Fund – Observing The Sky Mon, 27 Sep 2021 01:13:58 +0000 en-US hourly 1 Fund – Observing The Sky 32 32 Real estate jargon explained – Germiston City News Tue, 09 Mar 2021 10:57:21 +0000

Realtors and representatives of financial institutions can often forget that some of the terminology used is unfamiliar to those outside their industry.
RE / MAX Southern Africa Regional Director and CEO Adrian Goslett encourages buyers and sellers to ask as many questions as they want to make sure they understand what they are getting into.

“Being uncertain about the terminology could potentially lead buyers and sellers to make less than ideal decisions about things that can have serious long-term financial implications. “The main function of a real estate agent is to assist buyers and sellers through processes that are unfamiliar to them. Customers should never feel uncomfortable asking as many questions as they want, ”he said.

To answer some of the questions buyers and sellers might have, RE / MAX of Southern Africa defines some of the most commonly used abbreviations in the real estate industry.


These abbreviations, and many more like them, are likely to be found in the description section of an online ad. Each of them describes certain characteristics of a house. Real estate agents often use abbreviations such as walk-in closet (WIC), square meter (SQM), and parking on site (OSP) to make listing descriptions shorter and easier to read.


It is not uncommon for the letters “POA” to appear in place of the entry price. Short for price on request, the term exists as a means of concealing the asking price from the general public and can be used for a variety of reasons, usually to ensure that only serious buyers contact them or because the seller would prefer it to remain private and would not want their neighbors, friends or family to know how much their home is worth.

ALSO READ: Be Safe During The Real Estate Market Boom


An Offer to Purchase (OTP) is a legally binding agreement that sets out the terms and conditions of the real estate transaction between buyer and seller. The document includes questions such as amount of purchase, date of occupancy, business rent, fixtures and conditions of sale. Once the OTP has been concluded and signed by each of the parties, it becomes the deed of sale of the property.


When dealing with financial institutions, you may come across this term. The loan-to-value ratio (LTV) is a ratio used to describe the market value of the property relative to the loan amount you are entitled to. For example, if you buy a house for 1 million Rand but post a deposit of 200,000 Rand and take out a mortgage for the remaining 800,000 Rand, you will have an LTV ratio of 80%.


Short for Homeowners Association, the HOA exists to protect the interests of a resort or estate. Normally made up of owners within the estate, although sometimes managed by an outsourced management agency, the HOA is responsible for managing the estate’s finances, holding the AGM, and setting up and running the estate. application of the rules and regulations of the field.

While it may seem trivial to know what some of these abbreviations mean, others will have more important implications for the success of the transaction.

“Real estate agents are there to guide you. The more you ask your agent, the better informed you will be and it will help you make smarter decisions about your real estate investments, ”said Goslett.

Contact the editorial staff by e-mail: Marietta Lombard (editor) [email protected], or (journalists) Busi Vilakazi [email protected] , and Lebogang Sekgwama [email protected].

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Oteh on target for the U. Tue, 09 Mar 2021 10:57:20 +0000

IT has been an action-packed week for several members of the Rangers on loan – with a midweek fixture list ensuring games continue to be dense and fast-paced for many.

22-year-old striker Aramide Oteh was in Colchester United’s target against Exeter City on Tuesday in SkyBet League Two. But his strike in the second half was not enough to prevent the U from suffering their tenth defeat of the season in the league.

Things did not improve for Colchester on Saturday, with a 3-0 loss in promotion in pursuit of Forest Green Rovers.

Young R, Oteh was a 75e replacing by the minute in the defeat in Gloucestershire, his team already lagging behind before his arrival.

It has been a disappointing week for youngsters Paul Smyth and Mide Shodipo in League One as both sides have tasted defeat and a draw.

Irishman Smyth didn’t take part in Stanley’s midweek loss to Crewe Alexandra at all, while the winger was a 67e minute-by-minute substitute in the 1-1 draw against Fleetwood Town on Saturday.

Additionally, Shodipo played the full 90 minutes, in Tuesday’s 1-0 loss to Portsmouth. While the 23-year-old was retired in the 71st minute, during the Yellows weekend draw with MK Dons.

