Situated in the heart of downtown Portland, Oregon, The Duniway is a Hilton hotel that offers travelers a relatively upscale boutique hotel atmosphere in a great location.
A short walk from many of the city’s most popular attractions, venues, restaurants and coffee shops, it’s a compelling option for guests looking to book a stay at a more locally-inspired hotel in the Hilton portfolio — after all, it’s named after Portland suffragist Abigail Scott Duniway.
Location
The Duniway sits at the corner of SW Taylor Street and SW 6th Avenue in Portland.
The feel around the hotel is a distinct city vibe, with nearby urban squares, tall buildings and Metropolitan Area Express (MAX) light rail trains quietly rumbling by every so often.
Staying here, you’ll be steps from a local winery’s tasting room, a short stroll from coffee shops and restaurants and an easy walk to popular gathering spots like the Arlene Schnizter Concert Hall (0.2 miles) and the Portland Art Museum (0.3 miles).
Pioneer Courthouse Square, shown above, is just over a block away from the property.
The hotel is located on the west side of the Willamette River. If you want to reach the Oregon Convention Center, on the opposite bank, it’s a short drive.
Design elements
When you walk into The Duniway, you’ll immediately encounter the contrast of dark brown wood and leather tones accented by pops of bright color.
You can relax or work at one of the many tables or leather chairs, or make your way to the Mayrose Lounge Bar, which features coffee from local Portland coffee roasters as well as a full complement of alcoholic beverages.
You’ll find Portland and Pacific Northwest-inspired imagery throughout the property.
Accomodations
The Duniway features a relatively traditional room layout that’s been modernized with smart touches and thoughtful design.
The focal point of the room is the 65-inch television integrated into a wooden floor-to-ceiling entertainment center.
The comfortable bed is flanked by attached nightstands, on which you’ll find USB charging ports and reading lamps.
Our room also offered a windowside loveseat and tables perfect for enjoying room service or getting some work done — although you might prefer the desk for the latter.
We were upgraded to a high-floor room thanks to our reservation with Fine Hotels & Resorts (and my Hilton Gold elite status), which gave us a view of downtown Portland.
The bathroom features a white marble vanity and single-use bath products (which is becoming more of a rarity these days) from Badgley Mischka.
Though we didn’t request one, we received an accessible room assignment. As such, the room offered a roll-in shower as well as a bench and hand-held shower head.
Finally, in an upgrade from more budget-oriented hotels — one that was appreciated by this coffee enthusiast — the room features Vittoria Coffee espresso machines.
Food and beverage
Just off the lobby is the Mayrose restaurant, described by the property as an American brasserie that celebrates the progressive culture of Portland.
The restaurant has an open concept feel and, depending on the time of day, is filled with natural light.
Though we didn’t find any single dish to be especially memorable, the meal was perfectly enjoyable and the menu offers plenty of options, whether you’re hoping to sit down and make full use of a property credit like us or simply enjoy a meal without having to leave the hotel premises.
The highlight was definitely an appetizer — the seared gnocchi with pea puree and crispy prosciutto ($14).
We also found the charred brussels sprouts topped with a fried egg yolk, crispy onions and sherry vinegar ($13) to be a bit of a unique take on a dish you find at many restaurants these days.
Our bill came to $97 which, thanks to our dining credit, meant we only had to pay for the tip out of pocket.
Our AmEx booking also entitled us to a breakfast credit of $30 per person, per day.
The Mayrose was packed for breakfast and brunch and featured menu offerings like scrambled biscuit sliders ($13) and an A.M. Banh Mi sandwich ($13).
However, we decided to take advantage of a separate dining option the hotel offers: you can also use property credits and charge meals to your room at The Duniway’s sister hotel, the Hilton Portland Downtown, across the street.
There, you’ll find the restaurant Hop City in the lobby, which includes a market-style area and a sit-down dining room where you can order from an a la carte menu or visit the hot buffet.
My wife enjoyed her breakfast potatoes with an over-easy egg and aioli.
Amenities
A highlight of The Duniway is Abigail’s Hideaway, a plant-filled courtyard on the 11th floor that provides an expansive outdoor area where guests can relax and get some fresh air.
There are several sofas underneath string lights, plus heaters for those cooler Pacific Northwest evenings.
Children might enjoy the giant chess board on the patio, which is open until 10 p.m. each night.
Just inside, the gym includes a Peloton bike (like most Hilton properties in the U.S.) in addition to other exercise equipment and cardio machines.
