophic and scientific; community education; and extracurricular activities. Provo’s nightlife–frequently in walking distance to BYU–caters to the college crowd with institutions like Fat Cats for bowling, billiards and arcade games, 7 Peaks Resort, where water fun rules, and Velour Live Music Gallery, an all-ages venue (no smoking or alcohol allowed) that has helped launched the careers of bands including the Neon Trees and the Fictionists.

Public primary and secondary schools benefit from their proximity to the two colleges and the diversity of each. Both the Alpine and Provo School Districts serve the area as do a number of specialized charter schools. Parents can expect access to dual-immersion programs, arts education, and unique opportunities for children to experience college-sponsored events and other activities.

Where to live: When close proximity to a university is at the top of your list, look near BYU, where you’ll find plenty of condos, smaller homes, and landscaped luxury for sale. Prefer something older or more eclectic? Downtown Provo is the answer, whether you’re looking for a home that’s fully remodeled or one ready for your creativity and TLC.

Business, retail and shopping

This family-friendly community is business-friendly, too. Provo and Orem have both helped spur the growth of tech industry giants including WordPerfect, Novell, Ancestry.com and Omniture over the years. Healthcare is also booming in the area, but so are small, niche businesses including Altra (running shoes), Amano (chocolate), Xlear, and Blendtec.

All of this means retail is endlessly accessible in Provo and Orem, from the traditional malls that flank the north and south ends of the community (University Mall and Provo Towne Center, respectively), to the boutique offerings at the Shops at Riverwoods. Also check out the dining options at the latter, including sushi at the Happy Sumo, Mexican food at Bajio, European-influenced fresh foods at La Jolla Groves, or a gooey caramel apple from Rocky Mountain Chocolate Factory. Rather eat in? Swing by Harmon’s on 8th North for gourmet goodies and local grocery fare. 

Where to live: If shopping is your thing, invest in a condo by the Riverwoods or University Mall, or a home off Palisades Drive. Just west of the Riverwoods, the small community perched above the canyon offers fantastic views of both town and mountains and is within walking distance of both.

Yumville

Hungry? Got a sweet tooth? Dining options in Provo and Orem are far more diverse than most towns their size offer. Just be sure you save room for dessert. If cupcakes are your thing, try the Sweet Tooth Fairy where featured flavors change daily. Birthday celebrations go great with a cake from The Chocolate—pack it up for a picnic at Paul Ream Wilderness Park, or eat pizza at The Brick Oven before you stop for ice cream from the BYU creamery. You may also want to skip dinner entirely and dive right into dessert from Provo Bakery, Rockwell Ice Cream, or opt for gelato at  Zaza Melodia by University Mall.

Where to live: In Provo and Orem, whether you’re hoping for a home that smells like delicious baked goods from a nearby restaurant or you want to live somewhere that’s close enough to walk to dining options—and walk off some of the food on the way back home—you’re in good company. Great dining dots the town and public transportation from UTA makes everything accessible. So look anywhere. You’ll find comfortable homes fitting all budgets in neighborhoods bordered by Center Street and University Parkway in Orem. Also check the south end of Provo.

Source: homie.com

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Most homebuyers have to pay a portion of the property’s purchase price upfront. This amount is called a down payment. Exactly how much you’ll need to put down hinges on several factors beyond just the price of the home. Here’s what to know.

What is a down payment on a house?

A home down payment is the part of a home’s purchase price that you pay upfront and does not come from a mortgage lender via a loan.There are many ways to come up with a down payment to buy a home. For repeat buyers who have positive equity in their current home, it’s often the proceeds from selling that home that helps make a down payment on another one. Other sources include:

Some down payment sources, however, are not allowed by lenders. These include loans or gifts from anyone who would benefit from the transaction, such as the home seller, real estate agent or lender.

How do down payments work?

Suppose you want to buy a house priced at $300,000. If you were to put $9,000 toward the purchase price, or 3 percent down, you’d take out a mortgage for the remaining $291,000. If you were to put down $60,000, your down payment would equal 20 percent of the purchase price, and your loan would be for $240,000.

Mortgage lenders often refer to the percentage of the purchase price that they finance as the loan-to-value ratio, or LTV. Using the above examples, here’s how that looks:

  • When you put $9,000 down (3 percent) on a $300,000 home, your LTV ratio is 97 percent.
  • When you put $60,000 down (20 percent) on a $300,000 home, your LTV ratio is 80 percent.

Who gets the down payment on a house?

As the homebuyer, your down payment goes into an escrow account, often managed by a real estate attorney or settlement officer. This third party holds onto the funds and distributes them to the seller once the deal is finalized. The seller ultimately receives the down payment.

How to choose the best down payment amount

Putting a large down payment comes with plenty of perks, but it’s not necessarily the best decision for every homebuyer. Consider these pros and cons:

Benefits of a bigger down payment

  • Smaller monthly payments: Making a bigger down payment upfront translates to smaller mortgage payments each month. Consider the difference between 3 percent down and 20 percent down on a $400,000 home. With a 30-year loan at a fixed 6 percent interest rate, Bankrate’s down payment calculator shows that the bigger down payment translates to a monthly mortgage payment savings of around $400.
  • Lower lifetime interest charges: Those smaller monthly payments add up to significant savings in the long run. In that $400,000 home example, a 20 percent down payment would save more than $78,000 over the course of a 30-year mortgage.
  • Potentially better terms: Lenders like to see larger down payments. By putting more of your own money into the transaction, you’re borrowing less of theirs, which can put you in the running for the lowest rates possible.
  • Ability to skip PMI: If your down payment is 20 percent on a conventional loan, you won’t have to deal with the additional monthly fee of mortgage insurance.

