VICTORVILLE, Calif. — Century 21 Desert Rock Realtor Monica Lu’uga tells her clients to get their ducks in a row in the coming months, especially if they want to buy a home in the High Desert.
What You Need To Know
If the Federal Reserve pauses rate hikes, mortgage rates could drop and spur a homebuying run, experts said
The Federal Reserve is set to meet Wednesday
San Bernardino County’s High Desert is experiencing a commercial and residential development boom
San Bernardino has low inventory compared to its pre-pandemic numbers
With the Federal Reserve set to meet again this week, mortgage rates could drop in the next few months.
“If that happens, I think everything housing is going to go up again,” said Lu’uga to Spectrum News. “Sellers are going to have a field day again.”
The Federal Reserve will meet Wednesday to possibly raise interest rates for the last time as part of a yearlong effort to stem historically high inflation to 2%.
In March, the central bank met and raised interest rates for the ninth consecutive time since March 2022, going from nearly zero to just under 5%, according to reports. While interest rates and mortgage rates differ, the Federal Reserve’s actions on raising interest rates usually influence mortgage rates and long-term loans.
It’s still unclear which way the Federal Reserve will lean Wednesday regarding a rate hike. The latest consumer index report shows inflation cooled in March, indicating that the central bank’s hikes are working.
But if the Federal Reserve decides to pause rate hikes during this meeting or next, mortgage rates could drop and spur another homebuying run, many housing experts said.
The National Association of Realtors Senior Economist Nadia Evangelou said as inflation eases, mortgage rates could head below 6% in the coming months.
“Falling mortgage rates create opportunities for many buyers,” said Evangelou in a news release. “A lower mortgage rate brings down the monthly payment for a home loan. If rates drop to 6%, 3.1 million, more households will once again be able to afford to buy the median-priced home compared to the beginning of the year.”
Lowering the mortgage rate could spark more housing movements in San Bernardino’s High Desert, such as Victorville, Apple Valley, Phelan, Hesperia and other cities up the 15 North Freeway.
The area, more commonly known as the cities many residents in Los Angeles, Orange, and Riverside County residents pass as they drive to Las Vegas, is one of the few places in Southern California where a nicely sized home could be had for $350,000 and a mortgage less than $3,000.
According to an affordability calculator created by the National Association of Realtors, the average monthly mortgage payment in San Bernardino is currently $2,664, compared to last year’s $1,630.
Like many cities and counties across Southern California, San Bernardino County is experiencing a record-low inventory level. Demand has fallen only slightly because of high-interest rates and the low number of homes for sale, according to Reports on Housing, a data site that covers Southern California’s housing market.
“If more homes were available, pending sales would rise,” said Steven Thomas, an economist at Reports on Housing. “Buyers cannot buy what is not available. This scarcity of homes will continue as long as rates remain elevated.”
Spring is usually the start of the homebuying season and continues upward throughout the summer before it slows when school resumes. However, the lack of homes for sale has muted the housing market. Several people have hunkered down, either happy or handcuffed to the low-interest rates offered during the first couple of years of the COVID-19 pandemic.
Lowering mortgage rates could incentivize people to sell, experts said. San Bernardino sits at around 2,900 homes for sale in April, its lowest level since April last year, when it had about 2,600 homes on the market, according to Reports on Housing. Before the pandemic, San Bernardino averaged nearly 4,900 homes during the spring market.
“This is the latest bottom,” said Thomas to Spectrum News. “It’s no different than what’s happening across Southern California.”
Thomas said the market is growing hotter as buyers willingly jump into the fray despite the higher rates and low supply. According to Mortgage Daily News, the 30-year-fixed rate is 6.7% as of Monday.
Related Stories
A look at Redfin’s latest seven-day sold listing shows homes that have sold less than a month after being listed and for above the list price.
“Buyers entering the market today are blown away at just how fast homes that are in good condition and priced according to their fair market values are flying off the market with dozens of offers to purchase,” Thomas said. “Open houses are bursting at the seams. In some cases, inspection and appraisal contingencies are once again being waived like they were when mortgage rates were below 3%.”
Lu’uga, the real estate agent specializing in this market, said people should expect the market to heat up again, especially if mortgage rates fall. She noted that San Bernardino County is experiencing a commercial and residential boom, which is good for the economy.
The e-commerce boom is fueling the county’s growing industrial and warehouse businesses. Brightline West is beginning work on an electric train that could travel 200 miles per hour from Apple Valley to Las Vegas.
The San Bernardino Airport is looking to attract more airlines to the regional airport to serve the county’s residents. More are coming.
“Aside from being affordable, we have a lot of commercial and residential developments being built,” Lu’uga said as she rattled off the projects like the Brightline train and industrial buildings. “I think we’re going to be a hot market again. We have a lot going for us.”
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:
Lower monthly payments
Lower overall interest costs over the life of the loan
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.
Congratulations to Master Sergeant (Retired) Gerald D. Hansen, the winner of The MilitaryVALoan.com Miltary Hero Award!
Gerald Hansen was nominated for his outstanding service to his community and his country. He spent twenty-one years in the United States Air Force with assignments to Holloman Air Force Base, New Mexico, Yokota Air Base, Japan, MacDill Air Force Base, Tampa, FL and Zweibrucken Air Force Base, West Germany. He retired in May 1990.
His awards and decorations include the Meritorious Service Medal with two oak leaf clusters and the Air Force Commendation Medal. He was promoted to Master Sergeant through STEPS (Stripes for Exceptional Performers) in August of 1983. He was also named as the Tampa Military Citizen of the Year for 1986. Mr. Hansen was named the Management Award recipient in 1995 from the International Builders Exchange Executives (IBEE), Tampa Bay Lightning Community Hero in 2017, Ring of Honor with the Buffalo Soldiers (The Woods & Wanton Chapter) in 2017 and was named the Bay Area Brotherhood Humanitarian Award winner 2019.
Hansen is the volunteer Executive Director for Paint Your Heart Out Tampa (PYHOT), an all-volunteer, nonprofit organization that benefits low-income and elderly citizens of Tampa by improving the exterior of their homes. Each year, Hansen freely gives more than 1,250 hours of time to the organization. Hansen has also successfully raised more than $14,000 for the Greater Tampa Bay Walk to Defeat ALS, was involved in three annual cleanups of Bayshore Boulevard on MacDill AFB, served as the Chairperson of the Preschool Education Board, and helped build playgrounds on MacDill AFB and in Clearwater.
“Jerry is the most unselfish person I have ever met,” his nominator wrote. “He has taught me more about generosity than anyone. The majority of Jerry’s time is spent behind the wheel of his car, picking up, dropping off supplies or materials needed from one organization to another. He is often delivering items to groups working with homeless or food banks.”
Congratulations to Gerald Hansen on being named The MilitaryVALoan.com Military Hero Award Winner!
MilitaryVALoan.com Military Hero Sweepstakes Official Rules
NO PURCHASE NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT IMPROVE YOUR CHANCES OF WINNING.
Eligibility: The TravelNursing.org Sweepstakes (the “Promotion”) is open only to registered nurses who are legal residents of the 50 United States and the District of Columbia (collectively the “Participating States”) who are 21 years of age or older (and located in the one of the Participating States at the time of entry. TravelNursing.org (“Sponsor”) and their respective parents, subsidiaries and affiliated companies, retailers, sales representatives, dealers, distributors, licensees and the advertising, fulfillment, judging and promotion agencies involved in the development and administration of this Promotion and each of their respective officers, directors, employees and agents (collectively, “Promotion Parties”), and their immediate family members and persons living in the same households of each (whether related or not) are not eligible. Void outside the Participating States and where prohibited by law.
Promotion Period: The Promotion begins at 12:00 a.m. Pacific Time (“PT”) on May 6, 2019 and ends at 11:59 p.m. PT on May 31, 2019 (the “Promotion Period”).
