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It’s no secret that homes just aren’t as affordable as they used to be.

An unwelcome combination of significantly higher mortgage rates coupled with ever-higher asking prices has put a major dent in affordability.

In May, the monthly mortgage payment on a median-priced home ($401,100) was over $2,000, up from around $1,000 back in 2020, according to the National Association of Realtors.

And that assumes a 20% down payment, something that just isn’t a reality for many home buyers these days.

The good news is there are lots of creative financing options out there, whether it’s from a state housing agency or even a national lender.

What Is Homebuyer Assistance?

In short, homebuyer assistance is a special program or series of programs offered by a local municipality, state, or private lender that reduces borrowing costs and promotes homeownership.

This can come via down payment assistance, closing cost assistance, reduced interest rates and mortgage insurance premiums, or a combination of these and other programs.

Collectively, it makes homeownership more attainable, especially for first-time home buyers and/or those with low-to-moderate income.

As noted, there are countless homebuyer assistance programs available, many of which are offered at the state or municipality level.

For example, the California Housing Finance Agency, or CalHFA for short, offers a series of homebuyer assistance programs.

The same goes for every other state in the nation. Programs are also offered for certain cities or underserved areas throughout the nation.

At the city level, one example is LA’s Home Ownership Program (HOP) loan, which provides a second mortgage for first-time home buyers up to $85,000, or 20% of the purchase price (whichever is less).

Beyond that, there are also homebuyer assistance programs offered by individual mortgage lenders, banks, and credit unions.

Private companies often have affordable housing goals and initiatives, which are sometimes geared at specific areas or priorities like increasing minority homeownership.

These offerings include both government options (FHA loans, USDA loans, VA loans) and conventional options (Fannie Mae and Freddie Mac).

Homebuyer Assistance Program Examples

The CalHFA has been around since 1975, with a stated goal of helping low- and moderate-income renters and home buyers via down payment and closing cost assistance.

It’s important to note that they aren’t a lender, but rather offer their products through private loan officers who have been trained and approved to originate them.

It may also be possible to work with an independent mortgage broker who is approved to work with a CalHFA-approved wholesale lender.

Anyway, to give you an idea of what they offer, let’s look at their CalHFA Conventional loan, which is a Fannie Mae HFA Preferred first mortgage.

This means the loan isn’t subject to costly loan-level price adjustments (LLPAs), and reduced mortgage insurance coverage is offered to those with limited incomes.

But wait, there’s more. This loan may be combined with the MyHome Assistance Program, which is a deferred-payment junior loan (second mortgage) that can be used to cover down payment and/or closing costs.

As you can see in the table above, which is just a sample, the monthly payment is deferred ($0) until the loan is refinanced, paid off, or the home sold.

But interest does accrue on the balance over time if you don’t pay it off.

There’s also the CalPLUS Conventional Loan Program, which combines a conventional 30-year fixed first mortgage with the CalHFA Zero Interest Program (ZIP) for closing costs.

That ZIP loan is both deferred and interest-free, meaning no payments or interest, as seen in the table.

Your closing costs can effectively be set aside until you refinance or pay off your loan, or sell your home.

You can actually combine all three programs if needed to get a more affordable first mortgage, a second mortgage for the down payment, and a third mortgage for the closing costs.

Aside from these standard offerings, the agency also launched the “Dream For All Shared Appreciation Loan” earlier this year.

As the name suggests, borrowers share future appreciation in lieu of a down payment.

Regarding the LA City homeownership program known as HOP, you get a 0% interest loan with a deferred payment.

And repayment is required if the home is sold, if there’s a title transfer, or the home is no longer owner-occupied.

You must be a first-time home buyer, income limits apply, and the property must be in an eligible area.

Tip: If you work with a housing agency, inquire about a mortgage credit certificate before you apply to potentially save money on taxes.

Homebuyer Assistance Via Private Banks and Mortgage Lenders

To give you an idea of a private offering, there is the recently launched U.S. Bank Access Home Loan.

It comes with up to $12,500 in down payment assistance and a lender credit up to $5,000.

Then there’s the Guild Mortgage 1% Down Payment Advantage, which combines a 2% non-repayable grant offered by the company and a 1% temporary buydown in year one.

Speaking of grants, some may be fully forgivable, while others might be required to be paid back when you refinance or sell.

Be sure to pay attention to details like that when researching potential down payment assistance or homebuyer assistance programs.

One such example is Movement Boost from Movement Mortgage, which is a zero down FHA loan that features a repayable second mortgage.

Despite having to be paid back, it eliminates the roadblock of needing cash at closing, and instead spreads it out slowly over a 10-year loan term.

Then there’s Rocket Mortgage ONE+, which offers a 2% grant from the Detroit-based lender and private mortgage insurance at no cost.

I could go on and on, but you should get the idea. There are lots of grants, credits, special purpose credit programs (SPCP), and other specials out there.

But it’s up to you to do some digging to find them. So when you’re shopping around for the lowest rate, also inquire about homebuyer assistance if you want/need it.

Who Qualifies for Homebuyer Assistance?

  • Typically need to be a first-time home buyer (but not always)
  • Area income limits often apply to those receiving assistance
  • May also need to purchase a property in a specific location/city
  • Property must be owner-occupied and usually only 1-unit is permitted
  • Still must qualify for a mortgage (e.g. min. FICO score and max DTI ratio)

While it might sound pretty good to buy a home with little or nothing down (and sans closing costs), not everyone will qualify.

Many of these programs are geared toward first-time home buyers, generally defined as someone who hasn’t had ownership interest in the past three years.

This means those who have never owned a home, or an individual who sold their former home three or more years ago and hasn’t owned since.

Depending on the program, you may be required to complete homebuyer education and counseling. While it might seem like a pain, you may actually learn something valuable along the way.

Beyond that, income limits often apply as well, typically based on the state agency’s limits or area median income (AMI) limits.

You can look up income limits via Fannie Mae’s website to see where they stand in your desired purchasing area.

Speaking of income, non-occupant co-borrowers or co-signers are typically not permitted.