Drawbacks of a bigger down payment

  • Potential to stretch your savings too thin: If you’re draining nearly all your savings to make a bigger down payment, you’re putting yourself in a precarious position as a new homeowner. What happens if you need to cover an emergency cost?
  • The need for more time to save: You might be tempted to keep saving up money to make a bigger down payment, but that strategy can backfire. While you’re trying to cut every expense, home prices might still be rising at a pace you can’t keep up with.

Bigger vs. smaller down payment example

A bigger down payment can make it easier for you to get approved for a mortgage and allow you to buy more house for the same monthly payment, or even less. You might also get a lower rate and lower mortgage insurance premiums (if any). Here’s a breakdown of a 30-year, $375,000 mortgage with a 6.5 percent interest rate, using data from Bankrate’s mortgage calculator and mortgage insurance estimates from Freddie Mac’s PMI calculator:

$375,000 $11,250 (5%) $2,299 $342 $2,641
$375,000 $37,500 (10%) $2,133 $219 $2,352
$375,000 $56,250 (15%) $2,014 $89 $2,103
$375,000 $75,000 (20%) $1,896 $0 $1,896

Note this example doesn’t account for the interest rate savings you’d likely see if you were to make a larger down payment. With 20 percent down, for example, you might pay a lower rate compared to the rate you’d get with 10 percent down.

Keep in mind, as well: There is a trade-off between your down payment and credit rating. Bigger down payments can offset (to some extent) a lower credit score; higher credit scores can offset (to some extent) a lower down payment. It’s a balancing act.

For many first-time buyers, the down payment is the biggest obstacle to homeownership. That’s why they often turn to loans with smaller minimum down payments. Many of these loans, though, require borrowers to purchase some form of mortgage insurance.

However, mortgage insurance is not necessarily a bad thing if it gets you into a home and starts you on the road to building equity. Consider this: If you were to save $250 a month, it would take you 25 years to accumulate the $75,000 needed for a 20 percent down payment on a $375,000 home. That’s a long time to keep renting just to save up the money. Plus, by the time that 25-year period is up, that $375,000 house is going to cost a lot more.

What is the minimum down payment on a house?

The minimum down payment on a house depends on the mortgage program, the type of property you buy and the price of the home. In some cases, you might be eligible for a loan that doesn’t actually require a down payment at all.

Most conventional loans allow for as little as 3 percent of the purchase price if you have great credit. FHA loans require a small down payment as well: just 3.5 percent.

There are two government-backed loan programs that don’t have a down payment requirement: VA loans for service members and veterans and USDA loans for eligible buyers in rural areas.

Why mortgage lenders require a down payment

Very few mortgage programs allow 100-percent, or zero-down, financing. That’s because a down payment on a home reduces the risk to the lender in several ways:

  • Homeowners with their own money invested are less likely to default (stop paying) on their mortgages.
  • If the lender has to foreclose and sell the property, it’s not on the hook for the entire purchase price, which can limit its potential losses if the home is sold for less than the remaining mortgage balance.
  • Saving a down payment requires discipline and budgeting. This can help set up borrowers to be successful homeowners.

Why down payments are good for homebuyers

That initial down payment might feel like a huge obstacle standing in your way, but saving for a down payment provides good practice for the financial responsibilities of homeownership.

Suppose you currently rent for $800 per month, and the payment for the home you want to buy would be $1,200 per month. You can “practice” for homeownership by putting the $400 difference into savings. This accomplishes three things:

  • Your down payment savings grows.
  • You’ll get used to having less spending money.
  • You might avoid an expensive mistake if you realize you can’t handle the larger payment.

Many financial experts agree that having a down payment is a good sign you’re ready for homeownership. If you can make the necessary sacrifices to amass a down payment, then you’ll likely be able to manage expenses that come with owning a home, including monthly mortgage payments, homeowners insurance and maintenance, repairs, property taxes, HOA dues and utilities.

Plus, a larger down payment can also help you win a bid for a home against other buyers. By reducing uncertainty about whether the transaction can go through, the higher down payment makes your offer more competitive.

Bottom line on down payments

The size of your mortgage down payment is a personal and practical decision. Take a holistic look at your monthly budget, debts and cost of living in your city. Bankrate’s affordability calculator can help you determine the right amount for you, and so can a trusted mortgage professional. Ultimately, the decision comes down to your desire, discipline and resources.

Source: thesimpledollar.com

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Looking to add a pop of color to your decor? We suggest Viva Magenta!

Continuing in a 20-year tradition, Pantone has selected their Color of the Year 2023, Viva Magenta. Chosen for its powerful hue and electrifying tones, this member of the crimson red family packs a positive punch and has a lot of potential. It can easily fit in your own apartment home or as a fashion statement.

PANTONE 18-1750 Viva Magenta is a balance between warm and cool. It’s not so bright as to dominate your existing color palette, but instead can work to enhance elements you already have in place. Complimentary colors include shades of gray, greens and soft blues and pinks.

If a pop of color is what you crave in your design scheme, it’s time to join the Magentaverse with these great items.

Add Viva Magenta around your home

Adding Viva Magenta around your home doesn’t have to mean buying new furniture and making massive changes to your decor. It’s all about the small details when it comes to infusing some new color, making every room prime for an update.

Add a few extra pillows

It’s easy to swap these out as your color tastes change. Tossing a few throw pillows onto your couch or chairs can transform the room. Incorporating ones in Viva Magenta can add warmth to your space, especially if your furniture is in cooler grays or blues. Grab solid color pillows to make a big statement, or find a patterned pillow that uses this bold color sparingly for something more subtle.

Throw in a big blanket

Nobody can argue about the comfort offered by a big, soft blanket. Whether you’re using it as a throw on the couch, or to lay across your bed, cozy is key, but color matters too. Adding a blanket in a Viva Magenta hue infuses any activity with powerful color even if you’re just cuddling up to watch a movie. But remember, the bigger the blanket, the better.