How to Enter: During the Promotion Period, go to https://www.militaryvaloan.com/blog/the-militaryvaloan-com-military-hero-award/ and locate the official entry form. Follow the on-screen directions, complete all required registration fields and submit to enter (“Online Entry”). Entrants must complete all required information. LIMIT ONE (1) ONLINE ENTRY PER PERSON/EMAIL ADDRESS. Nominations MUST be submitted online. Mail-in nominations will not be accepted. Nominations must be submitted on behalf of another person. Self-nominations will not be accepted. Nominations must be submitted in English only. Nominations may only be submitted in the name of a single person; group nominations are not acceptable. False or deceptive nominations or acts may render a nominee ineligible. All nominations become the property of MilitaryVALoan.com and will not be returned. MilitaryVALoan.com reserves the right to edit the nomination as it sees fit for use in publication or promotion. By submitting a nomination you agree to grant Sponsors the right without obligation, unless prohibited by law, to use the contents of your nomination, your name, voice, picture and likeness, without compensation, for the purpose of advertising and publicizing all matters related to the Awards Program and/or the Sponsors in any medium, throughout the world in perpetuity.
Grand Prize Drawing: On or about June 7, 2019, the Sponsor Review Panel (the “Panel”) will select one winning entry (the “Winner.”) It is the Panel’s s sole discretion to determine the winner.
Prizes, Approximate Retail Value (“ARV”) & Odds: One (1) Grand Prize: The SEVENTY2™ Survival System. Total ARV $349.99. No substitution, cash redemption or transfer of prizes is permitted except at Sponsor’s sole discretion or as provided herein. If a prize, or any portion thereof, cannot be awarded for any reason, Sponsor reserves the right to substitute a prize of equal or greater value. All federal, state and local taxes, and all other costs associated with acceptance or use of the prize(s), are the sole responsibility of the winner(s). Arrangements for delivery of prize(s) will be made after winner validation. LIMIT ONE (1) PRIZE PER PERSON/EMAIL ADDRESS/HOUSEHOLD. Odds of winning a prize depend on the number of entries received. At the Sponsor’s discretion, unclaimed prizes may not be awarded.
General Rules: All applicable federal, state and local laws apply. The potential winner will be contacted by telephone, email, regular mail or overnight mail, and may be required to complete, sign and return an affidavit of eligibility, a liability release, and where lawful, a publicity release within a stated amount of time. The return of any notification as undeliverable or failure to respond to notices or return any required documents in a timely manner or a determination that a potential winner is ineligible or not in compliance with these Official Rules, as determined solely by the Sponsor, may result in disqualification of the winner and forfeiture of the corresponding prize, and the choosing of an alternate winner. By participating in this Promotion, entrants agree to abide by and be bound by the Official Rules and decisions of the Sponsor which shall be final in all matters relating to the Promotion. Promotion Parties are not responsible for: (i) electronic or digital transmissions or entries that are lost, late, stolen, incomplete, illegible, damaged, garbled, destroyed, or misdirected or for non-delivered or postage-due mail; (ii) any problems or technical malfunctions, errors, omissions, interruptions, deletions, defects, delays in operation of transmission, communication failures (including but not limited to failures or malfunctions of phone lines, telephone systems or other communications systems), destruction of or unauthorized access to, or alteration of, entries, or for printing, distribution or production errors; (iii) failed or unavailable hardware, network, software or telephone transmissions; (iv) damage to entrants’ or any person’s computer; (v) causes beyond Promotion Parties’ reasonable control that jeopardize the administration, security, fairness, integrity or proper conduct of this Promotion; (vi) incorrect or inaccurate entry information whether caused by entrants or by any of the equipment or programming associated with or utilized in the Promotion; (vii) any typographical or other error in the printing or advertising related to the Promotion, in the administration or execution of the Promotion, or in the announcement/notification of prize winners; (viii) by any human, or other error, which may occur in this Promotion or (ix) cheating or fraud by any participant. All incomplete or non-conforming entries will be disqualified.If for any reason this Promotion cannot be executed as planned, including but not limited to infection by virus, bugs, tampering, unauthorized intervention, fraud, technical failures, or any other causes beyond the control of Sponsor that corrupt or affect the security, administration, fairness, integrity, fairness or proper conduct of this Promotion, or if this Promotion is compromised or becomes corrupted in any way, electronically or otherwise, Sponsor reserves the right, in its sole discretion, to void suspect entries/entrants and/or modify, suspend and/or terminate this Promotion. If the Promotion is terminated before the stated end date of the Promotion Period, the Sponsor will select the winner in a random drawing from among all eligible, non-suspect entries received through all entry methods combined as of the time/date of termination. Sponsor reserves the right, in its sole discretion, to disqualify any individual who tampers with or attempts to tamper with the entry process, who acts in a disruptive or unfair manner, or who attempts to enter using any automatic or programmed entry method, or any entry service. CAUTION: ANY ATTEMPT BY ANY PERSON TO DELIBERATELY CORRUPT OR UNDERMINE THE LEGITIMATE OPERATION OF THE PROMOTION MAY BE A VIOLATION OF CRIMINAL AND CIVIL LAWS. SHOULD SUCH AN ATTEMPT BE MADE, SPONSOR RESERVES THE RIGHT PROSECUTE AND SEEK DAMAGES FROM ANY SUCH PERSON TO THE FULLEST EXTENT PERMITTED BY LAW. In the event of a dispute regarding the identity of the person submitting an entry, the entry will be declared made by the person in whose name entry was made.
Release & Waiver: By participating in this Promotion, entrants agree to release, discharge and hold harmless Promotion Parties from and against any and all liability, loss, injuries or damages associated with participation in this Promotion or the acceptance, possession, use or misuse of any prize received in this Promotion. By participating in this Promotion, entrants waive all rights to claim punitive, indirect, incidental and consequential damages, attorneys’ fees or any damages other than actual out-of-pocket costs incurred to participate.
Publicity: Acceptance of a prize constitutes permission for the Sponsor and its agencies to use winners’ names, voices and/or likenesses for purposes of advertising and publicity in all media now known or hereinafter invented without territorial or time limitations and without additional compensation or notice, unless prohibited by law.
Privacy: The personal information collected through this Promotion is subject to Sponsor’s Privacy Policy located at https://www.militaryvaloan.com/privacy.html. By entering this Promotion, you agree to the use of your personal information as described in the above Privacy Policy. In the event of any conflict between these Official Rules and Sponsor’s Privacy Policy, these Official Rules shall take precedence.
Choice of Law and Jurisdiction: This Promotion is offered only in the United States and is governed by the laws of the State of Washington. By entering, entrants irrevocably consent to the sole and exclusive jurisdiction of the courts of the State of Washington located in the county of King County for any action, suit or proceeding arising out of or relating to this Promotion.
Winners’ List: To view the winners’ list for this Promotion, please visit https://www.militaryvaloan.com/blog/the-militaryvaloan-com-military-hero-award/. The winners’ list will be available after winner validation has been completed.
Sponsor: Full Beaker, Inc., Bellevue, Washington 98004.
Not everyone has the financial means to put 20 percent down on a home purchase. The good news is, forking over 20 percent upfront is not a requirement to buy a home. Plus, you might also be eligible for down payment assistance programs.
How do down payment assistance programs work?
Down payment assistance can potentially give you money that can help you afford a down payment, or it can help with closing costs, which are the fees and charges you pay when you finalize your mortgage. These total approximately 2 percent to 5 percent of the loan principal (and more when you factor in the escrow for insurance and taxes). For instance, on a $200,000 loan, the closing costs could be around $4,000. If all of your money has gone to saving for a down payment, you might need help paying for closing costs.
While a few programs exist at the federal level and even with some individual lenders, the majority of down payment help is offered at the local level through state, county and city government programs, and come in the form of a loan, grant or matched savings.
Down payment assistance eligibility requirements
The vast majority of down payment assistance is offered to first-time homebuyers. Many cities and counties have other housing programs available, but down payment assistance is typically reserved for those who have not owned a home in the last three years.
Many programs restrict owners of rental or investment properties from participating, so you’ll need to be a first-time homebuyer (or haven’t owned a home in the past three years) and the home should be your primary residence. If you’re unsure if you qualify, contact the program before you apply.
Types of down payment assistance
Grants: Grants are a type of housing assistance that provides a one-time cash sum, often in the form of a no-interest second loan, to cover all or part of a down payment or closing costs. The funds don’t have to be repaid.