In the National League, Themis Kefalas played the full 90 minutes of Barnet’s midweek loss to Kings Lynn Town, but was an unused substitute in the 1-0 loss to Hartlepool United on Saturday.

While Deshane Dalling was an unused replacement for Wealdstone during the week, however made a 69e minute of finish in the Stones’ 4-1 defeat at Wrexham.

After goalkeeper Marcin Brozozowski moved to Torquay United ahead of Saturday’s kick-off, the goalkeeper went straight into the Gull’s first eleven.

However, the 22-year-old couldn’t avoid a 1-0 defeat to Woking in the FA Trophy quarter-finals.

Liam Kelly continued to appear for Motherwell in the Scottish Premiership.

A 2-0 win for Graham Alexander’s side over Hibernian on Saturday gave Kelly some fine saves, securing the return of three points to Fir Park.

Elsewhere, Conor Masterson (Swindon Town) and Dillon Barnes (Burton Albion), both continued to miss with injury.

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Pre-qualified or pre-approved auto loans Tue, 09 Mar 2021 10:57:19 +0000

While pre-qualified and pre-approved seem very similar, they play very different roles in helping you get a car loan. We study the differences so that you can move forward with confidence towards your next car!

Pre-approved auto loans

Pre-approved auto loans come from direct lenders such as banks, credit unions, and online lenders. They basically turn you into a cash buyer at the dealership. When you visit the lender, you are approved for a certain amount of money, which is given to you in the form of a check, or sent directly to the dealer when you complete your purchase.

These loans are generally given to people with good credit. And, because they are based on credit score, your interest rate may even be a little lower than on other loans. Once you are pre-approved, you can go to the dealership of your choice and shop like any other traditional buyer.

If you can get pre-approved, you can also use it to negotiate a lower rate or better deal on a car loan through a dealership’s captive lenders. Lenders that the dealership is registered with may offer you a lower interest rate if you choose to finance with them instead. Corn, get pre-approved for a direct loan is not for everyone.

If you have bad credit, it may not be possible to get pre-approved from a direct lender as they tend to have higher credit score requirements. However, you may still be able to pre-qualify with a dealer who has loan resources to work with people in unique credit situations.

Prequalified auto loans

Traditional borrowers with good credit who do not get pre-approved can start purchasing a vehicle and financing with the dealership. These buyers typically choose a car and then talk to the CFO, who sets up a loan through their lenders. Once the administrative formalities have been completed, they can take delivery of their vehicle.

With bad credit, however, the process is reversed. You first get your financing and then choose a car from the dealership’s inventory that is within the maximum monthly payment range given by the lender. This is where a pre-qualification comes in.

When you are pre-qualified for an auto loan, you are matched with a dealer based on specific requirements. Not all dealers and lenders can work with borrowers who have less than perfect credit. By using prequalification, however, you can reduce your chances of finding the right lender and having your credit score over and over again.

Prequalification begins with an application for financing that saves dealers and lenders time by getting the process started right from the start. When you are struggling with bad credit, it is important that you take care not to have your credit score withdrawn several times over weeks or months. Each hard blow typically rings your credit score around five to 15 points.

If you are pre-qualified, you are matched with a dealer based on the information you provide. Getting matched with the right dealership registered with the right lenders makes all the difference when looking for auto loan approval.

Visit to a car dealership

When you are matched with a dealership through prequalification, you need to be ready for the process from the start. The dealership’s financial manager acts as an intermediary between you and the lender, verifying your qualifications and documents.

Since lenders who work with bad credit know you’re more than just a credit score, they ask for proof of income, residency, and employment, and other factors to determine your loan approval. automobile. They make sure that you have the capacity, the stability and the willingness to take out a car loan.

Lender requirements vary, but subprime lenders who deal with bad credit borrowers typically require similar documents. These usually include your most recent computer-generated check stubs, a utility bill or bank statement in your name, and proof of a landline or cell phone under contract.