One room over, an indoor pool offers a place to go for a swim, though there’s not much room for lounging on the rather small pool deck.
How to get there
Located in downtown Portland, travelers arriving by air will likely fly into Portland International Airport, which is about a 15-minute drive from the hotel, depending on traffic.
By rideshare, my wife’s Lyft to the airport cost around $35, though that price can, of course, fluctuate with supply and demand.
Departing later, I walked a block to catch the MAX Red Line to the airport for just $2.50. If I hadn’t run into construction delays and had to switch to a bus — which, to their credit, the hotel front desk warned me about — it would have been a pretty seamless (and inexpensive) trip.
If you’re traveling to Portland with a car or have a rental, parking at the hotel is a bit pricey, at $33 per night for self parking and $55 for valet service.
The Duniway hotel recapped
The Duniway puts guests in excellent proximity to all downtown Portland has to offer, and it offers a distinctly independent, un-corporate atmosphere — not unlike what you’d find at a Hilton Curio Collection-type property.
It also offers great value for American Express Fine Hotels & Resorts guests. Between a property credit and daily breakfast credits, my wife and I saved $220 during our two-night stay, while also getting access to complimentary premium Wi-FI and a guaranteed 4 p.m. checkout — which came in handy ahead of a red-eye flight back to the East Coast.
Terms apply.
(Top photo courtesy of Sean Cudahy)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s well below the average home loan in Mozo’s database.
This is the bar set by the digital home loan brainchild of CommBank, Unloan.
Since its launch 18 months ago, Unloan has become a force in the home loans space scooping two Mozo Experts Choice Awards^, including Best New Home Loan.
Designed to ‘undo’ your mortgage, Unloan comes with a competitive variable rate of 5.74% (5.79% comparison rate*) for owner occupiers (market average for 80% LVR currently sits at 6.77% variable ^^). And in what Unloan says is an Australian-first, borrowers will receive an extra 0.01% p.a. discount, every single year, for a maximum of 30 years.
Unloan claims its online application process can be completed in as little as 10 minutes. Refinancers with at least 20% deposit or equity can apply now, for loans of up to $10 million.
“Now more than ever, borrowers are looking for ways to reduce their mortgage repayments,” said Mozo expert judge, Peter Marshall. “With the winning combination of low rates, unique features, the scrapping of fees, and big bank backing, Unloan has set the bar for what a leading home loan looks like in 2023.”
*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
The Boujie Budgeter dives into how to not overspend with holiday decorations
The holiday season is around the corner and no matter which social media platform you browse, someone is prepping their tree or decorating with poinsettias in their home. For older Zillennials, this year could be different, and many people are experiencing the festivities in their first apartment.
Due to inflation and the economic crisis happening across the country, prices are at an all-time high in grocery stores, department stores and even home decor shops. Decorating your apartment for the first time can seem overwhelming, but the holidays bring new anxiety.
Social media has transformed everything into a focus on aesthetics, hauls, and presentation specifically tailored for Instagram. Though it seems like an added pressure to have the most post-worthy home for the holidays, it doesn’t have to break the bank.
The self-proclaimed Boujie Budgeter, Mykail James, has always been passionate about personal finance and helping her community. “I started my finance platform because there wasn’t financial education that catered to this new wave of young professionals,” James tells GU.
Topics around money, such as credit, bargaining and investing, are difficult to grasp due to complex language and terms many people may need to be more familiar with. James shared her top financial tips for frugal holiday decor shopping for Zillennials.
Those with a holiday shopping game plan usually shop a month or two in advance to snag the major deals. According to Shopify, 41 percent plan to start shopping by the end of October. “When it comes to holiday decorations, we run away from being intentional,” James says. “You create that intentional space when you know what you want your space to look like.”
Fitting An Aesthetic Is Not A Requirement
Though the trend of lifestyle content has taken over the timeline, it doesn’t mean you have to overspend to have trendy pieces for your home. “If you’re not buying the Architectural Digest of the season, then you’re not getting a huge peek into what other people’s homes look like, but we have a constant reminder on social media,” she says. It’s important to remember that the holidays are meant for creativity and personalizing your safe space.
Try Renter Friendly Decor
As many Zillennials prep their homes for decorating their first apartment, they now have the opportunity to look into the market for renter-friendly decor. “That market has definitely exploded in the last five years,” she says. From peel-and-stick wallpaper to lighting fixtures, there are more opportunities to have the affordable decor in your home without the commitment of long-term installations.