Low-interest loans: These are similar to grants, but they must be repaid, usually over the course of a few years. Since you’ll be repaying this loan in addition to your regular mortgage, you’ll have a higher monthly payment.
Deferred-payment loans: These types of loans generally don’t charge interest, but usually need to be repaid in full when you sell your home or refinance your mortgage. Many times, these are zero-interest loans, which means you are only responsible for repaying the amount you borrowed initially.
Forgivable loans: These are similar to other kinds of assistance, but you might never have to pay them off. Generally, forgivable loan debt is erased after a certain period of time so long as you still own the home and are up-to-date on your mortgage payments.
Individual Development Accounts (IDAs): Also called a matched-savings account, with an IDA, the account holder’s contributions are matched by either private or public money. To get this kind of account, there are typically income caps and employment requirements, and participants usually need to complete free financial literacy training.
Some mortgage lenders offer their own down payment assistance. For example, In many states, Chase offers up to $3,000 that can go toward closing costs and down payment needs. While this program is just for first-time homebuyers, it does have other stipulations: You’ll need to get a 30-year fixed-rate loan and live in the home as your primary residence. You’ll also need to attend a homebuyer education course to receive the full amount.
What mortgages can down payment assistance be applied to?
Down payment assistance is available for all kinds of mortgages. Government-backed mortgage programs like FHA loans, VA loans and USDA loans often come with their own down payment assistance built-in. You can also apply for down payment assistance with conventional mortgages.
Individual lenders are likely to have their own requirements and restrictions when it comes to how down payment assistance is accounted for and applied to your loan. So, if you know you’re planning to take advantage of a down payment assistance program, it’s a good idea to talk to prospective lenders about how this will affect your mortgage.
How to find down payment assistance programs
Most payment assistance programs are local, though there may be a few statewide ones too. Some of the places to check out for down payment assistance include:
State housing finance authority: Many state housing finance authorities (HFAs) offer homebuying assistance and education. Find your state’s HFA here.
City and county government programs: As a means to boost homeownership, many counties and cities offer down payment assistance programs for first-time homebuyers. Check your municipality’s website for more, or speak to your loan officer to get more details about local DPA programs in your region.
U.S. Department of Housing and Urban Development (HUD): Check HUD’s website for local homebuying programs by state. Every state also has HUD-approved counselors who will simplify the finer points of homebuying and help you find financial assistance.
Down Payment Resource: Down Payment Resource provides a plethora of resources for homebuyers, real estate agents and lenders, including an eligibility and lookup tool.
How to apply for down payment assistance
There is no shortage of down payment assistance options, but there is also no universal application that will go to all of them. Because of this, you will need to apply to each one individually. Depending on the program, you might call to see if you are eligible, complete the application online or in-person and possibly take certain education courses.
Some programs require you to have a specific loan to qualify. For instance, you might need an FHA loan instead of a conventional loan.
Aside from being a first-time homebuyer, eligibility is usually based on income. Many programs target low- to moderate-income earners, so if you are in a higher bracket, you might not qualify. You might also need to contribute a certain percentage of your own income to get the assistance.
Pros and cons of down payment assistance programs
There are a lot of benefits to receiving down payment assistance, but it is not all upside. Here are some key things to keep in mind.
Pros
Can help you become a homeowner faster
Can save you money upfront
Can help you afford more house or get more favorable loan terms
Cons
Can cost you more in the long run if it’s an interest-bearing loan
Can be time-consuming due to the amount of down payment assistance available; you’ll need to do your research and apply to each one individually
Not everyone qualifies
You need to be even more careful about sticking to your budget and refrain from using assistance to overextend yourself financially
You might be required to occupy the home for a minimum number of years in order to have certain types of assistance fully forgiven
Alternative forms of down payment assistance
Not everyone qualifies for down payment assistance programs. If you have owned a home in the last three years, your income is too high or you are planning to rent out the property or otherwise use it as an investment, you might not qualify for many programs.
However, there are other housing programs you might qualify for. Visit HUD.gov/states, select your state and click “Learn About Homeownership.” From there, you can find ways to avoid foreclosure, find home counseling services and get money for home renovations or repairs. Depending on where you live and your needs, you might find housing resources geared towards seniors, disaster relief and help to pay utility bills.
Home assistance programs are vast and vary by needs and location. You might find that if you do not qualify for down payment assistance, you might be eligible for assistance in other ways.
Down payment assistance FAQ
Since programs are usually administered at the local level, the time it takes for them to disburse funds can vary widely. It’s best to initiate your research and applications as soon in the home-buying process as possible to give yourself as much runway as you can. Your lender will work directly with the assistance program to secure the necessary funds.
This, too, depends on where you are. Terms and funding amounts are determined primarily by individual states — find out what’s offered in your area, and what you need to do to apply, by contacting your state’s HFA.
In most cases, yes, you can use multiple sources of down payment assistance, provided you qualify. Check with your lender to ensure you’re obtaining a mortgage through a program that allows for more than one source of assistance.
Last Friday, I attended a workshop put on by Pamela Slim, who writes about entrepreneurship at Escape from Cubicle Nation. Before this meeting, I didn’t know much about Slim or her message, but her work came highly recommended from my friend, Chris Guillebeau. “Pam is the real deal,” he told me. “Her book is what a lot other books have tried to be.”
Based on this recommendation, I drove to hear Slim speak. I was impressed. Chris is right: She’s the real deal. I was so impressed, in fact, that I spent the weekend reading her book, which is also called Escape from Cubicle Nation.
Opening Up to Opportunities
Escape from Cubicle Nation starts at the beginning of the entrepreneurial journey: deciding what to do with your life. Slim spends several chapters discussing how to get in touch with what’s important to you. At times, this almost seems touchy-feely. Almost.
Even if you currently have no intentions to quit your job, Slim’s advice can help you protect yourself from future layoffs. She recommends:
Developing a wide social network
Investing in personal development
Pursuing a small business on the side
Slim advocates a philosophy of “life first, business second”. By becoming clear about what you want from life, what your ideal life contains, you can craft an entrepreneurial vision that helps you to pursue this goal.
Slim says that it’s important to choose work you’re passionate about. She cites the “sweet spot” described by Jim Collins, which is the place these three sets of skills overlap:
What people will pay you to do
That for which you have great passion
That which you are “genetically encoded” to do
In my case, that seems to be blogging. For you, it’s going to be something else. It may take time to find that “something else”, but when you do, you’ll be ready to create a business plan.
The Reality of Entrepreneurship
“Hating your job intensely is not a business plan,” Slim writes in the book’s introduction.
Although I think it is a tremendous idea to work for yourself and live a life of happiness and financial success, I don’t believe that is possible to become an overnight sensation with a few magic techniques or systems.
Slim doesn’t candy coat things. While she encourages readers to pursue their dreams, she admits that the path is often difficult. She also offers “a few horror stories for good measure”, real-life examples of how things can go wrong. She wants her readers to escape from corporate environments, but she wants them to have realistic expectations.
Escape from Cubicle Nation also covers topics like:
Drafting a business plan
Building and using a social network
Lifestyle design
Developing a personal brand
There are a lot of buzzwords in that list, but Slim handles each topic thoughtfully, with examples that readers can relate to. (Rachael Ray, for example, is a perfect example of personal branding.)
Make the Money Work
“Nothing will cause you more pain than ignoring the financial side of your business,” Slim writes. “Not horrible sales calls, crashed laptops, surly employees, or even bad press. When the financial side of your business is not working, life is miserable.”
To begin, however, your personal finances must be in order. Slim offers solid advice (the sort you’re used to seeing on Get Rich Slowly), and encourages readers to have realistic expectations about their financial situations. (This section even excerpts an underrated GRS post about facing and fighting financial trolls.)
There’s also a chapter on benefits for the self-employed, including health insurance.
Making the Leap
It’s one thing to draw up a business plan and to embrace the idea of entrepreneurship, but it’s another thing to actually make the leap. It can be scary to quit a safe job to pursue the unknown. In the final section of her book, Slim offers advice for smoothing the transition.