There are also loan limits to worry about, which are usually based on the conforming loan limit, but sometimes even lower.

And in most cases, the property is going to need to be your primary residence, aka the one you occupy full time.

Homebuyer assistance programs are geared toward those in need, not investors or second home buyers.

To that end, 2-4 unit properties are generally not permitted, though condos/townhomes, and manufactured housing are.

Lastly, you will still be subject to a minimum credit score requirement and a maximum debt-to-income (DTI) ratio.

So you’ll still need to qualify for a mortgage like you would any other type of loan, though there may be more flexibility via state housing agencies.

In closing, if you’re not sure homeownership is in reach, take a moment to research the many homebuyer assistance programs out there. You might be surprised at what you come across.

Source: thetruthaboutmortgage.com

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Introducing Inside Voices with Kristin Messerli, a new interview video series hosting by Messerli, who’s research on NextGen homebuyers helps to inform tomorrow’s generation. She is also author of NextGen Homebuyer Research and a speaker and educator.

Today, she interviews Yanely Espinal, the Education Outreach Director for NextGen Personal Finance. She shares what every leader needs to know about reaching Gen Z, and the moment that made her decide to devote her career to personal financial education. 

As a child from an immigrant family, financial literacy was not something that was discussed at home, and Yanely struggled with personal finance as she entered adulthood. Conversations about personal finance can be something that starts at an early age, she says, to alleviate societal pressure and achieve confidence. 

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Yanely: I was really struggling myself with my personal finances because I’m first-generation American. I’m a daughter of immigrants. My parents are from the Dominican Republic. And so we grew up in a very traditional household. They pretty much were cash only for everything. And my parents never really had bank accounts, or debit cards, or credit cards, or anything like that.

And so we never talked about money. And when it was time for me to go off to college, I remember my parents being like, “Okay, sweetie, you better go and get some scholarships because we don’t have any money to give you to pay for college tuition.” And being that we’re low income, I did qualify for a lot of grants and I did qualify for PELL and a lot of different programs that did cover a lot of it, but there was still so much that I didn’t know about the cost of college and how to fill out your FAFSA and how to get additional scholarship dollars. And long story short, I got really lucky and I got a full scholarship to Brown University because they had a special program for low-income students, and there was just a pot of money that was meant for some of the neediest families to be able to graduate without student loan debt.

So I was in that program. Shout out to the Sidney Frank scholarship program at Brown. It was a great experience. And what that meant is that I dodged the whole student loan experience because I never really had to take on student loans, and I never had to compare interest rates or understand what it means to take on loans like that. So when I got to college, I wanted to have a laptop and I wanted to have name brand clothes and shoes, and I wanted to get Starbucks and go to the movies with my friends. And so I got my first credit card when I was in college, and that was my first entry point into the world of personal finance. I didn’t know what it even meant to use a credit card. I had no idea. And yet, I was swiping my little credit card up and down campus, buying everything, and it got out of control really quickly.

I went from $1,500 to $20,000 by the time I graduated, and I didn’t have anybody to explain to me how the compounding interest works, and how it was really growing and getting out of control. So I held onto that secret. And when I graduated and once I became a teacher, I realized this doesn’t make sense. My paycheck is not enough to pay all my bills, help out my family, get transportation to my job, pay for lunch, and also pay off these credit cards. So that was when I picked up a book about money and my real kind of education was a self-education, learning about money myself through reading books. And then later I decided, “You know what? I love teaching, but I think I want to teach specifically about financial literacy because it’s something that I never got myself when I was in school.”

Source: housingwire.com

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Lately, I’ve been making rumblings about getting in shape again. I want to get fit slowly. The trick is figuring out how to do it. It took a lot of reading and a lot of trial and error to take control of my finances, but I’ve finally achieved a healthy attitude toward money. Now I hope to do the same with physical fitness. But where to start?

One approach would be to just throw money at the problem. I’ve been looking at fitness clubs, for example; they offer great exercise equipment and motivational classes all in one facility. But they cost more than a frugal fellow like me wants to pay. (Yes, I’ve looked into the YMCA and local community centers — there’s nothing nearby.)

I’ve also been fighting the urge to purchase a new bicycle. The Redline 925 makes me drool, but do I really want to spend $800 on bike? What’s wrong with the bike I already own?

I was heading for a major expenditure if I didn’t formulate a plan, so I sat down and made a list of the free or low-cost fitness alternatives at my disposal. I was surprised to discover how much exercise equipment I already own:

  • We purchased a NordicTrack ski machine over ten years ago. It has received very little use during its lifetime.
  • I have a bare-bones weight set that I’m storing for a friend.
  • Last fall, some neighbors down the street were giving away exercise equipment they no longer used. They gave me a stationary cycle and a “health-rider”, both of which I dragged up the hill to our house. They’ve sat unused in storage ever since.
  • While working with my wellness coach last spring, I was fitted for (and purchased) a good pair of running shoes.
  • I own two bicycles. The first is a 1997 Bianchi Volpe touring bike that I purchased ten years ago. I rode it for a couple thousand miles during 1998-1999, but since then it’s been neglected. I’ve also fixed up an old mountain bike that my cousin gave me to use as a “commuter” of sorts. I use it to run errands.
  • We have a variety of sports equipment: several soccer balls, baseball gloves, golf clubs, racquetball stuff, a frisbee, and a jump-rope.
  • We own Dance Dance Revolution for the Wii.
  • I have a good pair of hiking boots and miles of great trails all around.

When I look at the list of fitness equipment I already have, it seems ludicrous to pay money to join a gym. I already have a gym. Sure, I don’t have a treadmill or an elliptical machine or a fancy weight set, but I have plenty to get me started. I’ve already paid for this equipment — I might as well get some use from it!

It also seems crazy to purchase a new bike. I have two bikes! What would I do with a third that I cannot do already? Instead, I pulled my touring bike out of storage. It was in sad shape, so I paid the local bike shop a couple hundred dollars to give it an overhaul. Spending this money hurt, but if it’s enough to get me back on the road to physical fitness, it’s well worth the cost. Good health pays dividends in the long run.