Hang up a new piece of wall art

You don’t need to paint an entire wall in Viva Magenta to add a little something extra to your space. Instead, find a piece of art that incorporates the happy tone for a powerful statement piece that hands on the wall. Place it behind the couch or even above your bed to add a little something extra.

Light some aromatic candles in the right containers

It doesn’t really matter what the candle smells like, or even what color the candle is. However, setting up some candles in glass containers tinted with the Pantone Color of the Year 2023 will certainly add a vivid spot to any room. You can even buy the container separate from the candles, customizing the scent to your own tastes.

Set out new spatulas

Even if you have all the kitchen tools you need, there’s no reason you can’t grab a few new items and change things up. Whether you’re replacing kitchen utensils that are starting to show some wear and tear, or you just want some color in your utensil basket on the counter, think hot pink. A set of spatulas in magenta are both useful and colorful, a perfect pairing.

Incorporate Viva Magenta into your outfit

From pieces of clothing to a favorite accessory, a little color enhancement to your outfit can change your look. It can even change your mood.

Viva Magenta is a vigorous shade that can take drab to designer whether you’re wearing it on your head or feet (and anywhere between).

Dress in a shade of crimson red

Can’t get enough of this year’s Pantone color? Why not wear it? Perfect with jeans for a casual outfit or refined enough for nicer attire, clothing in Viva Magenta will certainly get you noticed. Try out a chunky cardigan for those casual Fridays or wear this electrifying color to the gym. You can even make it work for your next cocktail dress.

Transform your winter wear

Cozy gloves on a cold day are the best, and in this hot shade of magenta, they’ll brighten your day even more while warming you up a little. A nice pair of knit gloves are easy to take on and off and are comfortable to drive in if that steering wheel takes a while to warm up. Just don’t wear them to make snowballs. For that, you’ll need a waterproof pair.

Add some sparkle

If you don’t want clothing in the Pantone Color of the Year 2023, but want to incorporate it into your outfit as more of an accent piece, go for some jewelry. You can do something subtle, or a little more pronounced — whatever your style. Some fun options include funky earrings or a sparkling, simple necklace.

Complete your look for a night out

You may have your everyday bag that’s functional over stylish, but changing it up for a night out can be fun. Grab a smaller, more compact purse to add some color to any outfit. A clutch adds style and refinement while still holding all your essential items.

Do it up in Viva Magenta

It’s time to say goodbye to last year’s cool color, Very Peri, and think ahead to something bolder and brighter. The Pantone Color of the Year 2023 has so much potential.

How will you use this audacious crimson red? The possibilities for Viva Magenta are endless.

When you buy through links in this article, we may earn an affiliate commission.

Source: rent.com

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Knowing where you stand before applying for a mortgage is key to negotiating a better interest rate. Yes, you can negotiate your rate!

But if you don’t know what type of risk you present to a bank or lender, how can you be sure you’re getting a good deal?

While it may seem obvious to those in the industry, many prospective and existing homeowners don’t seem to know when they have the easiest approval on their hands, or the trickiest deal in the history of man.

Let’s take a look at some common loan scenarios to help you better understand your position.

Vanilla

  • This is your full doc
  • 800 FICO score
  • W2 borrower
  • With a conforming loan amount
  • And no obvious red flags

This is the most common mortgage “flavor” you’ll hear about. When someone says the loan is “vanilla,” they’re basically saying it’s a flawless loan scenario.

In other words, the borrower has great credit, good income and assets, and plenty of home equity (or a sizable down payment).

The property is also an owner-occupied, single-family residence, meaning there should be no pricing adjustments whatsoever.

As a result, this type of mortgage presents very little risk to the originating lender, and pricing should be very favorable.

Expect mortgage rates at or below those advertised and fight for the lowest rate out there. Shop your rate with confidence, knowing everyone and their mother should be fighting tooth and nail over your loan.

For the record, the mortgage rates you see advertised assume your loan is premium, imported french vanilla…

Mint Chip

  • This borrower might have excellent credit
  • But display one or two nagging issues
  • Such as limited assets or occupancy concerns
  • Or perhaps they’re just self-employed

Most people like mint chip, and it’s a pretty common flavor, but it also means something isn’t exactly right, even if seemingly minor.

It could be that the borrower has good credit, but not a lot of money to put down, or very little equity.

Or it could be that the borrower has marginal credit, despite having a great job and tons of assets in the bank.

[What credit score do I need to get a mortgage?]

Perhaps they’ve changed jobs recently or have some other funky income structure (paid seasonally, on commission, self-employed), or their assets aren’t too impressive.

Maybe there are occupancy issues – think the homeowner buying a house down the street, but claiming they’re going to rent out the old property, even though the new house is smaller.

Whatever it is, the issue presents some difficulty, and as a result, some lenders may not want to touch it.

Put simply, the fewer banks willing to do the deal, the less you can shop around. And you may be stuck submitting the loan with a lender that offers less favorable interest rates.

You can still go nuts looking around for the best deal, but you may not have access to every bank out there. There may also be more snags along the way…so working with a reputable lender is more important.

Rocky Road

  • This is the flavor of subprime
  • And perhaps layered risk
  • But I’m not referring to nuts and marshmallows
  • We’re talking low credit score, low down payment, and other questionable stuff

Mint chip ain’t so bad when there’s Rocky Road around. While some people like the heavenly mix of chocolate ice cream, nuts, and marshmallows, not everyone will be so enthused.

In other words, you may have a hard time getting your deal to close with ANY bank or lender, even so-called subprime lenders (if they still exist).

This is your “bad news” loan scenario, one where multiple things are going wrong all at once.

Think poor credit score, minimal assets, low down payment/equity, funky job situation, and maybe even more serious issues like previous late mortgage payments or a short sale/foreclosure.