You are also usually required to provide a valid driver’s license, a list of five to eight personal references, and a down payment of at least $ 1,000 or 10% of the vehicle’s selling price.

Start now!

If you need to find your next car, it’s a good idea to check your credit score first. Once you know where you are at, you can decide if a pre-approval or a pre-qualification is the way for you. Getting pre-approved might not be an option for everyone, but that doesn’t mean the others aren’t there.

If you’re struggling to get a lower score, you can improve your chances of getting the car loan you need by pre-qualifying for a local dealership. TO Auto Express Credit, we’ve connected consumers with dealers who have been able to help them for over 20 years. You can start now by filling out our quick, free and no-obligation form car loan application form.

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Motherwell not yet out of relegation danger, says Graham Alexander as loan departures loom Tue, 09 Mar 2021 10:57:19 +0000

Motherwell may have had a good result last weekend – but that didn’t ensure their survival in the Scottish Premiership according to manager Graham Alexander.

A 0-0 draw with St Mirren and a 2-0 win over Hibs, both away, in their last two matches has resulted in men of steel breathing space at the bottom. Alexander’s side are seven points clear of the relegation spots heading into the weekend’s game with Livingston at Fir Park.

Motherwell beat Hibs last weekend.
(Ross MacDonald / SNS Group / Getty Images)

But the safety target has not yet been reached according to the Motherwell manager: “We are certainly not out of the danger zone. I didn’t once mention the “top six” to anyone, I didn’t tell anyone about the other end, I was just talking about the next game, to my players and making sure we we were focusing on that.

“As soon as we focused on the next game, we took off a few weeks ago. Our first goal was to make sure we were a Premiership team, so we didn’t think of anything more, and we still are.

“I’ve always said that two games, three games, that won’t be enough to decide our season, it’s going to go through, and I don’t think that has changed. We didn’t think we were going to win every game, but we also hoped that we didn’t come and lose every game, and we did.

Tranmere Rovers vs. Salford City - Trophy

Alexandre arrived in January. (Photo by Lewis Storey / Getty Images)

“We have certainly improved from the previous results, but not enough to drastically change the situation, so we have to keep working very hard. “

Injuries are a major problem for Alexander. Motherwell has a great squad, around 40 players in total, but many are injured. Captain Declan Gallagher returned last weekend against Hibs as winter signings Harry Smith, Eddie Nolan and Sam Foley are still missing.

Alexander says it’s been a problem, but Gallagher’s comeback is a boost: had.

Celtic v Motherwell - Ladbrokes Scottish Premiership

A big team. (Photo by Ian MacNicol / Getty Images)

“Unfortunately, probably four or five of those seven players were also injured, so it was very difficult to assess the whole squad because we didn’t have the whole squad – luckily I think, because he thinks training 40 – strange players would be very difficult.

“This is the one where I think we made good improvements on the results, which is the first port of call, and I think with what they have done so far, they have gained in confidence. There have been a few setbacks with the team, which I think the players reacted to well, which is good, but I don’t think we can sit here and assess the team until the end of the season. . , assess where we are and where we have ended.

“We have Declan and several others who haven’t been on the team and are fighting to be on the team. There were reasons Declan wasn’t on the squad, obviously because of his injury, but his reaction to training and the way he pushed himself to get in shape was superb. He is a seasoned and quality professional. We need him. It’s good to find him.

Rangers v Motherwell - Ladbrokes Scottish Premiership

Gallagher returned last weekend (Photo by Ross MacDonald / SNS Group via Getty Images)

League One and Two will return this month after a suspension in early January. This means Motherwell’s Scottish Cup campaign will begin on April 3, starting with a third round draw against either Annan Athletic or Formartine United.

It could also allow some younger players to be loaned to lower leagues: “We’ve had a few inquiries this week so that will be a good thing for these guys. But what we need to make sure is to deal with Motherwell first and make sure we have players available to have a full squad.

“We’ve had several youngsters on our match day squad since I’ve been here, so we can’t deal with other clubs before we deal with ourselves. And these young players have the opportunity to show what they can do every day in training, as they train with and against top professionals.