And you know what? It’s fantastic to be back on the road. Over the past week, I’ve put in about 40 miles. That’s not a lot, but it’s a start. It’s like saving your first $40 in an emergency fund. You save a little at a time, and eventually you have $2,000 set aside. By the end of the summer, I hope to have biked 2,000 miles. (Or more!)


I look like the biggest dork in the world. But I’m on my bike!

For more on this subject:

Oh yeah — I’ve signed up at We Endure, a social training log that lets you track your progress in a variety of endurance sports (such as cycling, running, and swimming). Here’s my profile. I’ve also created a Get Fit Slowly group that you’re welcome to join (even if you don’t read Get Fit Slowly). The more the merrier!

Source: getrichslowly.org

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Located just southeast of Tacoma, Puyallup is a charming city known for its flower fields, farming history, and the iconic Washington State Fair. If you’re considering moving to Puyallup, then you may be wondering whether to rent versus buy a home in the area. 

If you’re looking to buy a home in Puyallup, the current median sale price for a home is $523,500 as of July. On the other hand, if you’re considering renting an apartment in Puyallup, the average monthly rent for a two-bedroom apartment is $1,808. Depending on your budget and current mortgage rates, it may be that renting is less expensive than buying a home. However, it still may be the right decision for you to buy a home this year. 

At the end of the day, making the decision between buying a house or renting an apartment in Puyallup depends on a variety of factors. In this Redfin guide, we will delve into the advantages and disadvantages of both renting and buying in Puyallup, so you’ll have the knowledge to make an informed choice. Let’s get started.

Advantages of buying a home in Puyallup

Investment opportunities

The first advantage of buying in this market is to consider it as an investment. If you do, you’ll likely make money. Appreciation is real, and even if the market slows down, appreciation grows. Equity can be used as a step towards a bigger house in the future, it can be used as cash when refinancing for medical costs, college costs, or just as a long-term retirement to subsidize your 401k. 

Tax benefits

Homeownership has benefits, including potential tax benefits. In many instances, it can be a tax write-off, and may reduce your taxable income. Make sure to speak with a tax professional to understand the benefits you may qualify for.

Growth in the area

Puyallup is growing and expanding. What may feel like living in a smaller community now, may not be in a few years. 

Disadvantages of buying a home in Puyallup

Low inventory and rising prices

A key disadvantage of currently buying a home in Puyallup, Washington, is the combination of few homes for sale and rising prices. Sellers aren’t selling, creating very low inventory in the market, and as a result, home prices are not decreasing. Many people are waiting for home prices to drop, but what we’re seeing is that prices are still rising.

Not finding your “dream home”

With a high demand for housing and a limited supply of available properties, buyers often find themselves having to settle for a home that may not meet all of their preferences or requirements. The intense competition in the market can lead to bidding wars, driving up prices and putting added pressure on buyers to make quick decisions. 

Additionally, low inventory can make it challenging to find a home within a certain budget range or desired location. As a result, buyers may have to compromise on certain aspects, such as the size of the property, home features, or proximity to schools or other amenities, which can be a significant disadvantage when looking for a long-term investment in a home.

Determining if you are ready to buy a house in Puyallup

Depending on your current goals, there are a few additional factors that you may want to consider before deciding if now is the right time to buy a home.

1. Housing market conditions: One of the main factors to consider when buying a home in Puyallup is the housing market. Currently, the housing market in Puyallup is very competitive meaning that you’re likely to see bidding wars and multiple offers. As a result, it’s important to know how much you can afford in today’s market. To gain a better understanding, utilize a home affordability calculator.

2. Financial stability: Before you begin your homebuying journey, it’s important to have a good credit score and a stable income. Make sure you set aside funds to cover your down payment, closing costs, and other costs related to buying a home. It’s also a good plan to have an emergency fund set aside should you have any unforeseen expenses.

3. Long-term commitment: Buying a home is a significant investment compared to renting an apartment – especially when it comes to making a long-term commitment and financially. Therefore, if you’re not planning on living in Puyallup for more than a few years, it may make more sense to continue renting.

4. Personal goals: Finally, you’ll want to evaluate your priorities and figure out your personal goals before beginning the homebuying process. Do you want a home that’s close to amenities or in a more secluded location? Are you looking for a large kitchen or simply more space?

If you’re unsure whether you’re ready to buy, consider consulting with your real estate agent or financial advisor to fully understand your options.

Is it competitive to buy a home in Puyallup?

Yes, the housing market in Puyallup is very competitive. Multiple offers and bidding wars are common, and buyers are quick to write offers as they’ve spent time navigating the current market. Be ready and start working with an agent as soon as you can.

Advantages of renting a home in Puyallup

No maintenance costs

There’s no hassle if the stove stops working – your landlord has to pay for it. The roof is leaking and needs repairs, your landlord has to fix it, and that’s a large out-of-pocket expense you don’t have to consider. 

Flexibility

Renting an apartment or house in Puyallup offers the advantage of flexibility. If you’re uncertain about your long-term plans or prefer the freedom to explore different neighborhoods, renting provides the flexibility to move more easily. Whether it’s for career opportunities, personal preferences, or simply a desire for change, renting allows you to adapt your living situation without the long-term commitment of homeownership.

Potential for lower monthly payments

Renting a home in Puyallup may allow you to have lower monthly payments. With the average rent for apartments in the area being around $1,800, it may be more affordable to rent compared to buying a home. To gain a better understanding of your circumstances and make an informed decision, you can utilize a mortgage calculator. You can get an idea of what your monthly mortgage payment may be, allowing you to better compare between renting vs buying a home.

Disadvantages of renting a home in Puyallup

Risk of rent increases

Besides losing out on appreciation and tax benefits, the main disadvantage to renting is that the rent price is out of your control and doesn’t last forever. Your landlord can raise the rent each year. Ask yourself, do you want to move every year because the landlord is raising rent or would you rather live in a home for 30 years with the same mortgage payment with no fear of it raising? As a homeowner, this stable income may help you save money for future events like trips, retirement, and more.