First, she tells readers to expect resistance from the people they know. “You are crazy if you think you can convince all your friends and family that starting a business is a good idea,” Slim writes. She provides techniques for handling common questions, and she stresses the importance of open communication with your spouse or partner.
Finally, Slim provides some pointers for getting organized — and deciding when it’s time to leave your job, to escape from cubicle nation.
Conclusion
I thought Slim’s workshop last Friday was great, and not just because of her content. I was impressed with the dynamic people in attendance. The flood of tips, ideas, and experiences was inspirational.
But Escape from Cubicle Nation — the book — is even better. Some people might be put off by how often she quotes from other sources. Not me. I love it. I like that she synthesizes advice from a variety of books and blogs to give the readers the best information possible. I wish more authors did this.
If you think Escape from Cubicle Nation might be useful for you but aren’t quite sure, you can give Pam Slim’s ideas a test drive at her blog. (Slim has also made the first chapter of the book available via PDF.) Based on the number of Get Rich Slowly readers at the workshop last Friday, it seems that many of you are looking to escape your corporate jobs to pursue your passions. That’s awesome.
Becoming a homeowner doesn’t necessarily require a large down payment. The conventional wisdom is that buyers need 20 percent down, but there are options to help you get the keys without giving up every dollar in your savings.
How to get a mortgage with no money down
Here are three possibilities:
See if you qualify for a zero-down mortgage option. Bank of America’s zero-down program aims to help buyers purchase property in minority neighborhoods. USDA and VA loans allow you to get a mortgage without a down payment. To qualify, though, you’ll need to meet certain criteria related to where the property is located, how much money you earn, or whether you or a spouse has served in the military.
Explore low-down payment mortgage options. Both conventional mortgages and government backed mortgages are available for people putting down less than 20 percent.
Ask family or friends for help. Many lenders allow you to use gift funds from a family member — and in some cases, a close friend, labor union or an employer — for your down payment. You’ll need to provide a letter from the source of the gift that shows you don’t need to pay the money back.
Zero-down mortgage options
The easiest way to avoid a down payment is to qualify for one of the two no-down payment government-backed mortgage programs: USDA and VA loans. In addition to government options you may be able to get a zero down loan through your local credit union, especially if it’s one based on membership in a professional organization. These are relatively rare but are worth looking into if you can find one.
USDA loans
The U.S. Department of Agriculture (USDA) backs USDA home loans, a mortgage guarantee program for those buying a home in a designated rural area. USDA loans don’t require a down payment, but borrowers must meet credit and income requirements to qualify, and, in some cases, be a first-time homebuyer. You can verify your eligibility via the USDA website.
Although there’s no down payment with a USDA loan, there is an upfront guarantee fee, which borrowers can roll into the cost of the mortgage. While you won’t pay any money initially if you choose to roll it into the loan, keep in mind that it adds to the balance and will accrue interest over the loan term, which means you’ll pay more overall.
VA loans
If you’re a military servicemember, veteran or surviving spouse, you could be eligible for a VA loan backed by the U.S. Department of Veterans Affairs (VA) with no money down. There is no mortgage insurance with this type of loan, but like a USDA loan, you do have to pay an upfront funding fee, which can be rolled into the mortgage. (Note that you can reduce the funding fee by making a down payment, but no down payment is actually required.)
Another perk of VA loans is that many lenders offer more competitive rates for these products, which helps you save quite a bit of money over the life of the loan.
Low-down payment mortgage options
If you don’t qualify for one of the no-down payment home loans, you might still be able to buy a home with the next best thing: a low-down payment mortgage. Here are some of the options available:
FHA loans – Backed by the Federal Housing Administration (FHA), an FHA loan requires only 3.5 percent down with a credit sore as low as 580. (If you have a credit score between 500 and 579, you might be able to qualify with a higher down payment of 10 percent.) It’s a popular option for homebuyers with less-than-perfect credit. Like other government-insured programs, FHA loans are offered by private mortgage lenders, so you might also have to meet a lender’s criteria in order to qualify. Additionally, you have to pay for FHA mortgage insurance, which adds to your monthly payment and the cost of the loan.
HomeReady mortgage – The Fannie Mae HomeReady mortgage, available through many mortgage lenders, is backed by Fannie Mae. The down payment requirement on a HomeReady loan is 3 percent, and the loan itself offers flexible underwriting. While you’ll have to pay mortgage insurance to compensate for the low down payment, it’s often at a lower price tag than what you might see with a conventional loan.
Home Possible mortgage – Backed by Freddie Mac, Home Possible is a similar mortgage program to HomeReady, with a 3 percent down payment requirement. Borrowers do have to pay for mortgage insurance — again, at potentially a lower rate — but also enjoy the same credit flexibilities.
Conventional 97 mortgage – A Conventional 97 mortgage is another GSE-backed program, available from Fannie Mae and Freddie Mac, that only requires a 3 percent down payment. It’s important to note that conventional mortgages require a higher minimum credit score of 620. As with other low-down payment programs, you need to be financially prepared to pay for mortgage insurance each month.
Good Neighbor Next Door – The Good Neighbor Next Door (GNND) program is for borrowers who work in select public service professions — teachers, firefighters, law enforcement and emergency medical technicians — and are planning to buy a home in a qualifying area. The program, sponsored by the U.S. Department of Housing and Urban Development (HUD), provides a discount of up to 50 percent on a home with a down payment of just $100. Through the program, the borrower must qualify for a first mortgage, and the discounted portion of the home comes in the form of another loan. As long as the borrower continues to meet program requirements, the second mortgage won’t have to be repaid.
Pros and cons of a no-down payment mortgage
The ability to buy a home with no or very little money down can be appealing, but there are drawbacks, too.
Pros
You can buy a home sooner. When you don’t have to come up with a substantial down payment, it’s easier to buy a home sooner, especially if you’re in an area where home prices are spiking. Alternatively, if you want to take advantage of a good deal or a dip in the market, you can move fast without having to spend time saving for a down payment.
You can keep more cash on hand. Even if you have enough to make a sizable down payment, you might want to keep cash on hand for remodeling or to reach some other goal. With a zero- or low-down payment mortgage, that extra cash remains available to you.
Cons
You’ll have no or little equity. When you start with a no-down payment home loan, you don’t have much or any equity in your home at the outset because you’ll owe nearly 100 percent of the home’s value. That means you won’t be able to tap into your equity in an emergency, and during a downturn in the real estate market, you could end up owing more on the home than it’s worth, making it difficult to sell and move if that becomes necessary.
Your interest rate might be higher. In some cases, you might have to pay a higher mortgage rate for a no- or low-down payment loan. That’s because with less money tied up in the home, a mortgage lender might view you as more of a risk. Of course, the higher your interest rate, the more you’ll pay overall.
You’ll need a bigger mortgage, which translates to higher costs. The less you put down, the more you’ll need to borrow, which means you’ll pay more in interest over the life of the loan.
Your offer for a home might not look as compelling. It’s a competitive housing market in most places around the country. If someone else makes an offer on a house with a large down payment, that buyer might look like a better bet for a smooth transaction in the seller’s eyes.
You might have to pay extra fees. Some no-down payment home loans come with extra fees, which add to the cost of the loan.
FAQs about no or low-down payment mortgages
Calculate your budget. When you’re applying for a mortgage, lenders will take a deep look at your finances, so determine how much house you can realistically afford. Once you have an idea of your monthly budget, you can do the math to figure out your target goal for a down payment.
Cut costs everywhere possible. Saving money isn’t just about earning more; it’s about spending less. As you start growing a down payment fund, scrutinize your monthly spending and think about how to shrink some expenses. Can you stop buying coffee each morning? How much can you save if you stop eating out and only cook at home? Even if you’re on a tight budget, you can still identify ways to save.
Consider adjusting your other financial goals in the short term. If you’re 25 and want to buy a home, for example, consider reducing or pressing pause on your retirement contributions to shift those dollars toward your goal. Just remember that once you move in, you’ll want to focus on catching up on your retirement savings as soon as possible.
Find savings matching programs. Saving for a down payment doesn’t have to all fall on your shoulders. Some mortgage lenders such as Lower offer a boost that matches your savings up to a certain dollar amount. There are also some dollar-matching programs through state housing finance agencies.