“We have to organize games behind closed doors for the players who haven’t played, and we can’t let ourselves run out of those games either. So it’s a bit of a balancing act. We have to make sure that we take care of our own case and, if we have the opportunity to give these guys regular football, then we have to take a serious look at it.

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Many in the United States still face financial loss from COVID-19 Tue, 09 Mar 2021 10:57:18 +0000

CHARLOTTE, NC (AP) – About 4 in 10 Americans say they still feel the financial impact of losing a job or income in their household, as the economic recovery remains uneven one year after the start of the coronavirus pandemic.

A new poll from the Associated Press-NORC Center for Public Affairs Research provides further evidence that the pandemic has been devastating for some Americans, while leaving others virtually unscathed or even in better shape, at least when it comes to their lives. finances. The outcome often depended on the type of job a person had and their level of income before the pandemic.

The pandemic has particularly affected black and Latino households, as well as young Americans, some of whom are currently going through the second major economic crisis of their adulthood.

“I just felt like we were in a more difficult position already, so (the pandemic) kind of threw us even further underground,” said Kennard Taylor, a 20-year-old black student at Jackson College. Taylor lost her job as a waiter in the campus cafeteria in the first weeks of the pandemic and struggled to pay her rent and car while continuing her education. He had to return to live with his family.

The poll shows that about half of Americans say they experienced at least some form of loss of household income during the pandemic, including 25% who experienced a layoff and 31% who say a household member was scheduled for less hours. Overall, 44% said their household had suffered a loss of income due to the pandemic which still impacted their finances.

The survey results are consistent with recent economic data. According to the Department of Labor, about 745,000 Americans applied for unemployment benefits the week of February 22, and about 18 million Americans are still registered as unemployed.

Thirty percent of Americans say their current household income is lower than it was at the start of the pandemic, while 16% say it is higher and 53% say there has not been. no change. About half of those who suffered some form of loss of household income during the pandemic say their current household income is lower than it was.

The poll results reflect what some economists have called a “K-shaped recovery,” where there have been divergent fortunes among Americans. Those who had office jobs were able to switch to working from home while those working in hard-hit industries such as entertainment, dining and travel suffered. The poor have struggled to recover financially from the rich, and black and Latino households have not rebounded as well as their white counterparts.

Logan DeWitt, 30, kept his government job during the pandemic because he was able to work remotely. But his wife, a childminder, lost her job and after months of looking for a new one, she returned to school. Their financial situation was further complicated by the fact that their first child was born in the first months of the pandemic.

“We planned to buy a house. We had to give up on that idea and got together in one car. We cook a lot at home and buy in bulk, ”DeWitt said.

About 1 in 10 Americans say they haven’t been able to make a housing payment in the past month because of the pandemic, and about as many say it’s a credit card bill . Overall, about a quarter of Americans report being unable to pay one or more bills in the past month.

Thirty-eight percent of Hispanics and 29% of black Americans have been made redundant in their households at some point in the past year, compared to 21% of white Americans.

This recession has also been particularly hard on young Americans. Forty percent of Americans under 30 report lower incomes now, compared to March 2020. About 4 in 10 were scheduled for fewer hours. About a quarter say they have quit their job. Many millennials who experienced the Great Recession early in their adulthood are now experiencing another major financial crisis.

Congress set to finalize Biden administration decision $ 1.9 trillion stimulus package this includes helping many Americans and businesses who are still feeling the impact of the pandemic. Timing is crucial – many of the relief measures passed earlier by Congress, including unemployment benefits, will end in the coming weeks.

“This is really going to help us,” said Nikki Luman, 43, of Ohio. Luman worked part-time at his local library, which had to close in the first weeks of the pandemic. The library is still operating at low capacity due to COVID restrictions, which translates to fewer hours for it each week.

“We’ve been missing $ 400 a month for a year,” she said.

Things are not as dire as they were at the start of the pandemic for some Americans, in part because of previous actions by Washington. Plus, lifestyle changes – fewer restaurant meals, fewer trips, no live entertainment – have enabled some Americans to make their financial lives healthier. In the survey, about 4 in 10 people say they saved more money than usual, and about 3 in 10 paid off their debts faster than usual.