Long story short here is that approval is more of a concern than the mortgage rate you ultimately receive.

Your first priority is finding a lender that is willing to work with you. You should certainly shop around, but expect rates much higher than those advertised for the significant risk you present.

Bubble Gum

  • This is a special edition flavor
  • Dedicated to those who took out mortgages right before the bubble burst
  • Many are now in underwater positions (owe more than the mortgage is worth)
  • Thanks to those zero down home loans they used to buy homes at the height of the market

Here’s a bonus flavor in light of the ongoing mortgage crisis. Post-housing bubble, there are a ton of good homeowners out there with negative equity.

In other words, their loan-to-value ratios exceed 100%, making their loans very high-risk, even if they’ve got a great job, stellar credit, and plenty of money in the piggy bank.

Fortunately, there are numerous options for severely underwater homeowners, including the popular HARP Phase II.

So all hope is not lost, even if it’ll take you a decade or two to get back in the black…

You can even snag a super low mortgage rate when refinancing, so again, be sure to shop around with a variety of banks, credit unions, and mortgage brokers.

The moral of the story, regardless of your flavor, is to know it before you apply for a home loan.

This can help you prepare for the road ahead, and better align your expectations with reality.

Read more: What mortgage is right for me?

Source: thetruthaboutmortgage.com

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Over the past several years, scores of homeowners have elected to ditch their unmanageable mortgages via short sales to avoid foreclosure.

It’s estimated that roughly 370,000 short sales closed last year alone. Because short sales have been so popular, there will inevitably be tons of former homeowners re-entering the marketplace in the near future.

In fact, there are already plenty of so-called “boomerang buyers” who dumped their old homes via short sale and acquired new ones.

Of course, whether you’ll actually be eligible for a mortgage after a short sale will depend on a number of factors.

There are already plenty of qualification requirements for a mortgage, and you’ll need to add “prior short sale” to that list as well.

The Short Sale Waiting Period Depends on Mortgage Type

  • The short sale waiting period is dependent on loan type
  • Along with what transpired leading up to the short sale
  • Those with extenuating circumstances may not have to wait at all
  • Assuming they weren’t delinquent on the loan before the sale

Perhaps the easiest loan to qualify for after a short sale is a FHA loan, mainly because it has the shortest post-short sale waiting period.

In fact, it has NO waiting period if you weren’t delinquent on your former mortgage during the 12 months preceding the short sale and the proceeds of the sale served as payment in full.

Additionally, you must have stayed current on all other installment debts during the same time period.

Sadly, most borrowers who pursued short sales didn’t keep up with mortgage payments because lenders tend to be more willing to work with those who are behind and in danger of default.

Assuming you did stay up-to-date, you can’t buy a similar property within a “reasonable commuting distance” of your old home.

In other words, if you sold short just to take advantage of declining property values, you won’t be approved for a FHA loan.

So only a small percentage of those who pursue short sales will be eligible for a FHA with no waiting period.

If you were delinquent when you pursued the short sale, the FHA waiting period is three years, though it can be reduced if you can prove extenuating circumstances.

The main advantage to a FHA loan is the low-down payment requirement, as compared to conventional loan options.

For VA loans, the waiting period after a short sale is two years. However, there is NO waiting period for those who managed to avoid late payments on the mortgage and all other lines of credit, similar to the FHA rule.

Get a Conventional Loan Just Two Years After Short Sale

  • If you sold your home short
  • And can prove extenuating circumstances
  • You can get a conforming home loan just 2 years after a short sale
  • But most borrowers will have to wait 4 years to get a mortgage

For conventional loans, it depends if the new loan is backed by Fannie Mae or Freddie Mac, which shouldn’t matter much to the borrower.

Fannie Mae was the more lenient of the two, allowing a new loan just two years after the completion date of the short sale with 20% down payment. But they changed that, perhaps because it sent the wrong message.

Nowadays, there is a standard 4-year wait without extenuating circumstances, or two years if you do have a valid excuse.

For Freddie Mac, the waiting period is also four years (48 months) for what they call “financial mismanagement,” or just two years (24 months) if you can prove extenuating circumstances, just like Fannie Mae.

But the max loan-to-value ratio (LTV) and combined LTV (CLTV) is 90%. That means you need a minimum 10% down payment. In other words, they want skin in the game this time around…

What Are Extenuating Circumstances?

  • Something beyond the borrower’s control
  • Such as sudden job loss and reduced income
  • And/or increased expenses
  • That render the borrower unable to make mortgage payments

For the record, extenuating circumstances include things like the passing of the primary wage earner, a long-term illness, a divorce, sudden job loss, etc.

Basically something outside the borrower’s control that resulted in major financial hardship.

If any of these events took place, the borrower must be able to provide third-party documentation as confirmation, and they must re-establish their credit profile to acceptable levels.

Note: There are other types of loans out there, such as jumbo loans, VA loans, USDA loans, and so on.

Be sure to inquire about all types when working with your loan officer or mortgage broker to cover all your options.

Your Credit Score Matters Too

On top of these waiting periods, you must also re-establish your credit to meet the minimum score required by the lender who originates your loan.

In other words, if your credit score is shot as a result of the short sale, and hasn’t improved during the waiting period, you still may not be eligible.

And even if you are eligible, your credit score may result in a higher mortgage rate, so there are consequences beyond the waiting period.

But this should illustrate the major benefit of a short sale vs. foreclosure.

When you get foreclosed on, the waiting period to obtain a new loan is significantly longer.

So even if the credit score impact of both a foreclosure and short sale are similar, this detail alone is pretty important for those looking to get back in the game.

Tip: After a short sale, be sure to stay current on all your credit lines to ensure you re-establish good credit and get your score back to a reasonable level.

It will make qualifying easier and should result in a lower mortgage rate as well.