Shop In-Person For Better Deals
Many of us live on the Amazon website for quick delivery deals, but many in-person sales offer consumers more items for a better price. “Craft stores like Hobby Lobby and Michaels are the kinds of places that have huge discounts on holiday decor, especially right after the season ends,” she says.
Don’t Feel Pressured To Have Traditional Decor
For James, she doesn’t subscribe to having a traditional Christmas tree or wreath in her home. Though some social media can add pressure to have cookie-cutter Christmas decor, there’s also a rise in Zillennials making their own rules regarding holiday scenery. “When you are in control of your holiday vibes, what feels natural to you could be completely against the grain of what everyone else feels like is the vibe,” she says.
About Kenyatta: Clark Atlanta University and Medill School alumna Kenyatta Victoria is the Girls United writer covering everything from news, pop culture, lifestyle, and investigative stories. When not reporting, she’s diving deep into her curated playlists or binging her favorite comfort shows.
Do you want to learn how to find data entry jobs from home? Here’s how you can make money doing data entry at home. If you’re looking for a data entry position, I have all the details for you here. Whether you want to be a full-time or part-time employee, work remotely, or become a freelancer,…
Do you want to learn how to find data entry jobs from home? Here’s how you can make money doing data entry at home.
If you’re looking for a data entry position, I have all the details for you here. Whether you want to be a full-time or part-time employee, work remotely, or become a freelancer, there are many different kinds of data entry jobs that you may be interested in.
In this article, you’ll learn:
What are data entry jobs
How much a data entry clerk makes
Where to find data entry jobs
And more!
Recommended reading: 21 Best Entry Level Work From Home Jobs
What Are Data Entry Jobs?
Data entry jobs are run by data entry clerks, who have many tasks including typing and data transcription. You can find these types of jobs in many different fields, including healthcare, finance, research, and administration.
Data entry is exactly what you’ll be doing – you will be entering data on a computer system.
Data entry jobs include work tasks such as:
Typing data into computer systems
Updating data into databases
Managing data
These jobs require accuracy and being able to handle all kinds of information involving text and numbers.
Other tasks for data entry freelance jobs may include:
Typing
Listening to audio files and transcribing them into written documents
Data transcription
Legal transcription
Data validation (for example, you may be comparing the data to what you have to make sure it was input correctly)
Data organization
Customer service
Your tasks will mainly depend on the job description, as they can vary from company to company.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
Who is a good fit for this job?
Being a data entry clerk requires:
Attention to detail and data management
Fast typing speed
Communication skills
Ability to work efficiently
Accurate with data
Proficiency with certain data entry software (such as spreadsheets, Google Sheets, Google Docs, Microsoft Word, or Microsoft Office)
The ability to handle sensitive information
Basic computer skills are extremely helpful with data entry work, as everything will be done with a computer (or laptop).
Many people who work in online data entry jobs like how this field typically works alone from home and remote data entry jobs are a possibility as well.
Plus, you can typically get started in this career field not needing many years of experience, as there are many entry level data entry jobs that you can start with no experience. Data entry jobs usually require a high school diploma or equivalent.
How Much Money Can You Make From Data Entry?
The amount of money you make depends on many things including your location, experience, the industry you work in, and how hard the data entry tasks you are being paid to do. Your pay can also depend on your shift (are you working Monday through Friday at a company, or in your spare time at home?), your work location (companies in certain places tend to pay more), your typing speed (the faster you can type, the more you can get done!), and more.
The average data entry salary in the United States is between $25,000-$45,000 per year, with the average hourly rate being about $18 per hour. Some data entry positions pay less and some pay more, of course.
There are benefits of working this type of job as well, such as being able to find flexible jobs where you can work from home, or even while traveling.
15 Best Places To Find Data Entry Jobs From Home
Here are the 15 best places to find data entry jobs from home.
1. FlexJobs
FlexJobs is an online job search platform that lists remote and flexible job opportunities. Every job listed on FlexJobs has been found and checked to make sure it’s not junk, an ad, or a scam. This is why FlexJobs requires people to pay for a subscription to use their site too.
Listings on FlexJobs include positions for remote work, flexible schedules, part-time work, and even freelance opportunities.
To use FlexJobs, you need a paid account to apply for jobs. In the FlexJobs search bar, search for “data entry” and many positions will come up in this field showing you what qualifications are needed, if it’s 100% remote, and what the tasks include.