Tracie Jurgens, 44, works in the trucking industry. Jurgens said his income evaporated in the first weeks of the pandemic as demand for truckers plummeted. Jurgen’s boss was able to secure a loan through the Small Business Paycheck Protection Program, which he used to purchase new equipment in the summer as things started to pick up.

“I don’t know what I would have done if he hadn’t had another truck,” she said.


Swanson reported from Washington. AP Reporter Nathan Ellgren contributed to this Washington report.


The AP-NORC poll of 1,434 adults was conducted from February 25 to March 1 using a sample drawn from NORC’s AmeriSpeak probability-based panel, which is designed to be representative of the US population. The margin of sampling error for all respondents is plus or minus 3.4 percentage points.


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Copyright 2021 The Associated Press. All rights reserved.

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₹ 193.95 crore Canceled Farmers’ Harvest Loan Tue, 09 Mar 2021 10:57:18 +0000

A total of 26,275 farmers will benefit up to 193.95 crore following the announcement by the state government of the waiver of the crop loan obtained through the cooperative societies.

Likewise, the process of depositing compensation into the bank accounts of farmers who suffered crop losses during Cyclones Nivar and Burevi is underway, Collector R. Kannan said at the grievance meeting of farmers. farmers held here on Friday.

Virudhunagar district was awarded compensation of 17.66 crore, he said.

Officials said 19 direct paddy buying centers were sanctioned and paddy was purchased directly from farmers.

However, Tamizhaga Vivasayigal Sangam leader NA Ramachandra Raja complained that officials in regulated markets were intercepting vehicles carrying crops and insisting they pay the tax.

“When farmers produce their land and crop documents, officials insist that they produce the ID cards given to farmers. The government has not issued any identity card to farmers, ”he lamented.

The Collector has promised to look into the matter.

He also asked the collector to issue orders to divert the cane grown in the district to Theni, as the private Tenkasi sugar factory had not yet started grinding. “Under the Sugar Control Act, only if the collector orders permission to divert the sugar cane, can farmers take it to other factories,” he said. .

The collector said that Taluk-level committees comprising officials from the ministries of Revenue, Agriculture, Horticulture and Forestry have been formed to jointly inspect farms whenever wild animals damage agricultural crops and horticultural.

Farmers can approach these committees to seek compensation for crops damaged by wildlife, he said.

District Revenue Officer R. Mangalaramasubramanian, Co-Director, Agriculture, S. Uthandaraman, Personal Assistant (Agriculture), Sankar S. Narayanan, Co-Registrar (Cooperative Societies), Dilipkumar, Co-Director (Livestock) Arunachalakani, Deputy Director (Horticulture), Radhakrishnan, were among those present.

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Stanford Students Create Online Student Loan Marketplace Tue, 09 Mar 2021 10:57:17 +0000

A new online crowdsourcing platform allows students to finance their tuition and living expenses through small, non-accredited loans based on their GPA and personal histories.

Harrison Hochman ’21 and Devin Cintron ’20 launched a pilot of Sparrow loan May 23. Sparrow does not focus on credit scores or income history in assessing student creditworthiness, the founders said. Instead, it allows students to introduce themselves through personalized profiles.

“Student credit scores and tax returns can be terrible,” Hochman said. “Not because the students spend lavishly and they live this exorbitant life, or that they cannot keep a job, but because they are young and they did not have time to recruit this kind of information. “

Each student’s profile includes information such as GPA, extracurricular participation, work experience, career goals, and personal history.

“A student is more than that FICO score, more than his cumulative average, more than the internship he has completed at Goldman Sachs,” Hochman said. “They are a story, they are a person and they deserve to be looked at through this lens.”

Sparrow also allows students to set payment terms and interest rates. Unaccredited lenders then scan completed profiles, find matches, and make loans.

“We think the profile of an unaccredited lender could be one of alumni who feel affectionate towards their next generation in their alma mater and are looking to make a social impact investment,” Hochman said.