Short Sale Waiting Periods

Getting an FHA Loan After Short Sale:

– NO waiting period if certain conditions met (see above)
– Otherwise three (3) years unless extenuating circumstances (it’s now one year!)

(HUD source)

Getting a VA Loan After Short Sale:

– NO waiting period if certain conditions met (see above)
– Two (2) year waiting period otherwise

Getting a Fannie Mae Loan After Short Sale:

– Two (2) year waiting period if you can prove extenuating circumstances
– Four (4) year waiting period otherwise

(Fannie Mae source)

Getting a Freddie Mac Loan After Short Sale:

– Two (2) year waiting period if extenuating circumstances
– Four (4) year waiting period otherwise
– Max LTV/CLTV of 90% if within 7 years of short sale

(Freddie Mac source)

*The Fannie and Freddie rules are the same for a deed-in-lieu of foreclosure or a pre-foreclosure.

Source: thetruthaboutmortgage.com

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After increasing the price of a USDA-insured mortgage last year, the Rural Housing Service has now slashed the associated fees to make them much more affordable and attractive to home buyers.

Beginning October 1st, which not so incidentally is the start of fiscal year 2017, the USDA upfront guarantee fee will drop from 2.75% to 1%.

Yes, you read that correctly. Instead of having to pay nearly 3% of the loan amount to get a USDA loan, you’ll only have to pay 1%.

That’s cheaper than the FHA’s 1.75% upfront fee, and likely lower than the VA’s variable funding fee.

Additionally, the RHS is lowering the annual fee it charges on USDA loans from 0.50% to 0.35%, which will keep more money in the pockets of rural home buyers.

How Much Can You Save Thanks to This Change?

  • 2.75% 1% upfront guarantee fee
  • 0.50% 0.35% annual fee

Most folks who obtain USDA loan financing will roll the guarantee fee into the loan so it’s paid over time, instead of upfront at closing.

This makes sense because these loans are often zero down mortgages that require little cash from the borrower.

Let’s look at an example of the savings to illustrate how much of a difference this change will make.

Imagine someone takes out a $200,000 USDA loan with zero money down. The guarantee fee is now 1% instead of 2.75%.

The guarantee fee is based on the total loan amount including the financed guarantee fee, so if the loan amount is $202,000 (including that 1% guarantee fee), the fee is $2,020 and the final loan amount is $202,020.

Assuming the mortgage rate is 3.5% on a 30-year fixed, you’re looking at a monthly mortgage payment of around $965 (including the also reduced 0.35% annual fee).

Under the old formula, you’d be stuck with a $205,655 loan amount and a $5,655 guarantee fee (if you financed it).

The monthly payment on that old loan would be roughly $1,007 per month.

That’s savings of roughly $42 a month, which doesn’t sound like anything super special, but over time could be pretty meaningful.

Heck, in a year you’d save over $500, using our example from above.

And for those with larger loan amounts, the savings can obviously be pretty significant.

Time to Take Another Look at a USDA Loan?

So if you were looking into a USDA loan but didn’t quite make the cut, maybe you can run the numbers again using the lower upfront guarantee fee and annual fee to see if you qualify.

Sometimes people are so close to qualifying that seemingly small changes can make a big difference.

Or if you simply felt there was a better deal elsewhere, it might make sense to run some new calculations to see if USDA is the better deal now with the lower fees.

For the record, the new fees apply to both new home purchases and those looking to refinance with a USDA loan.

As noted, the fee was increased a year ago from 2% to 2.75% to help the agency maintain the program without a congressional appropriation.

But it appears things are looking up for the USDA again, which explains the fee discounting this year.

Tip: Always be careful taking out a USDA loan around October as the fees can and will change, sometimes for the worse.

Source: thetruthaboutmortgage.com

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Self-driving vehicles are coming much sooner than expected — and the general consensus is that car ownership will bid us farewell. After all, with a dominant ride-sharing model in place, upfront purchase prices and ongoing maintenance costs seem less appealing. On top of that is the surging trend around “access vs. ownership,” where the car-owning value proposition is taking some real hits.

In the future, getting around will be much easier and cheaper, and the hassle of owning a vehicle may quickly outweigh the benefits. What’s more, as driverless taxies become ubiquitous and accrue revenue 24/7, their prices will only drop.

A report published last year by RethinkX, an independent think tank based in San Francisco, estimates fully autonomous vehicles will make up 95 percent of passenger miles in the U.S. within a decade of the anticipated 2020 rollout. The study says that cars will be owned by companies like Lyft and Uber rather than individuals. This firm estimates the windfall of savings to be around $1 trillion for Americans each year. That’s about $5,600 per household, “generating the largest infusion of consumer spending in history.” What’s more, that figure only accounts for improvements in general overhead costs and doesn’t factor productivity increases and reduction losses due to traffic accidents. Talk about a bang for your buck.å

Researchers at consulting firm KPMG similarly predict that by 2030, households will no longer need sedans — only keeping larger vehicle models for road trips — and that fully autonomous vehicles will be used as ride-hailing services from the outset. Anticipating the upended car market, Waymo and General Motors’ already have pilot ride-hailing programs in the works, set to launch in select urban and suburban areas. Likewise, Ford bought out their ridesharing company, Chariot, as part of their self-driving vehicle initiative. Further, public officials in Helsinki are pushing to make car ownership obsolete by 2025.

Don’t believe how big a business this is? Just look at the rift between Google and Uber — and the nose-bleeding $245 million settlement over alleged “trade secrets” in 2016. Autonomous cars are big business…and all the tech firms want in.

But while logically sound, these forecasts focus heavily on the economic disruption caused by full automation, not so much the cultural implications. For instance, few consumer goods have profoundly molded our cultural ethos as much as the automobile, and the majority of Americans are still wary of self-driving cars — not to mention a slew of other important factors.