Lack of updates

Another disadvantage to renting is that your landlord may not keep the home updated with new and modern features. Homeownership gives you control to buy and install new features like a smart refrigerator, gas fireplace, new carpet, and eco-friendly flooring.

Renting vs buying in Puyallup: A real estate agent’s final thoughts

I believe that now is a great time to consider buying a home in Puyallup. With available homes that offer negotiation possibilities, you may not have to compete with multiple offers, making the process less competitive. At the end of the day, whether you rent or buy in Puyallup, the area is a wonderful place to call home. If you’re just starting to think about buying a home, make sure you’ve looked through your finances to understand what you can afford now and in the years to come.

Source: redfin.com

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Just outside of Chicago is the picturesque town of Naperville, where you’ll find beautiful natural scenery like the DuPage River. If you’re considering moving to Naperville, then you may be wondering whether to rent versus buy a home in the area. Even in today’s real estate market, there are pros and cons to consider if you’re renting or buying a home in Naperville, making it that much harder to decide what fits your goals. 

If you’re looking to buy a home in Naperville, the current median sale price for a home is $587,201 as of July. Or if you’re checking out apartments for rent in Naperville, the average monthly rent for a two-bedroom apartment is $2,263. Depending on what you can afford and today’s mortgage rates, it may be that renting is cheaper than buying. But, there are many reasons why buying a home now may be more beneficial for your needs than renting. In this Redfin article, we will delve into the pros and cons of renting and buying in Naperville, helping you make an informed decision based on your unique circumstances. Let’s get started. 

Advantages of buying a home in Naperville

Increase in investment opportunities

The home prices in Naperville, and the surrounding areas, have been steadily increasing year over year. This trend shows market growth and a greater possibility in investment return. Becoming a homeowner is more likely to offer a good financial gain in the future. 

Money in your own pocket

The question, “Why rent when you can own?” applies much to our market. Owning a property allows you to stop paying another to live and start building equity into your own asset. In addition, the rental market in Naperville is typically lucrative, leaving a great opening to become an investor if you wanted to rent your home to another in the future.

Disadvantages of buying a home in Naperville

Interest rates

The increase in interest rates has made home buying more expensive. Home prices have still stayed strong and lenders are finding new creative ways to help with the rate increase, but buyers are still up against finding the right affordability. This increase in interest rates has made buyers have to adjust their monthly budget to fit their home buying wants or make exceptions in their home search to better fit their budgetary needs. 

Low inventory

If you consider yourself more of a picky buyer, you may have a difficult time finding the perfect home as we have low inventory in the Naperville area. With low inventory, you’re more likely to run into multiple offers and bidding wars. In addition, buyers are having to make exceptions for some of their home wants or compete in those multiple offers, especially when homes are updated or renovated. 

Determining if you are ready to buy a house in Naperville

There are several factors to consider if you’re deciding whether to rent vs buy in Naperville this year. Here are five points to look at:

1. Time of year: Naperville is a highly seasonal market. Time of year is a huge factor to consider when both selling and buying. You’ll typically see more inventory available in the spring and summer. During this time, homes usually sell faster, at a higher price, and you’ll have more competition. Less inventory is typically available in the fall and winter. However, there is typically less competition during that time and more likely to get a home at a lower price.

2. Financial stability: Before starting your homebuying journey, it’s important to understand your finances – including having a good credit score and a stable income. Be sure to set aside some additional funds for down payment, closing costs, home inspection fees, and additional expenses that are part of the homebuying process. It’s also good to build an emergency fund in case you incur any unforeseen costs.

3. Personal goals: You’ll also want to evaluate your personal goals and priorities before deciding to buy a home in Naperville. Are you looking for a move-in ready home or a renovation project? Do you want a home with modern upgrades or historic charm? Determining what’s important to you in a home can help you figure out if buying a home in Naperville aligns with those goals.

4. Long term commitment: Compared to renting an apartment, buying a home is a significant financial investment and time commitment. So, if you’re not sure you’ll be living in the area for more than a few years, it may be better to continue renting vs buying in Naperville.

5. Housing market conditions: When considering buying a home in Naperville, it’s essential to evaluate the current housing market conditions and how they impact how much house you can afford. Understanding whether it’s buyer’s or seller’s market can help you gauge competition – and help adjust your expectations. Currently, Naperville is in a seller’s market, meaning there are more buyers looking to purchase a home than there are homes on the market. 

If you’re unsure whether you’re ready to buy, consider consulting with your real estate or financial advisor to fully understand your options.

Is it competitive to buy a home in Naperville?

We’re seeing less inventory in the Naperville market, making home buying competitive. It’s common to see multiple offers on properties, and a home’s time on the market to be short before it goes under contract. This is especially true when it comes to homes that are under 20 years old or were recently renovated to trending styles. Offers typically include over list price, appraisal waivers, and as-is or waived inspections. With high interest rates, we have also seen an increase in cash or large down payment buyers.

Advantages of renting a home in Naperville

Maintenance costs and availability

Just as home prices have risen, so have the costs of contractors and materials. If you have home maintenance that you want to complete, it can be more costly and take a while to find a contractor. Renting helps you avoid these additional costs, as many of these costs will be covered by your landlord. 

Easier to move on from a property

Leases typically have an end date and tenants can choose to leave when following the cancellation terms of the contract. This allows tenants a little more flexibility to “get up and go” without the uncertainty of selling their investment as they don’t own the property.  

Disadvantages of renting a home in Naperville

Renewal changes and rent increases

Typical leases have a set time of expiration, whether it’s 6-months, 12-months, or month-to-month. When your lease ends, your landlord has the ability to end the lease, make modifications to the lease, or change the charges of the lease. This can leave you having to find new living options or increase in your monthly expenses to continue to live in the property. In addition, some leases allow cancellations prior to the lease ending, which may have a renter trying to find a new option of living quicker than they anticipated. 