Hochman started developing the idea last year when he participated in Birthright Excel, a Tel Aviv-based startup accelerator program. After learning about another participant’s exorbitant student loan program, Hochman set out to design a better funding system for students, especially for small expenses.

Hochman continued to work on Sparrow after the program. Cintron joined him at the start of the spring term after the two were connected by Eric Lax MBA ’17, co-founder of the revenue pooling startup. Pando.

“The concept Devin and Harrison are working on tackles a huge problem where small improvements can have massive ramifications for people’s lives,” Lax wrote in an email to The Daily. “I think the way we manage student debt needs to change and I am a strong supporter of solutions that build on the power of communities.

Hochman and Cintron are currently running a sparrow pilot, focusing on Stanford students and alumni. After the pilot, they hope to expand to other schools and invite institutional lenders.

Sparrow uses a social or peer-to-peer lending model. The model appeared in 2005 but has come under increasing scrutiny from investors and regulators over the past decade. The Securities and Exchange Commission briefly shut down Lending Club and Prosper, two of the leading social lending sites, in 2008, classifying their products as unregistered titles.

Prosper and Lending Club have resumed operations after registering with the SEC, although both have encountered persistent difficulties. Lending Club, after having completed its IPO in 2014, ousted its founder in 2016 for fraud charges. Prosper paid fined $ 3 million last year after the SEC found him guilty of inflating investor returns.

Despite the stumbles, the social loan market continues to grow, with proponents pointing to benefits such as lower interest rates, more flexible payment terms, and fairer lending processes.

With social lending, “Fintech had its first round with companies like Upstart, Prosper, LendingTree, SoFi, CommonBond, but that was exactly it,” Hochman said. “They were in the first round. They were by no means a revolution, and I think it’s time for a facelift for that.

According to Nicolas Lambert, former assistant professor of economics at the Graduate School of Business and co-author of a paper on social loans, perhaps the biggest challenge facing Sparrow is its ability to acquire enough users.

“It is important to understand that the design of the mechanism will have an impact on the number of people you are going to attract, especially in the types of platforms where the participants are relatively unsophisticated,” he said. “You have students on one side and investors on the other who are going to invest a little bit of money for each ad, and they don’t want to spend a lot of time trying to figure out which are the best ads and so on. , there is therefore a compromise at this level.

Lambert said that initially when borrowers have few users setting their rates, “some listings will attract too many lenders who would have been willing to lend at a lower rate, and some listings will not attract anyone even though the borrower would have been willing to pay more to get the loan.

However, in the long run, if Sparrow acquires enough users and borrowers, Lambert predicts that “the market will reach an equilibrium where borrowers who share similar characteristics will have similar rates.”

“Over time, borrowers will learn what is and is not acceptable and change their loan application accordingly,” he wrote.

While this may cause students to change their desired interest rates to attract lenders, Hochman said Sparrow’s design ensures that the rates and terms will be in the best interests of the students.

“From all the conversations we’ve had with lenders, the main factor we’ve gleaned as to why they’re using Sparrow in the first place is that they want to use unused money to empower the next generation through a social impact investment – they don’t see these students as an asset class, ”Hochman wrote. “In our experience so far, although limited to Stanford University, our assumptions have been true: within a reasonable range for an interest rate, lenders are much more interested in hearing about the involvement of campus students or work experience than simply and strictly focusing on the interest rate they set.

Lambert also sees value in Sparrow’s model of tapping into alumni networks.

“By bringing together current and former Stanford students, he can create an attractive home-like environment on his own,” Lambert wrote. “As a former Stanford student, I would definitely feel better lending money to students at my own university, which I feel connected with, than investing in a neutral platform.”

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Immediate relief for small businesses quadrupled Tue, 09 Mar 2021 10:57:17 +0000

Gov. Gavin Newsom, pro Tempore Senate Speaker Toni G. Atkins and Speaker of the Assembly Anthony Rendon announced a $ 9.6 billion economic stimulus package, including immediate measures to significantly increase aid to California small businesses and nonprofits that have been devastated by the COVID-19 pandemic.