I did a quick search on FlexJobs, and I found remote data entry jobs, part-time data entry jobs, freelance data entry jobs, and entry-level data entry jobs. There were many companies that were looking to hire for this position within just the last few days, and from many different fields.
Note: Even though there is a cost to use FlexJobs, if you don’t successfully find a job on FlexJobs, you can ask for a refund.
2. Upwork
UpWork is one of the largest freelancing platforms that connects freelancers with clients who need various types of services, such as data entry. UpWork has thousands of jobs available at any time and makes it very easy to search for data entry jobs.
As a freelancer on UpWork, a 10% fee is taken out of any earnings made from UpWork jobs. This is an important thing to think about before finding jobs on UpWork as this fee can add up quickly.
When I searched on Upwork, I found 2,197 Data Entry Specialist jobs posted. Some of the companies hiring for data entry positions on Upwork included Microsoft, Airbnb, Nasdaq, and more.
3. Amazon MTurk
Amazon MTurk is a platform operated by Amazon that connects people and businesses who need help with tasks like data entry. It is a crowdsourcing marketplace where companies can outsource their jobs.
MTurk has jobs not only in data entry, but image or video tagging, content moderation, transcription, and more.
This is how MTurk works:
Search for jobs through Amazon Mturk and click on a job that interests you.
Accept the tasks and follow the instructions for the job.
Submit your work once the job is completed.
Once the company or individual approves your work, your earnings are available.
4. Microworkers
Microworkers is an online platform that connects people to businesses to do small and quick tasks, referred to as “micro-jobs”. These tasks can range from data entry, data validation, website testing, and more.
Freelancers using Microworkers to find jobs so that they can work as little or as much as they want. Your potential for earning is whatever you want it to be, because you can accept as many jobs as you’re able to complete.
To find jobs on Microworkers, click on the “jobs” tab and browse through hundreds of listed tasks. Each task will show different instructions and the time you have to complete the job. The job will also show how much you will earn for finishing the tasks.
5. Clickworker
Clickworker connects businesses with freelancers who are in charge of completing small, quick assignments.
Besides data entry, you can also earn money with Clickworker by answering surveys, doing research, translating, and more.
As a Clickworker, you will get a list of available assignments that you can choose from. The tasks available to you will depend on your skills, education, past work assignments, and any qualification tests you pass.
6. SigTrack
SigTrack is a site dedicated to data entry jobs. Jobs on SigTrack primarily focus on collecting and verifying voter signatures for political campaigns, initiatives, and petitions.
There is plenty of work available on SigTrack with the average hourly rate going from $11-$12 per hour.
You cannot reside in California or Massachusetts to work for SigTrack.
7. Fiverr
Fiverr is an online job marketplace that allows freelancers to list their digital services, including data entry, graphic design, writing, web development, and a lot more.
Companies or small businesses looking for freelancers search Fiverr for help on their projects.
It’s important to note that Fiverr does take a 20% cut of your earnings, so keep that in mind if you search for a job here.
I found 69,727 jobs related to data entry on this site, so competition can be pretty tough. You will have to find a way to stand out if you want to post a listing on Fiverr.
8. Axion Data Entry Services
Axion Data Entry Services is a company that does data entry and data processing for businesses, such as for managing and digitizing their data.
As an employee of the Axion Data Entry Services team, you’ll be evaluated for accuracy and your attention to detail, and you are paid at a flat rate per entry or for each document you enter.
The more skills and qualifications you have, the more you will earn at Axion Data Entry Services.
9. DionData Solutions
DionData Solutions connects data entry specialists to businesses and organizations. DionData Solutions works for clients who need help in managing and digitizing large volumes of data accurately and efficiently.
At DionDate Solutions, data entry specialists work on:
Medical claims
Mailing lists
Surveys
Subscription fulfillments
Enrollment forms
Warranty cards
Product registration cards
Inventories
And more.
10. Capital Typing
Capital Typing is a company that sells services such as data entry, transcription, virtual assistance services, and other admin support roles.
Capital Typing specializes in on-demand and long-term outsourcing solutions to help companies streamline their operations.
Due to the type of business they run, they are in need of data entry workers.
11. We Work Remotely
We Work Remotely is a job board that focuses primarily on remote jobs. This platform is home to the largest remote work opportunity in the world with over 4.5 million visitors.
Many companies hire workers from this site, such as Google, Amazon, and more. So, there are many big companies that list jobs here.