Make sure your savings are also earning. While you’ll be hard-pressed to find a lucrative interest rate on a no-risk savings account, there are banks and credit unions that pay an above-average yield on your deposits. When you’re saving up to buy a house, every dollar counts.
There are down payment assistance programs in all 50 states. Some programs are available for particular counties or cities and some are limited to special populations like nurses or school teachers. Most are restricted to first time homebuyers and have income restrictions but income limits are higher in areas with higher housing costs.
Bottom line
As home prices rise, hitting that oft-quoted 20 percent down payment is becoming increasingly difficult for many homebuyers. Don’t let the need for a huge sum of money discourage you from trying to own a home. There are a range of programs that can help you buy a home with no money down or just a fraction of the purchase price. Compare all your loan options, and, more importantly, compare multiple lenders. By comparison-shopping for a mortgage, you’ll be able to land the best deal that makes sense with your savings and budget.
New York, April 26, 2023 (GLOBE NEWSWIRE) — The Digitally Printed Wallpaper Market recorded a valuation of USD 3.2 billion in 2022 and is expected to reach USD 17 billion by the end of 2032, expanding at a CAGR of 18.4% over the decade. Digitally printed wallpaper is a type of wallcovering created using digital printing technology. Unlike traditional wallpaper, which utilizes the screen-printing process, digitally printed wallpaper is made using large format printers that print high-resolution images onto wallpaper material. This permits more intricate and detailed patterns, textures and imagery to be printed onto the material. Furthermore, this capability also enables the customization of designs according to individual preferences or needs.
To get additional highlights on major revenue-generating segments, Request a Digitally Printed Wallpaper Market sample report at https://market.us/report/digitally-printed-wallpapers-market/request-sample/
Key Takeaway:
In 2022, by substrate, the market is dominated by vinyl. Vinyl wall coverings are long-lasting, scratch-resistant, and simple to maintain.
By printing technology, the Inkjet segment is dominant with a market share of 62% in the overall market.
By end-user, the commercial segment is dominant because commercially printed wallpaper is frequently used to create distinctive designs that advance branding, improve ambiance, and distinguish places.
The North American region is dominant with a market share of 37%.
The CAGR of the Asia Pacific region is expected to have a high growth rate.
Factors affecting the growth of the Digitally Printed Wallpaper industry
Several factors affect the growth of the digitally printed wallpaper industry. Some of them are as follows;
Growing demand for customized wallpaper: As consumers increasingly desire personalized and customized wallpaper designs, digital printing technology provides the freedom to craft unique pieces according to individual tastes and preferences.
Advances in digital printing technology: High-quality digital printers have enabled greater precision, color accuracy, and detail when producing wallpaper designs; this has resulted in an uptick in demand for digitally printed wallpaper.
Growing consumer preference for aesthetically pleasing home decor products: With an increasing focus on home aesthetics, consumers are willing to invest in unique and captivating wallpaper designs that enhance the overall aesthetic appeal of their living spaces.
Rising disposable income: As disposable income continues to increase; consumers are willing to spend more on home decor items such as digitally printed wallpaper.
Growing demand for eco-friendly and sustainable wallpaper materials: As demand for environmentally friendly and sustainable wallpaper materials such as non-PVC wallpaper grows, the digitally printed wallpaper industry faces new opportunities.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/digitally-printed-wallpapers-market/#inquiry
Market Growth
The market for wallpaper that has been digitally produced has been expanding consistently in recent years. The demand for personalized also customized wallpaper designs is on the rise, and advances in digital printing technology and growing consumer preference for aesthetically pleasing home décor goods are also contributing factors to the growth. Moreover, the market has grown as a result of the expansion of the real estate sector, as well as rising disposable income and shifting living preferences. The demand for digitally printed wallpaper is anticipated to rise further as eco-friendly as well sustainable wallpaper materials, such as non-PVC wallpaper and gain appeal.
Regional Analysis
North America leads the Digitally Printed Wallpaper Market, boasting a 37% share. Europe is the biggest demand and awareness driver for personalized home decor goods; their supply chains and customer base are well-established within this industry. Over the forecast period, the Asia Pacific region also experienced substantial revenue generation growth at an increased compound annual growth rate (CAGR) of 7.3%. With growing consumer awareness and demand for personalized decor items, analysts anticipate further expansion of this sector across other regions such as South America, the Middle East, and Africa.
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of the Report
Report Attribute
Details
Market Value (2022)
USD 3.2 Billion
Market Size (2032)
USD 17 Billion
CAGR (from 2023 to 2032)
18.4%
North America Revenue Share
37.0%
Historic Period
2016 to 2022
Base Year
2022
Forecast Year
2023 to 2032
Market Drivers
Digital printing technology advancements: The growth of digital printing technology has made it easier and more affordable to produce high-quality custom wallpaper patterns. Now that smaller producers and designers have more entry points into the market, there is more rivalry, which encourages innovation.
Customization and personalization: As consumers look for distinctive and personalized products more and more, digitally printed wallpaper offers them a platform to express their uniqueness. Digital printing can be used to create unique wallpaper patterns to fit a range of tastes and preferences.
Growing consumer desire for environmentally friendly products: Thanks to advances in digital printing technology, wallpaper can now be made with environmentally friendly materials and processes.
Market Restraints
High initial investment: Setting up a digital printing factory to produce wallpaper and buying the required equipment are both expensive. This might make it more difficult for new rivals to enter the market and for smaller companies to expand.
Limited sustainable choices: Only a limited number of sustainable and eco-friendly materials are readily available, despite the growing demand for environmentally friendly wallpaper choices. Because of this, it might be more difficult for companies to meet customer demand, and the cost of environmentally friendly choices might increase.
Market Opportunities
Increasing Demand for Personalized and Customizable Home Decor Products: Digitally printed wallpaper presents a practical and adaptable choice for consumers who are increasingly looking for one-of-a-kind and customized decor items. One of the primary benefits of using this type of paper for creating unique designs and patterns is that demand for digitally printed wallpaper is anticipated to increase.
Technology advancements related to digital printing: As this field develops, it is anticipated that quality, speed, and economy will further improve. This can lower production costs and increase output, increasing customer access to and affordability of digitally printed wallpaper.
Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=100075
Report Segmentation of the Digitally Printed Wallpaper Market
Substrate Insight
Vinyl is the most popular substance for wallpaper created digitally. The market proportion of this substrate is 37%. Vinyl wall coverings are easy to keep, durable, and scratch resistant. Because they are impermeable, they can be used in high-moisture spaces like bathrooms and kitchens. Nonwoven substrates are favored for digitally printed wallpaper because they are reliable, simple to use, and can hide wall flaws. Nonwoven walls are additionally breathable and can help stop the growth of mold and mildew.
Printing Technology Insight
With a market share of 62% in the overall industry, the inkjet segment dominates, because of its high-quality output, accessibility, and adaptability. Inkjet printing is widely used in the global market for digitally produced wallpaper. Ink droplets are sprayed using this technology onto the surface of the wallpaper material to create a high-resolution picture with vibrant colors and fine details. Electrophotography, also known as digital laser printing, is another method used to produce wallpaper that has been digitally produced. This technique uses a laser to create an electrostatic image on a drum, which toner particles then transmit to the wallpaper material.
End User Insight
With a market share of about 40%, the commercial sector dominates. Commercially printed wallpaper is frequently used to create distinctive designs that advance branding, improve ambiance, and distinguish places. Restaurants can use digitally printed wallpaper with food pictures to make the dining experience more inviting for their customers. Hotels could also use beautiful scenery as a backdrop to create inviting, peaceful environments for visitors. Residential digitally printed wallpaper is used to design distinctive areas that reflect the tastes and personalities of the homeowners. Homeowners can choose from a wide variety of patterns, colors, and designs, or even make their own to match their decor.