“It’s a great result. The momentum generated by Senate Bill 74 – the Keep California Working Act – has provided an additional $ 1.5 billion in immediate economic assistance to small businesses and nonprofits, ”said the SB 74 co-lead author Cottie Petrie-Norris (D-Laguna Beach). “When local businesses thrive, our entire community thrives. Investing the state’s budget surplus directly into Main Street will keep businesses open and protect jobs in California after the ravages of this pandemic. “

The budget accord reflects a fourfold increase – from $ 500 million to over $ 2 billion – in grants of up to $ 25,000 for small businesses affected by the pandemic, and also allocates $ 50 million to cultural institutions .

The agreement also partially conforms California tax law to the new federal tax treatment for loans made under the Paycheck Protection Plan, allowing businesses to deduct up to $ 150,000 in expenses covered by the P3 loan. All businesses that took out loans of $ 150,000 or less would be able to maximize their deduction for government purposes. Large businesses that take out larger loans would still be subject to the same $ 150,000 deductibility limit. More than 750,000 PPP loans have been taken out by small businesses in California. This tax treatment would also extend to loans in the event of economic disasters.

Senate Bill 74, with 36 Democratic sponsors and 27 Republicans, was a true bipartisan, bicameral small business relief package. Sixty-three of California’s 120 lawmakers, more than half of the legislature, have signed the Keep California Working Act. In addition, more than 80 chambers of commerce, cities, counties, state-wide trade associations and nonprofit groups have supported the bill.

This article was published by the Office of MP Cottie Petrie-Norris.

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The Student Loan System Has ‘Layers of Dysfunction’ Tue, 09 Mar 2021 10:57:16 +0000

Everyone wants to talk about student debt.

Kai Ryssdal and Molly Wood, for example. The incoming The Biden administration and the main Democrats for another. There is a vigorous discussion in the Make Me Smart Facebook Group and, oh yes, some 42 million Americans in charge of $ 1.6 trillion in university debt probably want to talk about it too.

Will in New Orleans is just a listener who called asking us to talk about this debt – in particular, forgive a lot of it.

“What would be the potential effect of this on the US economy? And is this possible as an executive order if and when Congress does not act? ” He asked.

To find out, we called Susan dynarski. She’s a professor of public policy, education, and economics at the University of Michigan, and today she’s helping us look beyond our own monthly payments and bring some nuance to the conversation.

We’ll talk about how her own thinking about canceling student loans has evolved, what all this debt is doing to the economy at the macro and micro levels, and the deeper reforms this country needs to resolve the crisis.

“There are only layers and layers of dysfunction here,” Dynarski said. “If you were hoping for a very simple economic story, this is not the case.”

Because like so many things, if you push a little here, pull a little there, there’s a lot of ripple effects through the economy.

Later in the show, we’ll get an update on the state of the U.S. Postal Service, and listeners taking a closer look at their Christmas trees and logo on their Marketplace mugs. Plus, everyone’s favorite intern answers the Make Me Smart question.

When you’re done listening, tell your Echo device to “make me smart” for our Daily Explainers. This week, we’re really in the spirit of the season, explaining gift wrapping, toys for toddlers and holiday decor. Don’t forget to subscribe to our newsletter too! You can find the last number here.

Finally, if you liked this episode, you will love our recent episode of “It’s uncomfortable“About a woman who worked in a call center suing people for student loan repayments – while struggling to pay off student debt on her own.

Here’s everything we talked about today:

Make Me Smart is powered by listeners like you – become a marketplace investor today!

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FHA loan limits for 2020 – Forbes Advisor Tue, 09 Mar 2021 10:57:16 +0000 Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

FHA loans, a type of mortgage guaranteed by the Federal Housing Administration, have limits on the amount that homeowners can borrow. If you want to buy a house with a FHA loan, you won’t be able to buy a turnkey mansion: FHA loan limits are based on a percentage of the median house price in each county.

The government guarantee on these mortgages is designed to help low to moderate income borrowers who might otherwise be excluded from the housing market, but it is not meant to force taxpayers into extravagant purchases. This collateral can make FHA loans expensive: borrowers have to pay initial mortgage insurance, as well as monthly mortgage insurance premiums, potentially for the life of the loan.