Limitations to design

When renting, you’re paying to live in the landlord’s property. Therefore, there are typically more restrictions to using their property. This usually includes many limitations on personalizing the space such as type of flooring, painting, light fixtures, etc. This makes it more difficult if you want to add your own touches to make the home feel more like your own.

Renting vs buying in Naperville: A real estate agent’s final thoughts

I personally believe there is never a “bad” time to buy a home. The biggest focus should be to review your main goals for buying to identify if it’s a good time for you specifically. Ask yourself – How long do I see myself in this home? Do I have an interest in renting it in the future?; and if so, is the property rentable? Does this home fit all of my needs? Can I take on the disadvantages of buying a home? If you’re finding answers to be more yes than no, it’s a great time for you to buy.

Source: redfin.com

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From the age of 21, interior designer Veronica Valencia has worked behind the scenes on more than 500 home makeover shows. But at long last, she’s in the spotlight of her own HGTV series, “Revealed.”

On her show, she renovates homes to highlight the homeowner’s heritage, heirlooms, and family history, setting the stage for some extremely emotional makeovers.

To learn more about how she got her own show and what viewers can learn from it, we spoke with Valencia about some of her fondest memories, what it was like raising her kids on a TV set, as well as her top tips for making any home feel more like, well, home!

You’ve been involved with a lot of renovation shows, but this is your first as the star! How did this series come about?

I’ve been in the design makeover world for 15 years, I started on “Extreme Makeover: Home Edition” when I was 21. And basically, I am a trained interior designer, but the majority of my career has been doing behind-the-scenes design work for television.

So this has kind of been my upbringing. I feel at home on a television set doing makeovers. I love the fast pace. My team on “Revealed” is the same team that I met when I was 21. I’m 37 now. I met them on the road, and we just all fell in love with each other.

The show started because I just got really ballsy when I was pregnant. I asked the network executives to give me a shot at my own show.

I said, “I know I can do it. I do all your shows behind the scenes; you know what I can do.” And so now we’re here.

The show is all about family background. What got you interested in designing with heritage in mind?

I come from a very big Mexican family, and we were proud of who we were. But I grew up in Woodland Hills and went to school in Calabasas in a predominantly white neighborhood. And I sometimes felt different.

I wasn’t ashamed of my background, but I wasn’t shouting from the rooftops that I’m Mexican. But I think it wasn’t until I became a mom that I realized how important it is to be proud of your roots. I want to instill that pride in my kids.

From left, David Bohler, Thomas Rouse, Veronica Valencia, and Joshua Smith, the stars of HGTV’s “Revealed”

(HGTV)

How do you honor your heritage in your own home?

My husband and I are bicoastal. In our New York home, we have a lot of African masks. My husband is Black and Irish. And a lot of these masks are from his travels to Ghana. So that’s something that’s really important to us.

We also have his grandmother’s Irish china. I’m all about using and living with your heirlooms. Like, that china doesn’t get brought out just on holidays—we use that every day. We use that to have a slice of pizza. I don’t just want to bring it out on special occasions. And I like being surrounded by my husband’s background. I know when he’s eating soup out of a bowl or having pizza on the china, he’s thinking of his grandma. And having these masks displayed, even if it’s just on a small wall, seeing those and being surrounded by those and our children growing up and seeing those, I think that is super important.

And here in Los Angeles, I have my grandmother’s tortilla maker. It’s in our kitchen. And I only make tortillas a couple of times a year with my grandma, but that’s something that’s really important.

It’s all about the little things: something that’s special that reminds you of where you come from and gives you a sense of belonging.

What was your favorite part of filming ‘Revealed’?

Behind the scenes, we had so much fun. I mean, these are my real-life best friends. So this was crazy. I feel like we had so many pinch-me moments. We would just turn around and look at each other, like, “This is wild. Like, what is happening right now?” And my husband works behind the scenes, so viewers will see him and my family in a couple of scenes every episode.

My son, Hunter, literally grew up on the set of “Extreme Makeover.” That boy feels so comfortable with camera guys, directors, he would help paint. So he’s in the show. I don’t know what scenes ended up in the final edit, but he is such a ham.

Did you have a favorite project of the season?

I redid my best friend’s house, which was so incredible. Lauren has been my neighbor since we were babies. She was the one who enrolled me in interior design school after high school. I was a softball player and I hurt my arm, so I didn’t know what I was going to do after high school. Meanwhile, Lauren was going to design school and wanted to carpool so she secretly enrolled me. And I was like, “What do you mean? What is that?” And then the first week, I was obsessed and loved it.

And then Lauren actually joined the “Extreme Makeover: Home Edition” team as Paige Hemmis‘ assistant and she sent in my resume. So she’s the one who got me into design, got me into television. So then it all came full circle. She needed to redo her home, and I got to make over my best friend’s home. So that was very emotional.

Do you have any tips for homeowners who want to renovate their house?

I just hope the viewers are inspired to just make their home beautiful. It doesn’t have to be Pinterest-perfect. Just focus on making a beautiful moment and on creating a memory of your home. And that could start with the family conversation. Hopefully, I can inspire people to incorporate more family into their homes.

What do you do for clients who don’t know, or don’t connect, to their heritage?

There are a lot of families like that! We had an Indian family on the show, and it turns out, records of ancestors and where you come from in India are hard to find. It was impossible to track down their ancestors.

So in that instance, I really focused on who they were in their upbringing: what makes them think about family, what home means to them.

I had one client who was Jewish, and Shabbat dinners and cooking were so important to their family. And so I just focused on that. So it really wasn’t as much about their ethnicity or where their ancestors came from. But it was really about what made them feel at home. Challah bread, that could literally inspire an entire kitchen design.

So I think that it’s about incorporating your heritage and culture into your home, but also about incorporating that individual family’s values and really diving deep into that.

Source: realtor.com

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Home generators provide backup power during outages and are essential for homeowners. Understanding the basics, types, and fuel sources can help you choose the right generator. Installing and maintaining it properly ensures reliable performance.