For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/digitally-printed-wallpapers-market/request-sample/
Market Segmentation
Based on Substrate
Nonwoven
Vinyl
Paper
Others
Based on Printing Technology
Based on the Type of Wallpaper
Wildlife
Scenic Beauty
Lifestyle
Architectural
Portrait
Wedding
Fashion
Abstract
Others
Based on the End User
Residential
Commercial
By Geography
North America
The US
Canada
Mexico
Western Europe
Germany
France
The UK
Spain
Italy
Portugal
Ireland
Austria
Switzerland
Benelux
Nordic
Rest of Western Europe
Eastern Europe
Russia
Poland
The Czech Republic
Greece
Rest of Eastern Europe
APAC
China
Japan
South Korea
India
Australia & New Zealand
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
Rest of APAC
Latin America
Brazil
Colombia
Chile
Argentina
Costa Rica
Rest of Latin America
Middle East & Africa
Algeria
Egypt
Israel
Kuwait
Nigeria
Saudi Arabia
South Africa
Turkey
United Arab Emirates
Rest of MEA
Competitive Landscape
The global digitally printed wallpaper market is highly fragmented and features a number of players operating within it. These key players strive to find innovative ways to serve customers better and retain them for longer periods of time, using production methods and materials with the minimum investment required.
Some of the major players include:
A S Creation Tapeten AG
Grandeco Wallfashion Group Belgium NV
Graham and Brown Ltd
MX Display Ltd
Flavor Paper
Moonavoor Sisustus
JOHNMARK LTD
Glamora Srl
Inkiostro Bianco PI
Tecnografica
Syndikat4
DAISY JAMES
ELITIS
MINDTHEGAP
YO2 Designs
Arte International
Astek
Momentum Textiles & Wallcovering
Londonart
Other Key Players
Recent Development of the Digitally Printed Wallpaper Market
In 2021: Muraspec Group introduced a new line of wallpaper 2021 that featured environmentally friendly choices made from recycled materials.
In 2020: Flavor Paper and artist Wayne White teamed up to release a new brand of digitally printed wallpaper with his work on it.
Browse More Related Reports:
3D printed wearables market accounted for USD 3,570.84 million in 2021. It is projected to grow at a 9.1% CAGR
3D Printers Market is expected to be worth around USD 17,940 million by 2031 from USD 13,220 million in 2021, growing at a CAGR of 21%
3D printing materials market size is expected to be worth around USD 17,775.07 million by 2032 from USD 1,624.16 million in 2021
Digital photography market is valued at USD 47.8 billion in 2022. It is expected to reach USD 68.08 billion at a 3.6% CAGR between 2023 and 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Effective immediately, the FHA will lower its owner-occupancy requirement for certain approved condominium complexes to just 35%.
That means a given complex only needs about a third of the units to be owner-occupied, instead of the prior rule stating that 50% had to be primary residences.
The rule change should increase FHA lending on condos, something the National Association of Realtors has been pushing for to help lower-income renters become homeowners.
After all, condos tend to be a more affordable option than single-family homes.
About a year ago, the FHA eased its occupancy requirement in a variety of ways to make that occupancy number easier to satisfy, but this change goes even further.
In a nutshell, more investor-owned units means more risk for the building as a whole, something the FHA isn’t too fond of.
Their position is that owner-occupants are less likely to default on their HOA dues compared to non-owner occupants.
But The Housing Opportunity through Modernization Act of 2016 (HOTMA) directed the agency to issue new guidance to avoid harming the marketability of a building.
For example, it might be more difficult to sell a condominium unit if the buyer was planning to finance it with an FHA loan. That could lead to a price drop or a failed sale.
After some evaluation, HUD determined that the FHA’s Mutual Mortgage Insurance Fund (MMIF) could allow for a lower percentage of owner-occupants in some complexes but not in others.
Condos Must Meet Certain Conditions
While the new rule will make more condos FHA-eligible
There are some additional conditions that must be met
Including minimum reserve requirements for expenses and maintenance
And no more than 10% of units can be behind on HOA dues
Not every FHA-approved building will enjoy the new, lower occupancy requirement.
In order to take advantage of the updated owner-occupancy requirement, the building must meet the following conditions:
• Applications must be submitted for processing/review via HUD Review and Approval Process (HRAP)
• At least 20 percent of the condo development’s budget must provide for funding of replacement reserves for capital expenditures and deferred maintenance
• No more than 10 percent of the total units can be in arrears (60 days or more past due) on their HOA dues
• Three years of acceptable financial documents must be provided
Assuming the complex can satisfy all these requirements, a new buyer will be able to purchase a unit in the building using an FHA loan, even if it’s only 35% owner-occupied.
That will come as welcome news to those who are unable to qualify for a conventional loan, or simply want to take advantage of what the FHA has to offer.
For condominiums currently under construction, or for those being proposed (including projects less than 12 months old), and gut rehabs, the FHA will maintain its existing 30% occupancy guideline.
Prior to the Housing and Economic Recovery Act (HERA) of 2008, the owner-occupancy requirement was as high as 80%. It was then lowered to 51%, and after HERA to 50% for existing projects and 30% for those other projects mentioned just above.
If you have your eye on a certain condo, make absolutely sure it allows for FHA financing before making an offer, assuming you need/want to finance it with an FHA loan.
I’ve seen many properties marketed as FHA-approved, only to find out that the information was thrown up haphazardly on the MLS.
A good real estate agent should know whether it’s approved for FHA financing and a good lender should be able to determine the occupancy levels to ensure all goes smoothly.
In today’s world, it’s important to find a job that not only pays well but also lets you enjoy your life outside of work. To achieve this, it’s essential to have valuable skills that people need so much that they are willing to give you the conditions you need to live freely. In this article, we will share some high-income skills that you can learn to upgrade your career and improve your quality of life.
What Are High Income Skills?
High-income skills are specialized abilities that are in high demand in the job market and can potentially generate a significant income for individuals who possess them. These skills often require a high level of expertise and are usually transferable between industries.
High-income skills can include a range of abilities, such as those related to sales, marketing, software development, data analysis, project management, financial management, public speaking, and others. The specific skills that are considered high-income can vary depending on the industry and the job market at any given time.
Importance of High-Income Skills in Today’s Job Market
In today’s job market, traditional education and job skills are no longer enough to secure high-paying jobs. Many industries are undergoing rapid technological advancements, which means that jobs that were once secure and high-paying are now being automated. In contrast, high-income skills are in high demand and can help individuals stay relevant and competitive in their respective fields.
Furthermore, high-income skills offer individuals the potential to earn a high income, even if they do not have a traditional college education.
By mastering a high-income skill, individuals can become independent contractors, start their own businesses, or work remotely, all of which offer greater flexibility and earning potential than traditional 9-5 jobs
Differences between High-Income Skills and Traditional Job Skills
Traditional job skills refer to skills that are required for specific jobs or industries. For example, a doctor must have knowledge of medical procedures and healthcare, and a teacher must have knowledge of education and classroom management.
In contrast, high-income skills are often transferable between industries and can be used in multiple professions. For example, a person with strong project management skills could work in a variety of fields, such as construction, healthcare, or finance.
Additionally, traditional job skills often require a formal education, such as a degree or certification, while high-income skills can be learned through experience, mentorship, and practice. This means that individuals can acquire high-income skills without going into debt to pay for college or vocational training.
High-income skills are in high demand in today’s job market and offer individuals the potential to earn a high income and achieve greater flexibility and independence in their careers. Unlike traditional job skills, high-income skills are often transferable between industries and can be acquired without a formal education.
1. Copywriting
Copywriting is the art of selling by writing. It involves convincing people to take action through your writing. While it may be easy to persuade people verbally, writing to convince them to take action is a lot more complex. Copywriters are highly sought after because they are the ones who write promotional emails, home pages, and online product features.
To be a good copywriter, you need to be good with people, understand how they think, what they need, and how to best help them. You should also be skilled at structuring your paragraphs and words to make sense and sound compelling. The average salary for copywriters is around $55K, but depending on your niche, you can earn over $200K per year.
2. Sales
Sales is all about communication and convincing someone to do something. It’s not just about convincing people to buy a product they don’t need; it’s also about presenting an idea, interviewing for a job, or presenting a project to your boss. If you believe in the company you work for or the product you sell, then excellent sales skills are essential.
Average salespeople make around $50K per year, but those who work for businesses can earn six figures. If you’re good with people and passionate about helping them, sales could be the perfect fit for you.