FHA loan limits explained

FHA loan limits are set at the county level. If you buy a home that costs less than $ 356,362, you don’t have to worry about limits no matter where you live. In 2021, this price represents the floor, or the lowest limit for an FHA loan in any county. This is a significant increase of $ 24,602, or 7.4% from the low of $ 331,760 in 2020.

This limit applies to many counties, and it is more than reasonable given that the national median price for existing single-family homes was $ 313,500 in the third quarter of 2020, according to the National Association of Realtors.

However, you cannot borrow up to the limit just because you get an FHA loan. You can only borrow the amount you are eligible for based on your income, credit, and other factors that lenders assess to determine if you can. afford to pay off the mortgage you are applying. The loan amount also cannot exceed 100% of the appraised value of the property.

What are the FHA loan limits?

FHA loan limits range from 65% of compliant loan limits in most areas of the country to 150% of compliant loan limits in high-cost counties. The conforming loan limit is the largest mortgage a lender can give to a home buyer if they want to sell that loan at Fannie Mae or Freddie Mac. They often do: Selling loans to these huge mortgage market investors helps them get more money than they can use to make more loans.

For 2021, the compliant loan limit is $ 548,250 in most parts of the country. Do the math and you will see that the FHA limit of $ 356,362 is 65% of $ 548,250.

In high cost counties, the FHA loan limit is $ 822,375, or 150% of the compliant loan limit of $ 548,250. The FHA calls its high cost county loan limit the “cap.”

But wait: there is an exception in the really very expensive areas. In Alaska, Guam, Hawaii and the US Virgin Islands, the limit is $ 1,233,550, or 150% of the normal limit. According to the law, the reason for these extra-high limits is the high cost of construction and the shortage of housing in these areas.

Several hundred counties have boundaries that are somewhere between the floor and the ceiling. In these areas, the limit is 115% of the median price of a single-family residence. The easiest way to find out the FHA loan limit for the area where you shop at home is to use the FHA mortgage limits research tool.

Here are some examples of counties where these limits apply (and their largest cities):

  • Boulder County, Colorado (Boulder): $ 654,350
  • Coconino County, Arizona (Flagstaff): $ 389,850
  • Cook County, Illinois (Chicago): $ 379,500
  • DeKalb County, Georgia (Atlanta): $ 412,850
  • Howard County, Maryland (Baltimore): $ 538,200
  • Monroe County, Florida (Key West): $ 608,350

FHA loan limits by type of property

FHA loan limits vary depending on the type of property. They are lowest for single-unit properties, increasing for two-unit properties, increasing again for three-unit properties, and maximum for four-unit properties.

If you want to use an FHA loan to buy a duplex, the limit will be higher than if you want to use an FHA loan to buy a single family home. And you can, in fact, use an FHA loan to buy a multi-unit property, up to four units, as long as you live in one of the units as your primary residence.

FHA Loan Limits by Property Type for 2021

FHA Loan Limits For Expensive Housing Markets

The FHA loan limit for expensive housing markets in 2021 is $ 822,375, up 7.4% from the 2020 limit of $ 765,600. This limit of $ 822,375 applies to 66 counties, which are primarily located in and around New York City, San Francisco, Los Angeles, and the District of Columbia.

The FHA loan limits change each year to reflect changes in home prices. In 2021, FHA loan limits increased in 3,108 counties. In 125 counties, the boundaries have remained the same.

FHA vs. Compliant loan limits

If you want to borrow more money, you will need to qualify for a conventional loan instead of an FHA loan. You can qualify for an FHA loan with bad credit—A score as low as 500 — if you can put 10%. With a credit score of 580, you can make a down payment as low as 3.5%. But with a credit score of 620, you could qualify for a conventional loan and as little as 3% down.

With a conventional loan, you will potentially be able to borrow up to the conforming loan limits. You will still need finances that are strong enough to qualify, and the appraised value of the home will still need to support the amount you wish to borrow. But you may be able to buy a much larger home with access to a higher loan limit.

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