Apache is functioning normally
Source: nationalmortgagenews.com
Source: nationalmortgagenews.com
Tom Brady, the NFL legend known for his incredible career and for leading his teams to a record seven Super Bowl wins, is making waves off the field in Miami’s real estate scene.
His latest venture? A jaw-dropping waterfront mansion in the ultra-exclusive Indian Creek Island, affectionately dubbed “Billionaire Bunker.”
Yes, you heard that right – Brady is setting up his new bachelor pad in one of the most coveted slices of paradise in Miami, and let me tell you, it’s nothing short of spectacular.
For those keeping score at home, Indian Creek Island isn’t just any neighborhood. It’s a veritable who’s who of billionaires and A-listers, with names like Jeff Bezos and Ivanka Trump calling it home.
And now, Brady, fresh off his retirement and stepping into his new life chapter, is about to join this elite roster.
Brady’s future digs, a sprawling estate that’s been the talk of the town, sits cozily across the waterway from the abode of his ex-wife, Gisele Bündchen.
The supermodel paid $11.5 million for her new spread at 1400 Biscaya Drive in Surfside right after their split and is currently revamping the waterfront home too.
See also: Tour Tom and Giselle’s former marital home in Brookline, Massachusetts
So while the former A-list couple is keeping local construction crews busy, let’s take a closer look at the former New England Patriots quarterback’s sprawling Florida abode — and pin down what makes his newly built mansion a touchdown in luxury living.
Set at 26 Indian Creek Island Road, Tom Brady’s house in Miami has all the hallmarks of a celebrity megamansion to rival those of its deep-pocketed neighbors (Amazon boss Jeff Bezos paid $68 million for a teardown on the island).
We’re talking about a state-of-the-art gym (because, of course), a sleek study, and a waterfront pool and spa that screams relaxation with every ripple.
And for those balmy Florida nights? An outdoor kitchen, lush gardens, and a tree-lined driveway that leads to a motor court, ready to house Brady’s collection of high-end rides.
The property also boasts a plush pool cabana adjacent to an infinity pool lined with palm trees, creating a backyard oasis that’s second to none.
And for that extra touch of privacy and security? A large security house stands guard at the entrance.
Renderings of the mega-mansion have leaked, showing off the primary and guest suites, each with their own terraces.
You can take a peek inside thanks to these indoor renderings obtained by The Real Deal (swipe to see inside Tom Brady’s new house in Florida):
The interiors bear the signature of lauded designer Scott Mitchell of Scott Mitchell Studio, known for his standout designs, combining contemporary architecture with geometrical elements and juxtaposing soft, tactile textures against concrete and other natural materials.
Mitchell’s design style, which creates a sense of understated comfort, has drawn in some of the richest people in the US.
Beyond his long-standing collaboration with Tom Brady and Gisele Bündchen, he also counted billionaires Larry Ellison and David Geffen as clients, as well as former Walt Disney Studios boss Jeffrey Katzenberg.
It’s clear no expense has been spared in creating this slice of heaven. With construction in the final stages, sources hint that Brady is expected to move in come spring.
Now, let’s talk numbers because they’re just as impressive as the property.
Brady and Bündchen snagged the 2-acre lot almost three years ago for a cool $17 million. And as hefty as that might sound, it’s worth remembering that the lot sits in one of the richest neighborhoods in the United States.
Properties here typically sell for eight-figure amounts and are rarely up for grabs.
In 2023, a waterfront mansion just down the street from Tom Brady’s house listed for a whopping $85 million. We haven’t seen any other Indian Creek houses pop up on the market since.
But the land cost isn’t reflective of the overall value of the property — which sits north of $50 million.
The construction loan Brady took out from JPMorgan Chase to build his Indian Creek Island house sits at a whopping $35 million, The Real Deal reports.
But when you’re Tom Brady, with an estimated net worth of $500 million and a $375 million deal with FOX as an NFL commentator waiting in the wings, well, let’s just say he’s playing in a league of his own.
Indian Creek Island has long been a haven for the mega-rich, but Brady’s new abode is set to raise the bar even higher. And while he’s traded the gridiron for the good life in Florida, it’s clear Brady is still in the game – the real estate game, that is.
Indian Creek Island — known as “Billionaire Bunker” due to the high concentration of billionaires that own property here — is a high-security paradise for the ultra-wealthy, nestled on a barrier island in Biscayne Bay, Florida.