How Is Safe Safe Enough?

Critical to the success of automation is proving that it’s safe. Although researchers say it’ll reduce auto accidents by a whopping 90 percent, “better than human” might be a weak benchmark when you consider that people have a greater tolerance for deaths caused by humans than robots. For this reason, Mobileye CEO Amnon Shashua proposed a formula to ensure self-driving vehicles are virtually infallible — in effect, laying the groundwork for how policymakers and manufacturers can manage the deployment of wholesale driverless cars without constricting innovation.

The Home Away From Home

Considering many of us like to keep personal belongings in our car, the allure of the private car could hold sway for a lot of people — especially commuters who can get a jump-start on work without having to watch the road. It’s not so implausible that consumers are willing to pay extra for the flexibility of being able to travel when, where and with whom they want — without compromise. An article published by Yale points out that while ride-sharing has soared in popularity, it hasn’t directly dissuaded people from buying cars for this very reason.

The “shared autonomous” firms of the future would do well to ensure that they can “user integrate” consumer preferences whenever they pick up a new rider. Making the autonomous vehicle feel “owned” is a great way to bridge this gap, and it can be as simple as a Bluetooth integration and content sync.

What If You’re Too Far Away?

Waymo and General Motors are set to test their pilot programs in select urban and suburban areas. After all, 81 percent of America’s population lives in areas that are dubbed “urban or suburban.” But what about rural settings, or even remote suburbs? A driverless cab might arrive in just minutes in a densely populated area, but it might not be as readily accessible for those living in areas where houses can be miles apart. The automobile has made it easier for people to live on the outskirts, enabling folks to leave at the drop of a hat. Those living in rural outposts may not be keen on relinquishing that level of control, even when driverless cabs are ubiquitous in cities.

Suburban Sprawl and Environmental Strain

On the other hand, more people might be apt to live in remote locales if a robot can schlep them to work every day. That could mean more emigration to rural areas and thus higher demand for driverless cars. But a policy brief from UC Davis warns that without proper oversite, self-driving technology could increase suburban sprawl, which was already spurred by the invention of the automobile.

This is especially true in places like California, where sprawl is a huge point of contention among developers and public officials. The policy brief reasons that if passengers can work or rest more during their commute, then they’ll likely be willing to travel further. As a result, affordable housing developments will be on the rise. That’s a win for housing, but a loss for a decreased eco-footprint.

Drivers Licenses on the Decline

In fairness, there’s another cultural phenomenon that ought to be called out: Since 1983, fewer and fewer people have been getting their drivers licenses. To understand why this is happening, the Transportation Research Institute at the University of Michigan conducted a survey of 618 respondents, ages 18 to 39. They found the three main reasons people forewent getting their driver’s licenses were busy schedules, the cost of owning and maintaining a car, and the ability to get rides easily from others.

Looking to the Future

It’s important to note that predictions, however researched, shouldn’t be confused with conclusions. The one thing we can say for sure, however, is that the culture of tomorrow’s automobile won’t be a carbon copy of what it is today.

Haden Kirkpatrick is the head of marketing strategy and innovation at Esurance, where he is responsible for all initiatives related to product and service innovation. Haden is an innovator writes about how smart technology—from IoT to machine learning to self-driving cars — will impact the insurance industry. To view Esurance’s car insurance options, click here.

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Posted on: April 30, 2021

As an active-duty service member or veteran, you have access to one of the best mortgage products on the market — the VA home loan. It requires no down payment, no monthly mortgage insurance premiums, and has lenient credit requirements.

As of October 2020, five percent of all home-purchase loans were VA home loans.

— Ellie Mae’s Origination Insight Report

This VA home loan calculator shows your overall buying power, including today’s current VA funding fees, estimated property taxes, and HOA dues. With zero down payment and no private mortgage insurance (PMI), you may be surprised at how much you can afford.

Check your VA home loan eligibility today.

VA Loan Calculator

Determine your VA loan payment

A VA loan calculator can help you determine what your potential VA loan payment might be and, in turn, what home purchase price you can afford.

VA home loan rates for 2023

Mortgage rates for VA home loans are currently at historic lows. In fact, VA mortgage rates today are generally lower than other loan types like conventional and FHA. For example, Ellie Mae October 2020 Origination Report shows that the average interest rate for VA home loans is 2.75%, while the average interest rate for both conventional loans and FHA loans is 3.01%.

Interest rates vary and depend on multiple factors like credit score, down payment amount, and interest rate type, so every home buyer’s rate is unique to their situation.

Qualifying for a low-interest rate is important for VA home buyers.

Qualifying for the lowest possible rate gives home buyers three distinct advantages:

  1. Lower monthly payments
  2. Lower overall interest costs over the life of the loan
  3. More buying power (lower mortgage payments mean you can afford a more expensive home)

Each lender offers different interest rates and terms, it’s best to comparison shop with multiple lenders. Not only will this ensure you’re getting the best rate, you may be able to negotiate better terms and fees for your loan as well.

VA mortgage calculator definitions

Down payment. This is the amount you put towards the purchase of your home. The VA requires no down payment, unlike other loan types, which generally require at least 3 to 10 percent.

Funding fee. The VA requires an upfront, one-time funding fee payment to help sustain the program. It’s why lenders are able to offer zero-down loans with low rates. The fee is either wrapped into the loan amount or paid in cash at closing.

Funding fee percentage. The percentage you’ll be charged will depend on your down payment and whether you’ve used a VA loan before. The most common funding fee is 2.3% of the loan amount — or $2,300 for each $100,000 borrowed.

HOA/other. If you’re buying a condo or a home in a Planned Unit Development (PUD), you’ll likely be responsible for homeowners association (HOA) dues. Lenders factor in this cost when determining your debt-to-income ratio.