This online platform allows companies to hire remote workers for all kinds of jobs including data entry. Jobs posted include information such as what the company is looking for, what the ideal candidate has as far as qualifications go, salary and benefits, and the steps to apply.
12. Virtual Vocations
Virtual Vocations is a job platform that lists remote and telecommute job opportunities.
This platform is designed to help remote workers find legit online jobs, making it as easy as possible to get started working from home.
Jobs listed on Virtual Vocations list key responsibilities for the job, and required qualifications.
When I looked, Virtual Vocations currently has 7 jobs related to data entry listed.
13. Scribie
Scribie is a transcription and audio captioning service that provides services to businesses and individuals. Scribie specializes in converting audio and video files into written text.
To apply as a Scribie transcriptionist you need to:
Sign up as a Transcriber
Connect your PayPal account
Take a transcription test
Scribie pays $5-$20 per audio hour (Scribie claims that a person can make around $800 a month by working 8 hours each day.). The pay is a little on the lower end, but Scribie does give you automated transcripts, which can save you around 60% of the typing effort.
You’ll simply listen to the audio clips that they give you, compare them to the automated transcription (such as applying context, identifying mistakes, and correcting the automated transcript that they give you). Then, you can get paid.
14. GoTranscript
GoTranscript is a platform that connects businesses with professional data entry specialists. Data entry specialists on GoTranscript work on documents related to the medical, legal, and academic fields.
With a 98% customer satisfaction rate, GoTranscript relies on hiring the best data entry specialists.
They pay up to $0.60 per audio or video minute, with an average earnings of around $150 per month.
15. Working Solutions
Working Solutions is a site that works with independent contractors on jobs related to industries like health and insurance, senior living, fitness, hospitality, and education.
Working Solutions independent contractors’ tasks include things like handling customer care calls, emails, and video chats.
You can often find data entry jobs on this site.
Frequently Asked Questions About Data Entry Jobs
Below are answers to common questions about data entry jobs from home.
Is work-at-home data entry legitimate? Can you really make money doing data entry at home?
Work at home data-entry jobs are legit and can be found quite easily online.
Here are some tips to help you find a legit work at home data entry job.
Use FlexJobs – Since FlexJobs job listings are all curated and checked for accuracy, you’ll have more peace of mind. Companies listing jobs on FlexJobs include Apple, Salesforce, United Healthcare, Dell, Capital One, and many more.
Be cautious – If a job posting makes exaggerated claims about high earnings with little to no effort, it’s likely a red flag. Legit data entry jobs give fair compensation (above minimum wage) for the data entry tasks performed. But, a legitimate company won’t ever pay $10,000 a week or something high like that.
Research the company – You should look for an official website for the company, a physical address, any information you can find on the Better Business Bureau, and even a contact phone number. Scammers generally use generic email addresses and websites that lack information.
Don’t pay thousands to become a data entry clerk – Some companies may ask you to have a data entry certificate. If they ask for this, make sure they aren’t charging you an arm and a leg for it.
Unfortunately, with many work from home careers, there are a lot of scams. But, that doesn’t mean that data entry isn’t real.
There are many places to find the best data entry jobs. But, you still have to be smart!
Which site is best for data entry jobs?
The best sites for data entry freelance jobs include:
FlexJobs
UpWork
Fiverr
We Work Remotely
Job listing sites like the platforms above often are great places to start if you are looking for entry level data entry jobs from home.
Is data entry a hard job to do? Can a beginner do data entry?
Data entry is often an entry-level job and is relatively easy to get started with. If you don’t have trouble with typing accurately and inputting data, then you most likely won’t have a problem with finding work at home data entry jobs.
For most new jobs in data entry, you will want to make sure you include a relevant cover letter and resume. Even if you are brand new to work-from-home data entry jobs, you can still tailor these documents to the company and position so that you can get the job.
Can I do data entry with my phone?
Okay, so I hear this question all the time. And, I get it – being able to work from your phone would be great.
Depending on the job, you can possibly do data entry from your smartphone, but it won’t be nearly as efficient and easy as doing this kind of work on a computer.
The small screen size on your phone makes data entry more challenging, and your typing will be much slower compared to working on a laptop. Plus, some software may not be available on your phone.
If you want to make the most money with stay at home data entry jobs, then it’s probably best to get a laptop or a computer.
Data Entry Jobs From Home – Summary
I hope you enjoyed today’s article on how to find online data entry jobs from home.