Safety precautions, such as proper ventilation and carbon monoxide detectors, are crucial when using generators. Maximizing fuel efficiency, extending lifespan, and managing loads can optimize generator usage. Comparing features and options helps make an informed decision. We will cover everything you need to know about home generators.

What is a Home Generator?

A home generator is a device that provides backup power in case of a power outage. It is designed to automatically detect when the main power supply fails and quickly switch to a secondary power source, ensuring that essential appliances and electronics in the home continue to function.

Understanding the Basics of Generators

Generators work by converting mechanical energy into electrical energy. They consist of an engine that runs on fuel, such as gasoline, propane, or natural gas, and an alternator that produces electricity. When the engine runs, it spins the alternator, creating an electrical current.

Generators come in different sizes and power outputs, ranging from small portable units to larger standby generators that can power an entire house. They also vary in fuel consumption, noise levels, and features.

Benefits of Having a Home Generator

Having a home generator offers numerous benefits for homeowners:

  • Continuous power supply: A home generator ensures that essential appliances like refrigerators, heaters, and medical equipment keep running during a power outage, preventing food spoilage and providing comfort and safety.
  • Protection for electronics: Power surges can damage sensitive electronics. A generator provides stable power, safeguarding devices such as computers, televisions, and home security systems.
  • Comfort during emergencies: Electrically powered heating and cooling systems and essential lights and outlets keep the home comfortable even when the main power supply is disrupted.
  • Increased home value: Installing a home generator can increase the value of a property, making it a desirable feature for potential buyers.

However, if you live in a homeowner association, finding out if they are allowed will be essential. Having a generator could violate the HOA rules. Check with the board or management company before making a purchase.

Different Types of Home Generators

There are different types of home generators available, each with its unique features and advantages:

Portable Generators

Portable generators are versatile and easy to move around. They are typically smaller and can power a few essential appliances or electronics during a power outage. Portable generators are ideal for camping trips or powering small outdoor events.

Standby Generators

Standby generators are permanently installed outside the home and are connected to the electrical system. They can automatically detect a power outage and start supplying electricity within seconds. Standby generators are designed to power an entire house and can run on various fuel sources like natural gas or propane.

Inverter Generators

Inverter generators are a more recent innovation in generator technology. They are known for their quiet operation, fuel efficiency, and clean power output, making them ideal for powering sensitive electronics like laptops and smartphones.

In conclusion, a home generator is a valuable investment for homeowners looking to ensure an uninterrupted power supply during power outages. Understanding the basics of generators, recognizing their benefits, and familiarizing oneself with the different types available are essential steps in choosing the right home generator.

Choosing the Right Home Generator

When selecting a home generator, there are several factors to consider to make the best decision for your needs. From assessing your power requirements to evaluating safety features, this section will guide you through the process.

Assessing Your Power Requirements

Start by determining how much power you need to supply during an outage. Make a list of essential appliances and electronics that you want to keep running. Consider their wattage requirements and prioritize accordingly. This will help you choose a generator with the appropriate power output.

Determining the Fuel Source

Next, decide on the fuel source that suits your preferences and availability. Portable generators often run on gasoline, which is easily accessible. Standby generators and portable models can use propane, offering longer runtime and cleaner fuel. Gas natural, however, is only compatible with standby generators.

Evaluating the Size and Portability

Consider the physical dimensions and weight of the generator. If portability is a priority, opt for a smaller, lighter portable generator. For standby generators, focus on installation space requirements. Consider where the generator will be placed and ensure it meets all necessary clearance criteria.

Considering Inverter Generators

Inverter generators offer a compact and efficient alternative to traditional generators. They provide clean and stable power, making them ideal for sensitive electronics. Additionally, inverter generators are quieter and more fuel-efficient, perfect for recreational activities or camping trips.

Reviewing the Safety Features

Never compromise on safety when choosing a home generator. Look for features such as automatic shutdown in case of low oil or fuel levels, overload protection, and ground fault circuit interrupters (GFCIs). These safety mechanisms ensure the generator operates without harming your home or family.

By carefully considering your power requirements, fuel source preferences, size and portability needs, and safety features, you can confidently choose the right home generator that provides reliable backup power during outages.

Installing and Maintaining Your Home Generator

Preparation and Installation Process

Before installing your home generator, it’s important to ensure proper preparation. Start by determining the ideal location for installation, considering factors such as ventilation and proximity to the main electrical panel. Clear any obstructions and ensure a stable foundation for the generator.

Next, consult a professional electrician to handle the installation process, which involves connecting the generator to your home’s electrical system. Follow all safety protocols and local building codes during installation to ensure a seamless and safe setup.

Regular Maintenance and Inspections

Regular maintenance is crucial to keep your home generator in optimal condition. Develop a maintenance schedule that includes periodic inspections and servicing. This includes checking the fuel levels, oil levels, and battery condition.

Inspect the generator for any signs of damage, leaks, or loose connections. Clean or replace air filters as needed to maintain proper airflow. Consult the manufacturer’s guidelines for specific maintenance requirements and recommended service intervals. Additionally, consider hiring a professional generator technician for regular inspections and servicing to ensure thorough maintenance.

Troubleshooting Common Issues

Even with proper maintenance, home generators may encounter some common issues. It’s essential to understand how to troubleshoot these problems to minimize downtime. Some common issues include starting difficulties, engine misfires, or power delivery problems.

Check for fuel supply issues, including clogged or empty fuel tank filters. Inspect electrical connections for loose or corroded wires. If troubleshooting the issue becomes challenging, contact a qualified generator technician for assistance. Keeping a troubleshooting guide handy can help you address minor issues and restore your generator’s functionality efficiently.

Using Your Home Generator Safely

Understanding Carbon Monoxide Risks

Using a home generator can expose you and your family to the risks of carbon monoxide poisoning. Carbon monoxide is a colorless and odorless gas that can be deadly if inhaled in high concentrations. Understanding the potential risks and taking necessary precautions to prevent any harm is essential.

Proper Ventilation and Placement

To ensure safety, it is crucial to ventilate the area where the generator is being operated properly. Generators, including garages, basements, or enclosed spaces, should never be used indoors. They should be placed at least 20 feet away from windows, doors, and vents to prevent carbon monoxide accumulation.