3. Web Design
Web design involves designing beautiful websites that follow brand strategy and guidelines to develop a unique look. If you have a sense of design and creativity, web design might be the skill for you. The average salary for web designers is around $55K per year, but on platforms like Upwork, people charge between $65 to $80 per hour, which is more than $135K per year.
4. Digital Marketing
Digital marketing is the practice of promoting products or services through digital channels, such as search engines, social media, email, and other online platforms. As technology has continued to advance, digital marketing has become increasingly important for businesses of all sizes.
Digital marketing involves a variety of different disciplines and specializations, including search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, email marketing, content marketing, and more. Each of these areas requires a unique skill set and approach, but they all share a common goal: to connect with potential customers online and drive business results.
One of the biggest advantages of digital marketing is its ability to target specific audiences with precision. Through advanced targeting options, businesses can reach the people most likely to be interested in their products or services. This can help to maximize the effectiveness of marketing campaigns and generate a higher return on investment.
Another benefit of digital marketing is the wealth of data and insights that it provides. By tracking website traffic, social media engagement, email open rates, and other metrics, businesses can gain valuable insights into how customers are interacting with their brand online. This data can be used to optimize marketing strategies and improve overall performance.
As for the salary range in digital marketing, it varies greatly depending on the specialization and level of expertise. According to Glassdoor, the average base pay for a digital marketing manager is around $77,000 per year in the United States, but this can range from $47,000 to over $117,000 depending on the location, company size, and years of experience. In specialized areas like SEO or PPC, the salary can be even higher. Freelance digital marketers can also earn significantly more by working with multiple clients and charging an hourly or project-based rate.
5. Computer Science
If you’re passionate about apps, algorithms, and online processes, then computer science might be the skill for you. This broad term can encompass many areas like data analysis, software engineering, or machine learning. The average salary for computer scientists is around $75K per year, but on platforms like Upwork, people charge between $65 to $80 per hour, with some earning up to $150K per year.
Job Title
Salary Range
Software Developer
$70,000 – $150,000
Web Developer
$50,000 – $107,000
Database Administrator
$74,000 – $122,000
Information Security Analyst
$77,000 – $130,000
Data Scientist
$85,000 – $165,000
Cloud Architect
$120,000 – $200,000
Machine Learning Engineer
$110,000 – $190,000
Please note that these salary ranges are approximate and may vary depending on factors such as years of experience, location, company, and industry.
6. Consulting
Consulting involves using soft skills like communication, negotiation, and presentation to help clients find better solutions. It’s all about asking key questions, handling emotions, and understanding your clients to serve them better. While the average salary for consultants is around $75K, it’s not accurate due to the great resignation.
Independent consultants can earn between $90 to $150 per hour, but it’s not something you can learn online. You need to learn skills like negotiation, presentation, and sales to become a good consultant.
7. Content Creation
Content creation involves creating great content that will attract people to your business. You can do it for yourself or for others, like writing, content creation, and content management. If you do it for others, you can earn between $75-$150/hour.
Content creation is the process of developing engaging content that captures the attention of an audience. It can include creating written content, such as articles, blog posts, or e-books, as well as visual content, such as images, infographics, or videos. If you have a passion for creating compelling content and are skilled at storytelling, content creation may be a high-income skill worth pursuing.
Here are some points to consider when developing your content creation skills:
Writing: The ability to craft well-written and engaging content is a valuable skill in today’s digital age. If you’re interested in writing, consider taking courses on writing techniques, storytelling, and copywriting. Practice writing regularly to hone your skills and build your portfolio.
Video Production: Video content is becoming increasingly popular, and businesses are looking for skilled video producers who can create high-quality content. If you have an interest in video production, consider learning how to shoot and edit videos, as well as how to use video editing software.
Social Media: Social media is a powerful tool for businesses to connect with their customers and promote their products or services. As a content creator, you may be tasked with developing social media content that is engaging and shareable. Consider taking courses on social media marketing and developing your social media skills.
SEO: Search engine optimization (SEO) is the practice of optimizing content to rank higher in search engine results. As a content creator, you may be responsible for ensuring that the content you create is optimized for search engines. Consider taking courses on SEO and staying up-to-date on the latest SEO best practices.
Graphic Design: Graphic design skills are valuable for creating visual content, such as infographics or social media graphics. If you have an interest in graphic design, consider taking courses on design software, such as Adobe Photoshop or Illustrator, and developing your design skills.
Overall, content creation is a versatile skill that can lead to high-paying opportunities in a variety of industries. By developing your content creation skills and building a strong portfolio, you can position yourself as a valuable asset to businesses looking to connect with their customers and build their brand.
8. Writing
Writing is a versatile skill that can open doors in various industries. Whether it’s creating content for a blog, writing copy for a website, or drafting an important business proposal, writing is a skill that can help you communicate your ideas effectively.
Strong writing skills are especially important for those working in fields like journalism, public relations, marketing, and advertising. Good writers can earn an average salary of around $60K per year, but top earners can make well into the six figures.
9. Project Management
Project management involves overseeing a project’s planning, execution, and closing phases. It requires strong organizational skills, leadership abilities, and the ability to manage resources effectively. Project managers are in demand in various industries, including construction, engineering, technology, and healthcare. The average salary for a project manager is around $80K per year, but top earners can make over $150K.
10. Public Speaking
Public speaking is the art of delivering a message to an audience. It’s a skill that’s useful in various industries, including education, sales, and politics. Good public speakers can engage their audience, convey their message clearly, and leave a lasting impression.
Public speaking can be a lucrative skill, with top motivational speakers earning millions of dollars per year. However, even an average public speaker can make a comfortable living, with an average salary of around $60K per year.
“Public speaking is a skill that can be learned and mastered with practice. It’s not about being perfect, but about connecting with your audience and delivering a message that resonates with them.”
– Grant Baldwin, author and professional speaker
11. Graphic Design
Graphic design involves creating visual content, such as logos, illustrations, and layouts. It requires creativity, technical skills, and the ability to communicate a message visually. Graphic designers are in demand in various industries, including advertising, marketing, and publishing. The average salary for a graphic designer is around $50K per year, but top earners can make over $100K.
13. Accounting
Accounting is the process of recording, classifying, and summarizing financial transactions. It requires attention to detail, strong analytical skills, and the ability to work with numbers. Accountants are in demand in various industries, including finance, healthcare, and government.
The average salary for an accountant is around $70K per year, but top earners can make over $100K. Accounting is a great career choice for those who are organized and detail-oriented. With the right qualifications, you can open your own practice or work in a large organization.
Accountants must be prepared to stay up-to-date on changing regulations and industry trends. They also must be comfortable working with computer software and technology, such as accounting programs and spreadsheets.
The Bottom Line – Increase Your Income with High Income Skills
[embedded content]
In conclusion, acquiring high-income skills can lead to a more fulfilling career and a better quality of life. These skills can take time and effort to develop, but the financial rewards can be significant. Whether you choose to learn a new programming language, improve your writing skills, or become a better public speaker, there’s always room for growth and development in today’s job market.
By investing in yourself and developing valuable skills, you can position yourself for success and achieve your career goals.
Life insurance is a major component of most any overall financial plan – regardless of one’s age or employment status. That is because loved ones could be faced with massive debts to pay – including the cost of a funeral and other financial expenses – if the unexpected should occur.
The proceeds that are received from life insurance policies are income tax-free, so loved ones can use the entire amount of the funds for their needs. This can help them to avoid a financial hardship, at an already difficult time in their lives.
When you are in the process of seeking life insurance coverage, several key factors are essential to keep in mind before making a long-term commitment to a policy. These should include obtaining the proper type and amount of insurance coverage, as well as making sure that the insurance company that you are purchasing the policy through is secure and stable financially and that it has a good, solid reputation for paying out its claims to policy holders and beneficiaries. One company that meets these criteria is Geico Insurance Company.
The History of Geico Insurance Company
Geico has been in business since 1938. Over the past 80 years, the company has grown and expanded exponentially, and today the company is ranked as the second largest private passenger auto insurance company in the United States.