Data entry jobs are great for people completely new to this field as you don’t need prior experience to become a data entry specialist.
Plus, with the average salary from $25,000-$45,000, finding a data entry position is a good career path to get started with if you want to work from home and possibly have a flexible schedule.
What’s your best place to find work from home data entry jobs?
The “base case” of a narrower, more sideways range between CPI and NFP is increasingly being disproven by a more bullish reality. Especially after the past two days, it’s beginning to look a lot like a downtrend.
Of course we’d like to see more than 2 days of movement to confirm a new theme. We should also continue to place most of our focus on next week’s economic data because it won’t care if the trend has been sideways or directional (rates will move in the direction the data suggests regardless).
But how weak would the data need to be in order to confirm a trend toward lower rates? Perhaps not excessively… There is a certain measure of electricity in the air as markets once again begin buying into a big picture rate reversal. The last two examples were false starts, but maybe the third time’s the charm?
While the most recent example of a fledgling rally is currently the shortest, it is also the only one accompanied by a marked shift in tone from the Fed and–for now–in the economic data.
Oct 25 (Reuters) – The interest rate on the most popular U.S. home loan last week jumped to the highest since September 2000, marking its seventh straight weekly increase and driving mortgage applications to a 28-year low, a survey showed on Wednesday.
The 7.9% average contract rate for a 30-year fixed-rate mortgage during the week ended Oct. 20 was up 20 basis points from the prior week, the Mortgage Bankers Association said.
“Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995,” MBA vice president and deputy chief economist Joel Kan said. “These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity.”
The cost of borrowing to buy a house has risen even as the Federal Reserve has put its inflation-fighting rate-hike campaign on pause, after lifting its benchmark policy rate from near zero in March 2022 to 5.25-5.50% in July of this year.
The 30-year fixed rate mortgage is up 81 basis points since then, tracking a similar rise in the yield on the 10-year Treasury note, the main benchmark for longer-term U.S. borrowing rates.
Reporting by Ann Saphir; Editing by Toby Chopra
Our Standards: The Thomson Reuters Trust Principles.
Similar to the conforming loan limits for Fannie Mae and Freddie Mac-backed loans, there are high-cost loan limits for FHA loans.
These can vary based on the respective median home price in each area, but will be somewhere above the floor to as high as the ceiling.
Speaking of, that ceiling is a hefty $1,149,825 for a one-unit property, which sounds like quite a lot for an affordable home loan option. But I digress.
Some areas between the floor and ceiling include Atlanta ($649,750), Austin ($571,550), Boston ($862,500), Nashville ($943,000), Philadelphia ($557,750), and Phoenix ($530,150).
As you can see, there is quite a range in maximum loan limits, so those buying a particularly expensive property may not qualify for an FHA loan.
Cities at the ceiling include pricier places like Heber, UT, Jackson, WY, Los Angeles, New York City, San Francisco, and Washington D.C.
The FHA noted that maximum loan limits will increase in 3,138 counties in 2024, with 96 county loan limits remaining unchanged.
These new mortgage loan limits are effective for FHA case numbers assigned on or after January 1, 2024.
Last but not least, the ceiling in specially designated areas including Alaska, Hawaii, Guam, and the U.S. Virgin Islands will be even higher.
And even I say higher, I mean way higher. We’re talking maximum loan amounts ranging from $1.7 million to over $3.3 million.
This is to account for higher construction costs in these regions, those with limits this high, I wonder how many home buyers are actually getting anywhere close.
Again, FHA loans are typically reserved for lower-income buyers, so it’s a bit of a head scratcher.
But this is just how the math formula works, prescribed by the National Housing Act.
Along with this announcement, the HECM (FHA reverse mortgage) maximum claim amount will increase from $1,089,300 in calendar year 2023 to $1,149,825 as of 2024.
Note that if home prices happen to fall in 2024, theses loan limits won’t decrease. They’d merely stay unchanged.
The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday.
The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan. 1, according to the publication of FHA Mortgagee Letter (ML) 2023-21. In 2023, those figures were $472,030 and $1,089,300, respectively.
The new FHA loan limits mark increases of $26,227 for the floor and $60,525 for the ceiling, respectively.
FHA Commissioner Julia Gordon said that these changes in the loan limits will further empower homebuyers in a high-price environment.