Installing Carbon Monoxide Detectors

To detect any carbon monoxide leaks, installing carbon monoxide detectors in your home is important. These detectors should be placed on each level of your house, especially near bedrooms and sleeping areas. Regularly check the batteries and ensure the detectors are functioning correctly to provide an extra layer of protection.

Safety Precautions during Power Outages

During power outages, following safety precautions when using your home generator is crucial. Never connect the generator directly to your home’s electrical system unless a professional has properly installed it. Avoid overloading the generator by prioritizing essential appliances and electronics. Keep all cords and extension cables away from water sources to reduce the risk of electric shock.

  • Keep a fire extinguisher nearby and ensure everyone in your household knows how to use it.
  • Regularly inspect the generator for any signs of damage or wear and tear.
  • Follow all manufacturer’s guidelines and instructions for safe operation and maintenance.
  • Store fuel in approved containers in a cool, well-ventilated area away from the generator.
  • Never refuel the generator while it is running or still hot.
  • Teach your family members about generator safety and the potential hazards.

By understanding carbon monoxide risks, ensuring proper ventilation and placement, installing carbon monoxide detectors, and following safety precautions during power outages, you can safely use your home generator and provide reliable backup power when needed. Remember, these steps can protect your loved ones and prevent unfortunate incidents.

Getting the Most out of Your Home Generator

When it comes to your home generator, there are several ways to ensure maximum efficiency and longevity. Following these tips and guidelines, you can optimize its performance, power essential appliances and electronics, and manage its load effectively.

Tips for Maximizing Fuel Efficiency

  • Maintain your generator regularly, including cleaning filters and spark plugs.
  • Use high-quality fuel and ensure it is stored properly for optimal combustion.
  • Avoid overloading the generator – match the power needs of your appliances.
  • Consider investing in an inverter generator known for its fuel-efficient technology.
  • Utilize the generator only when necessary to conserve fuel and reduce emissions.

Extending the Lifespan of Your Generator

  • Follow the manufacturer’s maintenance schedule and guidelines.
  • Regularly check and change the oil to ensure proper lubrication.
  • Keep the generator clean and free from debris.
  • Invest in a generator cover or enclosure to protect it from the elements.
  • Store the generator in a safe and dry location when not in use.

Powering Essential Appliances and Electronics

  • Prioritize the power needs of critical appliances like refrigerators, medical equipment, and security systems.
  • Consider using power management devices to distribute power efficiently.
  • Use surge protectors to safeguard sensitive electronics.
  • Understand the power requirements for each appliance and ensure your generator can handle the load.
  • Create a priority list to manage power if your generator has limited capacity properly.

The Importance of Load Management

  • Understand the power limitations of your generator and avoid overloading it.
  • Distribute the load evenly across the generator’s circuits.
  • Avoid starting high-power appliances simultaneously to prevent tripping the generator.
  • Consider staggering the usage of appliances to reduce the overall load.
  • Monitor the generator’s performance during operation to ensure it is within its capacity.

By following these guidelines, you can make the most of your home generator, ensuring fuel efficiency, extending its lifespan, and safely powering essential appliances and electronics. Effective load management is crucial for smooth operation and optimal performance. Take the necessary precautions to protect your generator and enjoy an uninterrupted power supply during outages.

Comparing Home Generators: Features and Options

When choosing a home generator, there are several factors to consider. Understanding the features and options available will help you make an informed decision that meets your needs. Here are some key aspects to explore:

Factors to Consider When Buying a Generator

Before purchasing a home generator, it’s important to assess various factors. Consider the generator’s power output, fuel efficiency, noise level, and durability. Evaluate the reputation and customer reviews of different brands and models. Additionally, check for available warranty options and the availability of service and support.

Best Portable Generators for Home Use

If portability is a priority, portable generators are a great choice. These compact units are lightweight and easy to transport, making them ideal for activities like camping or as a backup power source for essential appliances. Look for features such as multiple outlets, noise reduction technology, and extended runtime.

Standby Generators: Which One is Right for You?

Standby generators offer a reliable and convenient solution for whole-house power backup. Assess your power requirements to determine the appropriate size and capacity. Consider features like automatic transfer switches, remote monitoring, and noise reduction technology. It’s also crucial to consult a professional for proper installation and to ensure compliance with local regulations.

Inverter Generators vs. Traditional Generators

Both inverter generators and traditional generators have their advantages and considerations. Inverter generators are known for their quiet operation, fuel efficiency, and clean power output, making them suitable for sensitive electronics. Traditional generators, on the other hand, provide higher power capacities and are often more cost-effective for heavy-duty applications.

Assess your needs and prioritize noise level, fuel efficiency, and power requirement to make the right choice.

Final Thoughts

Considering these factors and exploring the options, you can select the home generator that best suits your needs. Remember to prioritize factors like power output, fuel efficiency, noise level, and specific requirements for your household. Making an informed decision will ensure you have a reliable backup power solution for any situation.

Bill Gassett is a thirty-seven year veteran to the real estate industry. He enjoys writing helpful articles for buyers, sellers, and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, the National Association of Realtors, Inman News, Maximum Real Estate Exposure, Newsbreak, Credit Sesame, and at Realty Biz News. He has been on of the top RE/MAX agents in New England over the last two decades.

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Source: realtybiznews.com

Apache is functioning normally

On July 14, 804,000 longtime student loan borrowers began receiving word that their $39 billion in remaining debt would be forgiven as the result of the Education Department’s income-driven repayment (IDR) account adjustment. This one-time program, first announced in April 2022 to repair past missteps in the IDR system, is counting more past repayment periods toward income-driven repayment (IDR) forgiveness. Many borrowers will be at least three years closer to IDR forgiveness — and some will automatically see their loans forgiven altogether.

“At the start of this Administration, millions of borrowers had earned loan forgiveness but never received it. That’s unacceptable,” Department of Education Under Secretary James Kvaal said in a July 14 press release announcing the news. “Today we are holding up the bargain we offered borrowers who have completed decades of repayment.”