Homeowners insurance. Lenders require you to insure your home from damages like fire. The fee is generally added to your monthly mortgage payment and paid for you by the lender.

Interest rate. The mortgage rate your lender charges for the loan. Pro tip: Shop around with multiple lenders to find the best rate for you.

Loan term. The number of years you have to pay off the loan (assuming you haven’t made additional principal payments). Typical loan terms are 30 or 15 years.

Principal and interest. The principal is what you’ll pay every month towards the loan balance, while the interest is the amount you pay your lender for lending you the money.

Property tax. You’ll owe the county or municipality where the home is located yearly taxes. Your lender will collect this as part of your monthly mortgage payment — the yearly cost is split into 12 installments. (Calculator estimates are based on averages from tax-rate.org.)

Service type. The funding fee percentage changes based on the type of military service. Servicemembers in the Reserves have slightly higher fees than those who are active-duty.

VA loan use. If you’ve used a VA loan to purchase or refinance a property previously, then higher funding fees will apply.

VA mortgage eligibility

Interested home buyers should confirm their eligibility for the loan program with a VA lender as each service member’s situation is unique. That said, there are general eligibility guidelines, including:

VA funding fees

Type of Veteran Down Payment First-time Use Subsequent Use
Regular Military 0% 2.3% 3.6%
5-10% 1.65% 1.65%
10+% 1.4% 1.4%
Reserves/ National Guard 0% 2.3% 3.6%
5-10% 1.65% 1.65%
10+% 1.4% 1.4%

Source: U.S. Department of Veterans Affairs

VA loan limits

As of January 1, 2020, VA-eligible borrowers can get any size loan with no down payment. There are no official limits.

But remember, you’ll still have to qualify for the mortgage.

Apply for a VA loan

If you’re a homebuyer with military experience, then see if a VA loan is the right mortgage loan product for you. Many active-duty servicemembers and veterans are eligible to purchase a home with zero down payment and a low monthly payment — many just don’t know it yet.

Check your VA home loan eligibility today.

Learn more about VA loans

Source: militaryvaloan.com

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Wells Fargo Autograph℠ Card

  • Sign-up Bonus: Earn 20,000 bonus points (worth $200 when redeemed for cash) when you spend $1,000 in purchases in the first three months.
  • Regular Rewards Rate: Unlimited 1x point on eligible purchases
  • Bonus Rewards Rate: Unlimited 3x points on eligible purchases at restaurants, travel vendors, gas and EV charging stations, transit providers (including rideshare), popular streaming services, and phone plans
  • Annual Fee: $0
  • Intro APR: 0% APR for 12 months on purchases, then variable APR applies (currently 19.74%, 24.74%, or 29.74%)
  • Credit Needed: Good – Excellent

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Lots of rewards credit cards pick a lane and stick with it. They offer bonus cash back or points on purchases at restaurants, or vehicle fueling stations, or travel vendors — but not all three.

The Wells Fargo Autograph Card is a little different, in a good way. It pays bonus rewards points on restaurant, fuel, and travel purchases, plus purchases in three more popular spending categories. Which makes it one of the better credit cards for everyday spending. 

Like every credit card, the Autograph Card has some downsides and isn’t appropriate for everyone. So before you rush to apply, review its most important features and make sure it really does work for you. 

What Is the Wells Fargo Autograph Card?

The Wells Fargo Autograph Card is a rewards credit card that earns 3 points per $1 spent on purchases in six spending categories: 

  • Restaurants
  • Travel
  • Gas and EV charging
  • Transit (including ride-hailing services like Uber)
  • Popular streaming services
  • Phone plans

The Autograph Card has no annual fee or foreign transaction fee. It has two enticing features for new cardholders as well: a generous spend-based sign-up bonus and 0% intro purchase APR for 12 months from account opening.

What Sets the Wells Fargo Autograph Card Apart?

While it’s a stretch to call the Autograph Card unique, it does have a few notable selling points:

  • Lots of 3x rewards categories. The Autograph Card has six 3x rewards categories. Most are quite broad: travel, transit, and restaurants, for example. And the narrower ones, like popular streaming services and phone plans, are still quite popular.
  • Impressive lineup of value-added benefits. For a no-annual-fee credit card, the Autograph Card has an impressive lineup of value-added benefits. Notables include complimentary cell phone protection and premium perks at properties in the Visa Signature Luxury Hotel Collection, which is usually reserved for cards with annual fees.
  • Easily attainable sign-up bonus. The Autograph Card’s sign-up bonus isn’t worth a fortune, but it’s easy for even moderate spenders to attain.

Key Features of the Wells Fargo Autograph Card

The Wells Fargo Autograph Card is a well-rounded rewards credit card with an above-average sign-up bonus, a generous rewards program, and no annual fee.

Sign-up Bonus

Earn 20,000 bonus points (worth $200 when redeemed for cash) when you spend $1,000 in purchases in the first three months.

Earning Rewards

The Autograph Card earns unlimited 3 points per $1 spent on purchases in six spending categories:

  • Restaurants, including dining in, takeout, delivery, and catering
  • Travel, including airfare, hotel bookings, car rentals, and cruises
  • Gas and EV charging, including nonfuel purchases at stations
  • Local transportation (transit), including public transportation, ride-hailing, parking, and road tolls
  • Popular streaming services, including video and audio streaming
  • Phone plans, including cell and landline services

All other eligible purchases earn unlimited 1 point per $1 spent. There’s no limit to how much you can earn and rewards don’t expire as long as your account remains open.

Redeeming Rewards

The best way to redeem is for statement credits against prior eligible purchases. The minimum redemption for this method is $1.

You can also redeem for gift cards from dozens of major vendors, starting at $25. However, you must redeem in $25 increments, so this isn’t the most efficient option.