The name Geico is an acronym for Government Employees Insurance Company, which goes back to the company’s beginnings. The founder of Geico, Leo Goodwin, initially targeted a customer base that consisted primarily of United States government employees and military personnel.
The company now insures military and government personnel, as well as private consumers. In 1996, Geico became a wholly owned subsidiary of Berkshire Hathaway, which is headed by the world’s most famous investor, Warren Buffett. For the past several years, Fortune magazine has named Berkshire Hathaway’s property casualty insurance operation as the most admired in the U.S.
Presently, Geico is made up of its primary unit, the Government Employees Insurance Company, along with several affiliates, including:
Geico General Insurance Company
Geico Indemnity Company
Geico Casualty Company
Geico Advantage Insurance Company
Geico Choice Insurance Company
Geico Secure Insurance Company
Geico is headquartered in Chevy Chase, Maryland (near Washington, DC). The company also has some regional offices that are dotted throughout the U.S., including locations in:
Buffalo, New York
Dallas, Texas
Frederickson, Virginia
Lakeland, Florida
Macon, Georgia
San Diego, California
Tucson, Arizona
Virginia Beach, Virginia
Woodbury, New York
There are also several services centers, which are in Iowa, Indiana, and Hawaii, as well as some claims centers, which can be found in Houston, Texas, as well as in Seattle, Washington, and in Marlton, New Jersey.
Geico Life Insurance Review
Today, Geico insures more than 15 million auto insurance policies – and growing – and the company has more than 24 million vehicles insured. It is one of the fastest growing major auto insurers in the country, employing more than 36,000 associates, and providing customer service 24 hours per day, seven days per week, and 365 days per year. As of year-end 2016, Geico had assets under management of more than $32 billion.
The company has also earned a long list of various awards and accolades over the years. For example, Geico was named to Ward’s 50 top group of financially high-performing insurers for the 21st consecutive year in 2011. This award recognizes that Geico achieved outstanding financial results in the areas of safety, consistency, and performance.
Also, Geico was rated as being superior by consumers in 2007, for its customer advocacy. Forrester defines this as being “the perception by customers that a firm (Geico) does what’s best for them, and not just what is best for its bottom line.”
Geico was also rated as #1 by the Kanbay Research Institute for being the most desired insurer amount consumers based on the following factors:
High regard for customer service
Focus on staff training and development
Likewise, the owner of Geico, Berkshire Hathaway, was named as being a leading company in world insurance markets. These rankings include:
#1 global insurance company by revenues in 2013, based on an analysis of companies in the Global Fortune 500.
#2 writer of private passenger auto insurance by direct premiums were written in 2013. (Before reinsurance transactions, includes state funds. Based on U.S. total, includes territories).
Geico has also been named a leader in ethical practices in the property/casualty industry, and Berkshire Hathaway was appointed as a leader in ethical practices in the financial services sector by Ethisphere Magazine.
Also, Geico achieved the highest overall score in Forrester Research’s 2014 U.S. Mobile Auto Insurance Functionality Benchmark. With perfect scores in policy information and management categories, Forrester proclaimed Geico as “The pocket auto insurer.”
Geico’s Mobile App and insurance site received a #1 ranking on Keynote’s 2015 Mobile Insurance Scorecard, competing against top insurers. Geico is also ranked first for technical quality, according to Keynote KCR (Keynote Competitive Research).
While the company has traditionally been known for its vehicle coverage options, Geico doesn’t just offer auto insurance. The insurer offers a broad range of coverage products and services, including life insurance, home owner’s insurance, and even identity theft protection.
Insurer Ratings and Better Business Bureau Grade
Due to its stable financial footing, as well as its timely payment of customers’ insurance claims, Geico has been given high ratings from the insurer rating agencies. These include the following:
AA+ from Standard and Poor’s
Aa1 from Moody’s
A++ from A.M. Best Company
Also, although Geico is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of B by the BBB. This is on an overall grade scale of A+ to F.
Throughout the past three years, Geico has closed out a total of 2,514 customer complaints – of which 158 have been closed out within the previous 12 months. Of these total 2,514 complaints, 1,655 regarded as the company’s product and/or services, while 658 were regarding billing and/or collection issues. Another 125 considered advertising and/or sales issues, 55 were concerning guarantee and/or warranty issues, and the remaining 21 complaints focused on delivery issues.
Life Insurance Products Offered Through Geico
Customers of Geico can obtain life insurance coverage via Life Quotes, Inc. The company offers term life insurance policy, which provides pure death benefit protection, without any cash value or savings build up. Because of this, the premiums for term life insurance can typically be quite affordable – especially for those who are young and in good health at the tie of policy application.
As its name implies, term life insurance is purchased for a set period – or term – such as five years, ten years, 15 years, 20 years, or even for 30 years. In most cases, the amount of the death benefit coverage, as well as the sum of the premium, will remain level throughout the term of the policy.
And, provided that the premiums are paid on time, the company that issues the term life insurance policy will not be able to cancel the coverage. Once the term of a policy reaches its end, the insured may opt just to purchase a new policy (if he or she qualifies based on their then-current health).
As with its other forms of insurance coverage, getting life insurance via Geico can be a natural process. For example, by teaming up with Life Quotes, Inc., customers can expect the following benefits:
Easy paperwork/application process
Natural customer service process
Convenient payment plans for paying the premium, which include monthly, quarterly, or annual payment options
A full range of coverage limits to meet each customer/policy holders’ needs
When applying for life insurance through Geico / Life Quotes, Inc., an applicant’s health is considered. Once approved, the life insurance policy will typically cover death due to any cause, other than that of suicide within the first two years of policy ownership.
Once an individual has been approved for life insurance coverage through Geico / Life Quotes, policy holders can access their policy directly through the Geico website. This can make it easy to check coverage, as well as to make changes to one’s account, such as address and other contact information, and the name of the policy’s beneficiary.
The Geico website also helps to prompt a policy holder with various information that may assist them in reviewing their life insurance coverage, and in deciding whether to alter their coverage limits in the future. For example, some of the reasons why someone may want to change the amount of their coverage include:
A change in household income/employment status
Marriage, divorce, or becoming widowed
The birth or adoption of a child
Retirement
New grandchild(ren)
Serious illness and disability
Caring for an aging parent
Starting a new business
Selling off one’s home and purchasing another
New Drivers under 25
Now, Geico does not offer permanent life insurance coverage – which includes whole life, universal life, indexed universal life, variable life, or variable universal life – all of which include both death benefit protection and a cash value component.
Purchasers of many of the insurance plans that are offered through Geico may qualify for a premium discount.
Other Products and Services Available
While Geico is a primary insurer of automobiles, it also provides a wide selection of other products such as life insurance and other types of coverage, such as:
Motorcycle insurance
ATV insurance
Umbrella insurance
Home owner’s insurance
Renters insurance
Condo insurance
Co-op insurance
RV (Recreational Vehicle) insurance
Boat insurance
Personal watercraft insurance
Flood insurance
Mobile Home insurance
Overseas insurance
Travel insurance
Commercial Auto insurance
Ridesharing insurance
Business insurance
Identity Protection insurance
Snowmobile insurance
Collector Car insurance
Mexico Car insurance
Pet insurance
Jewelry insurance
How to Get the Best Rates on Life Insurance From Geico Insurance Company
If you have been seeking the best rates on term life insurance from Geico – or from any insurer – it can be beneficial to work with an independent life insurance agent or broker. In doing so, you will be better able to compare side-by-side the policies and the premium prices from numerous different insurance carriers. From there, you will then be able to choose which one will be the best for you.
When you are ready to move forward with the life insurance purchase process, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers in the market place today. We can assist you with obtaining all the pertinent details that you require for making a well-informed buying decision, and we can do so for you quickly, easily, and conveniently – all without you having to meet in person with an insurance agent. If you are ready to get started, then all you should do is just simply fill out our quote form.
We understand that the purchase of life insurance coverage can be somewhat overwhelming. There are many different variables to consider – and you want to be sure that you are making the best decision regarding type and amount of coverage for your specific needs. The good news is that the life insurance purchasing process can be done so much easier when you are working with an expert on your side. So, contact us today – we’re here to help.