This is just the tip of the iceberg. More than 4.4 million borrowers have been repaying their loans for at least 20 years, and 2.3 million of these borrowers have never defaulted or been delinquent on their loans, according to April 2021 Education Department data provided to Sen. Elizabeth Warren. However, there’s not yet a final count of total borrowers who will receive the IDR account adjustment forgiveness, says Mike Pierce, executive director of the Student Borrower Protection Center (SBPC).

“If I were a borrower, I would feel pretty good about this happening, but you know, we never say never,” Pierce says. “This is something that has never been put in front of a federal judge, and we have not seen any signs that it’s going to.”

All this is occurring as borrowers gear up for student loan payments to resume in October. Here’s what you need to know about the next waves of loan forgiveness under the IDR account adjustment and what qualified borrowers can do to prepare for it.

When will IDR adjustments be made?

The Education Department said it will notify waves of loan forgiveness recipients about every two months. Since the first major batch was announced on July 14, borrowers can expect the next announcement by mid-September.

The department plans to apply the account adjustment by the end of 2023 to all borrowers who’ve reached enough payments for forgiveness; all other borrowers will receive at least three additional years of credit toward IDR loan forgiveness in 2024.

Will I get IDR account adjustment forgiveness?

To find out whether you’ll receive loan forgiveness under the one-time IDR account adjustment, you must count your past payments yourself.

Generally, borrowers with undergraduate loans will receive loan forgiveness if they’ve made at least 240 monthly student loan payments, and those with some graduate loans will reach forgiveness if they’ve made at least 300 payments, Pierce says.

From July 1994 onward, the adjustment counts the following periods toward the 240 or 300 payments needed to reach forgiveness:

  • Any month a borrower was in repayment, even if the payments were late or partial. The type of repayment plan also doesn’t matter.

  • Time spent in forbearance, either periods lasting 12 or more consecutive months or a cumulative 36 or more months. 

  • Any month spent in deferment other than in-school deferment before 2013.

  • Any month spent in economic hardship or military deferments on or after Jan. 1, 2013.

  • Any months in repayment, forbearance or a qualifying deferment before a loan consolidation.

Months spent in default will generally not be included in the recount, though borrowers who enroll in the temporary Fresh Start program to get out of default will get IDR credit from March 2020 through the date they leave default.

Log in to your Federal Student Aid (FSA) account at StudentAid.gov to see how long you’ve been in repayment. To see detailed information, including descriptions of the specific forbearance or deferment periods, request your account history from your servicer.

How to prepare for the IDR account adjustment

The loan forgiveness will be largely automatic for most eligible federal borrowers with older direct loans, federally held Federal Family Education Loan Program (FFELP) loans and parent PLUS loans. These borrowers don’t need to take any action to qualify or receive loan forgiveness.

“The good news is, for most people, you don’t actually need to be an expert on this program to benefit from it,” Pierce says. “If you have a loan that’s owned by the Department of Education, it’s just gonna work for you.”

But there are some small steps you can take to be proactive.

Update your contact information

Regardless of the type of federal student loans you have, check that your current contact information is listed in both your FSA and servicer accounts. While you’re at it, make sure you still have the password to these accounts, and reset your login credentials if needed.

Forty-four percent of federal borrowers were transferred to a new servicer during the pandemic payment pause, according to a June estimate from the Consumer Financial Protection Bureau, so now is also a good time to see if your servicer changed.

You’ll likely be notified by email if and when your loans are forgiven under the IDR account adjustment, but student loan communications may also arrive by mail.

Consolidate commercially managed federal loans

Some federal loans are not held by the government, but by a private entity. Borrowers with these commercially managed federal loans won’t benefit from the recount automatically — they’ll need to consolidate these loans to qualify. The account adjustment will count periods of repayment prior to consolidation toward IDR forgiveness.

Commercially held loans include certain FFELP loans, Perkins loans and Health Education Assistance Loan (HEAL) Program loans. You can see what type of loans you have on the dashboard of your FSA account or servicer portal.

You have until the end of 2023 to consolidate commercially held loans, but don’t delay. The full consolidation process can take from 30 to 60 days, Pierce says. Get started by submitting a direct loan consolidation application on the Federal Student Aid office website.

Consolidate newer parent PLUS loans

Parent PLUS loans are included in the IDR account adjustment. If you reach 300 payments — or 120 payments if you’re eligible for PSLF — your parent PLUS debt will be discharged automatically this year, regardless of whether or not your PLUS loans are consolidated.

But if you have fewer payments than that, you’ll need to act. Consolidate your parent PLUS loans before the end of 2023 to benefit from the adjustment, and enroll in an IDR plan called Income-Contingent Repayment to continue making progress toward forgiveness.

Apply for Public Service Loan Forgiveness

Borrowers eligible for PSLF are also eligible for the account adjustment; they can receive IDR loan forgiveness after just 10 years, or 120 eligible payments. PSLF-eligible borrowers with direct loans, including parent PLUS loans, will benefit automatically. Those with either federally or commercially managed FFELP loans must consolidate them into a direct consolidation loan by the end of 2023 to get PSLF credit under the account adjustment.

After the adjustment is applied to your account, you’ll see credit toward PSLF for any month after October 2007 during which you were in repayment and had qualifying employment.

“If you’ve applied or will apply for PSLF and certify your employment, you may see the benefits of this adjustment to your qualifying payment count,” writes the office of Federal Student Aid. Do so as soon as possible to ensure you benefit from the recount.

Check your state’s tax policy

The federal government won’t tax any debt forgiven as a result of the IDR account adjustment.

However, certain states, including Indiana and Mississippi, treat forgiven student loans as taxable earned income, and thus may tax the amount of forgiven debt you receive. The vast majority of states don’t do this, so check the rules in your state.

If you’re concerned about a state tax bill, you can opt out of loan forgiveness. You have 30 days to do so after you receive notice that your remaining debt will be forgiven under the IDR account adjustment.

Source: nerdwallet.com