This exclusive enclave boasts under 50 waterfront properties, each sprawling over 1.25 acres, centered around a lavish 18-hole golf course.
Homes here are no small investment, with properties here selling for well above the $20 million market, with recent standout purchases consolidating the island’s air of affluence and privacy. Just a couple of homes have traded hands on the ultra-exclusive island in recent years, one being Bezos’ $68 million purchase, and the other another $50 million home.
DJ and producer David Guetta is also looking to join this exclusive club, reportedly snapping up a $69 million newly built house on the island.
The community is so secure that it has its own 13-person private police force patrolling by land and water, ensuring that residents like Tom Brady can enjoy their sanctuary without worry.
From what we’ve seen so far, the NFL legend’s new mansion is more than just a home; it’s a sort of statement that life after football can be equally exciting for the five-time MVP.
And honestly, we can’t wait to see the final reveal. Welcome to the neighborhood, Tom!
More stories
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Where does Leo Messi live now? The soccer star’s Miami homes
Serena Williams’ house in Florida has many unique features, but no living room
Source: fancypantshomes.com
Uninsured motorist coverage shields you from having to pay for injuries and property damage in accidents that weren’t your fault and were caused by an uninsured driver.
According to the Insurance Research Council, 14.0% of motorists on the road are uninsured. Purchasing uninsured motorist coverage reduces the likelihood that you’ll have to pay out of pocket if you’re involved in an accident caused by one of these irresponsible drivers.
It’s generally a good idea to add uninsured motorist coverage to your auto insurance policy, as it’s fairly inexpensive, usually only costing an extra $5 – $10 a month, per vehicle, for policyholders with clean driving histories. Below, we give you the scoop on the different kinds of uninsured motorist coverage and what these policies entail.
There are two main kinds of uninsured motorist coverage. Similar to your standard auto insurance policy’s collision and bodily injury coverage, this kind of policy breaks down into uninsured motorist bodily injury coverage and uninsured motorist property damage coverage.
• Uninsured motorist bodily injury coverage: Covers your party’s medical expenses and related costs in accidents caused by uninsured drivers.
• Uninsured motorist property damage coverage: Covers your repair bills and related costs in accidents caused by uninsured drivers.
Bodily injury and property damage coverage for uninsured motorists are sometimes packaged and sold together when you purchase uninsured motorist insurance. However, this isn’t the case with all policies; check with your insurance provider to know for sure. Now, let’s take a closer look at each of these kinds of coverage.
Uninsured motorist bodily injury coverage (UMBI) pays for the cost of medical bills, lost wages, pain and suffering, and funeral costs (though we hope that is never needed) in the event an uninsured driver causes an accident in which you’re the victim.
In some instances, this policy may pay out if you, as a pedestrian or bicyclist, are involved in an accident caused by an uninsured driver. Check with your insurance provider to confirm whether this might be covered.
UMBI typically does not have a deductible to meet; you would get full reimbursement of the costs.
Uninsured motorist property damage coverage (UMPD) pays for the cost of repair bills for either your vehicle or property in the event either is involved in an accident caused by an uninsured driver.
Unlike bodily injury coverage, UMPD often requires the payment of a deductible when used. This is usually set by state law and typically is between $100 and $1,000.
💡 Quick Tip: If your car is paid off and worth only a few thousand dollars, consider updating your car insurance: You might choose to opt out of collision coverage and double down on liability.
Here’s another kind of coverage you should know about: underinsured motorist coverage, which helps cover your costs if you’re involved in an accident where the party at fault has insufficient insurance coverage to pay for your medical costs.
Underinsured motorist coverage differs from uninsured motorist coverage in that it’s designed to cover any shortfalls in your costs due to the underinsured motorist’s inadequate insurance policy. By contrast, uninsured motorist coverage covers your bills due to the uninsured driver’s failure to purchase insurance.
Similar to uninsured motorist coverage, underinsured motorist coverage also comes in bodily injury and property damage variants. Both bodily injury and property damage coverage is usually packaged and sold together, though insurance policies may vary.
Underinsured motorist coverage is sold separately from uninsured motorist coverage, and states can have different coverage requirements for each. Check with your insurance provider to verify whether you need to purchase these separately.
Your auto insurance quote will typically break down your uninsured motorist coverage limits into two numbers: a smaller dollar figure followed by a larger dollar figure, separated by a slash. For example, $100,000/$300,000.