“The statutory loan limit increases announced today reflect the continued rise in home prices seen throughout most of the nation in 2023,” Gordon said. “The increases to FHA’s loan limits will enable homebuyers to use FHA’s low-down-payment financing to access homeownership at a time when a lack of affordability threatens to shut well-qualified borrowers out of the market.”
While home-price appreciation slowed in 2023, it still pushed home prices higher nationally, according to the Federal Housing Finance Agency (FHFA)’s third quarter 2023 Housing Price Index (HPI) report, also published on Tuesday.
Home prices increased by an average of 5.5% between the third quarters of 2022 and 2023, according to the FHFA report. This growth rate is much lower than the rate seen during the same period last year (12.3%).
“[FHA] calculates forward mortgage limits based on the median house prices in accordance with the National Housing Act,” the FHA explained. “FHA’s Single Family forward mortgage limits are set by Metropolitan Statistical Area (MSA) and county and are published periodically.”
As of Tuesday afternoon, individual county limits on FHA’s database are not yet updated.
The FHA national low-cost area mortgage limits are 65% of the national conforming limit of $766,550 for a one-unit property. The high-cost area mortgage limits are 150% of the national conforming limit, according to FHA.
There are some exceptions. Mortgage limits for special areas, including the states and territories of Alaska, Hawaii, Guam and the U.S. Virgin Islands account for higher construction costs. The ceiling rate for these areas is $1,724,725 for a one-unit property in 2024.
FHA also announced the national lending limit for government-backed reverse mortgages, known as the Home Equity Conversion Mortgage (HECM) program, on Tuesday. HECM loan limits were increased for the eighth consecutive year in a row to $1,149,825 in 2024.
Meanwhile, the FHFA also announced on Tuesday that conforming loan limits will increase to $766,550 in 2024.
We just posted that Wells Fargo filed trademarks for the Autograph Journey & Autograph Beyond. We now have confirmation that the Autograph Journey is a new card that will be released. Details are as follows:
I’d be beyond surprised if the Autograph Beyond isn’t a new card (well it could very well be a rebranding of the current card). 60,000 points has the potential to be very lucrative if there is also 1:1 transfer partners.
In speaking to the Committee on Banking, Housing and Urban Affairs yesterday, FDIC Chairman Sheila Bair addressed the issue of streamlined loan modification and called on servicers to do more than just set up repayment plans.
Since July of last year, 1,035,000 homeowners received loan workouts through Hope Now, but an overwhelming 758,000 of those were simple repayment plans, while just 278,000 were full scale loan modifications.
Bair and many others are concerned that repayment plans will simply delay a growing problem, and lead to a larger number of delinquencies in the not-so-distant future.
“In spite of some encouraging signs that servicers are increasing the pace of loan modifications, some reports continue to show a great reliance by servicers on repayment plans,” Bair said.
“Repayment plans or brief deferrals of payments will not allow us to get past our current problems. They are analogous to “kicking the can down the road”.”
Instead, Bair wants long term solutions, such as teaser rates extended for five years to allow borrowers to get caught up on mortgage payments and survive the housing downturn.
“Servicers should quickly identify loans facing likely default, develop broad templates for restructuring these loans into long-term, sustainable loans with fixed rates for at least five years, and proactively initiate that process,” she said.
“In addition, in appropriate circumstances, lenders and servicers also should consider forgiving a portion of the principal balance owed.”
Bair noted that servicers should consider situations where borrowers can’t support repayment of the loan, but reducing the principal balance to a sustainable level would be more advantageous than the anticipated loss that would result from a foreclosure.
“Investors should be pushing for these types of modifications. Given current market conditions, servicers who take no action and choose to rely on the traditional loan-by-loan process leading to foreclosure could run a risk of legal liability to investors for their failure to take steps to limit losses to the loan pool as a whole.”
Bair also called for more in-depth reporting from loan servicers to document efforts and better assess the situation.
“In addition, we need more consistent, transparent reporting of loan modification activity,” said Bair. “Just this week, the FDIC and other federal regulators are issuing a statement calling for all servicers and lenders to provide more detailed reporting on their efforts through the Hope Now Alliance.”
“Some servicers continue to express concern about potential legal liability to investors for loan modification activity. We believe that servicers have significant flexibility to restructure loans under current law. Indeed, as previously indicated, there may be litigation risk in failing to modify troubled mortgages.”
“However, to address these concerns, Congress could explicitly affirm that servicers have such legal authority and establish litigation safe harbors for responsible, systematic modifications.”