Finally, you can redeem for travel purchased through Wells Fargo, including flights, car rentals, and hotel stays. If you don’t have enough rewards to cover the full cost of your booking, you can combine points and cash.

0% APR Introductory Promotion

Purchases made during the first 12 months accrue no interest (0% APR). After that, variable regular APR applies — currently 19.74%, 24.74%, or 29.74%, depending on prevailing rates and your creditworthiness.

There’s no corresponding balance transfer promotion. Balance transfers accrue interest at the regular APR from day one.

Additional Benefits

The Autograph Card has an impressive lineup of additional benefits. Highlights include:

  • Cell phone protection. This benefit is worth up to $600 per claim, less a $25 deductible, when you pay your cell phone bill in full with your Autograph Card. Earning 3x rewards on phone plan payments should incentivize you to do just that.
  • Free FICO scores and tracking. Wells Fargo’s Credit Close-up feature provides monthly FICO score updates with personalized insights. It’s a functional alternative to a paid credit monitoring service.
  • Luxury Hotel Collection benefits. When you stay at any of the hundreds of Luxury Hotel Collection properties worldwide, you’re entitled to complimentary benefits like free or discounted meals, resort fee credits, equipment rentals, and more. Benefits vary by property and you do still need to pay for your room, but you could save several hundred dollars total on a multiday stay. 

Important Fees

The Autograph Card has no annual fee or foreign transaction fee. Balance transfers cost the greater of $5 or 3% of the transfer amount for 120 days from account opening, then jump to 5% of the transfer amount.

Credit Required

The Autograph Card requires good to excellent credit. If your credit score is below 700, you may have trouble getting approved.

Advantages

The Autograph Card’s biggest advantages revolve around its expansive rewards program, to include its sign-up bonus. There’s more to like about this card too.

  • Earn $200 as a sign-up bonus. The Autograph Card has an above-average sign-up bonus with a very manageable spend requirement over three months. Most new cardholders will have no trouble earning it.
  • 12 months at 0% APR on purchases. The Autograph Card has a 0% intro APR on purchases for a full year from account opening. While not as long as some competing cards, this is long enough to avoid interest on purchases much larger than you can afford to pay off all at once.
  • Six 3x rewards categories, most of which are broad. The Autograph Card’s broad 3x rewards categories set it apart from most other no-annual-fee rewards cards. Restaurants, travel, local transportation, streaming, phone plans — you get it all with this card.
  • No annual fee. The Autograph Card has no annual fee. This is a big advantage if you don’t plan to use it as your primary credit card.
  • No foreign transaction fee. The Autograph Card charges no fees for international transactions. This is a benefit both for folks who regularly travel abroad and those who buy stuff from international merchants.
  • Lots of additional benefits, like cell phone protection. The Autograph Card has a broad lineup of value-added benefits that come at no direct cost to cardholders. Some competing no-annual-fee cards lack complimentary cell phone protection, for example, and few offer Luxury Hotel Collection benefits.

Disadvantages

The Autograph Card has few notable downsides, but a couple bear mention. In particular, you’ll want to make sure the rewards program aligns with your spending habits.

  • Low baseline rewards rate. The Autograph’s baseline rewards rate is just 1 point per $1 spent — a 1% return on spending. Plenty of no-annual-fee rewards cards do better than that, offering 1.5% or even 2% back on base spending.
  • Some important categories missing from the 3x tier. The Autograph Card has six 3x rewards categories, most of them broad. But this tier is missing some important ones, notably groceries.
  • No 0% APR intro offer on balance transfers. The Autograph Card’s intro purchase APR isn’t matched by a corresponding balance transfer offer. That’s a shame because many competing rewards credit cards package both together.

How the Wells Fargo Autograph Card Stacks Up

The Autograph Card is just one of several rewards credit cards that earn above-average returns on restaurant, travel, and local transportation purchases. 

One of its best-known competitors is the Blue Cash Preferred Card from American Express, which earns 3% cash-back on eligible U.S. gas station purchases. Before you apply for either, see how they compare.

Wells Fargo Autograph Amex Blue Cash Preferred
Local Transportation Rewards 3x rewards on gas and EV charging purchases, 3x rewards on local transit purchases 3% cash back on U.S. gas station purchases, 3% back on local transit purchases
Other Bonus Categories 3x rewards on restaurant, travel, popular streaming, and phone plan purchases 6% cash back on up to $6,000 in U.S. supermarket purchases each year (1% thereafter), 6% cash back on select U.S. streaming subscriptions
Welcome Offer Yes Yes (terms apply)
Credit Required Good – Excellent Excellent
Annual Fee $0 $0 in the first year, then $95

Final Word

The Wells Fargo Autograph Card has an unusually generous rewards program, an above-average sign-up bonus, and a strong (if not category-leading) 0% intro APR offer on purchases — all with no annual fee. 

In other words, the Autograph Card has a lot going for it. But has a few flaws too. Notably, its baseline rewards rate is low (just 1%) and it has no introductory balance transfer offer, which is a big selling point for some competing cards.

You’ll have to decide whether Autograph’s negatives outweigh its positives. For more would-be cardholders, the answer is “no,” but you’re the only one who can say for sure.

The Verdict

Our rating

Wells Fargo Autograph℠ Card

  • Sign-up Bonus: Earn 20,000 bonus points (worth $200 when redeemed for cash) when you spend $1,000 in purchases in the first three months.
  • Regular Rewards Rate: Unlimited 1x point on eligible purchases
  • Bonus Rewards Rate: Unlimited 3x points on eligible purchases at restaurants, travel vendors, gas and EV charging stations, transit providers (including rideshare), popular streaming services, and phone plans
  • Annual Fee: $0
  • Intro APR: 0% APR for 12 months on purchases, then variable APR applies (currently 19.74%, 24.74%, or 29.74%)
  • Credit Needed: Good – Excellent
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com