This can also be expressed as follows:
• $100,000 per person
• $300,000 per accident
These two numbers represent the per person and per accident coverage limits of your uninsured motorist insurance. The per person limit is the maximum your insurance company will pay for any single individual injured in a covered accident. Conversely, the per accident limit is the maximum your insurance company will pay for a covered accident, regardless of how many injured people are in your party.
If you’re thinking, “But what exactly does that mean?” we hear you. Let’s spell out how this coverage would work. If you have a family of five that’s riding in a car and it gets hit by an uninsured driver, the maximum amount your insurance company will pay for their cumulative medical bills is $300,000, despite each individual’s coverage limit being $100,000.
If you’re ever involved in an accident caused by an uninsured driver where your costs exceed your coverage limits, in most cases, your health insurance policy will usually kick in to cover the balance. Consult your insurance providers for the specifics on your policies.
Recommended: How Much Auto Insurance Do I Really Need?
The answer depends on whether your state requires uninsured motorist coverage. If it does, you must buy at least the state’s minimum (for more details, see below). Typically, this amount will match your liability coverage amounts. If your state does not require this kind of coverage, consider variables like the healthcare costs in your state and how much your vehicle is worth. Generally, uninsured motorist coverage is fairly affordable and is a worthy investment for some peace of mind.
According to the Insurance Research Council, approximately one in seven drivers on the road are uninsured. This figure is even higher in states like Mississippi and Michigan, where over 25% of drivers on the road are estimated to be uninsured.
Based on those figures, residents of higher risk states may be well-served by purchasing uninsured motorist coverage, while it might not be as high of a priority for residents of lower-risk states, like Massachusetts or New Jersey, where 3.5% and 3.1% of drivers respectively are estimated to be uninsured.
Now, let’s circle back to the states that do require this kind of policy. The table below lists the regulations regarding the minimum required uninsured and underinsured motorist coverage for each state.
Recommended: What Does Liability Auto Insurance Typically Cover?
Let’s take a look at the guidelines in every state, so you can see how much coverage may be required where you live. In each category, the amount shown is per person/per accident. When there is not a figure in an area of the chart, that means the insurance isn’t required.
State | Uninsured Bodily Injury | Uninsured Property Damage | Underinsured Bodily Injury | Underinsured Property Damage |
---|---|---|---|---|
Alabama | ||||
Alaska | ||||
Arizona | ||||
Arkansas | ||||
California | ||||
Colorado | ||||
Connecticut | $25,000/$50,000 | $25,000/$50,000 | ||
Delaware | ||||
District of Columbia | $25,000/$50,000 | $5,000 | ||
Florida | ||||
Georgia | ||||
Hawaii | ||||
Idaho | ||||
Illinois | $25,000/$50,000 | $25,000/$50,000 | ||
Indiana | ||||
Iowa | ||||
Kansas | $25,000/$50,000 | $25,000/$50,000 | ||
Kentucky | ||||
Louisiana | ||||
Maine | $50,000/$100,000 | $50,000/$100,000 | ||
Maryland | $30,000/$60,000 | $15,000 | $30,000/$60,000 | $15,000 |
Massachusetts | $20,000/$40,000 | |||
Michigan | ||||
Minnesota | $25,000/$50,000 | $25,000/$50,000 | ||
Mississippi | ||||
Missouri | $25,000/$50,000 | |||
Montana | ||||
Nebraska | $25,000/$50,000 | $25,000/$50,000 | ||
Nevada | ||||
New Hampshire* | $25,000/$50,000 | $25,000 | $25,000/$50,000 | $25,000 |
New Jersey | $15,000/$30,000 | |||
New York | $25,000/$50,000 | |||
North Carolina | $30,000/$60,000 | $25,000 | $30,000/$60,000 | $25,000 |
North Dakota | $25,000/$50,000 | $25,000/$50,000 | ||
Ohio | ||||
Oklahoma | ||||
Oregon | $25,000/$50,000 | |||
Pennsylvania | ||||
Rhode Island | ||||
South Carolina | $25,000/$50,000 | $25,000 | ||
South Dakota | $25,000/$50,000 | $25,000/$50,000 | ||
Tennessee | ||||
Texas | ||||
Utah | ||||
Vermont | $50,000/$100,000 | $10,000 | $50,000/$100,000 | $10,000 |
Virginia* | $30,000/$60,000 | $25,000 | $30,000/$60,000 | $25,000 |
Washington | ||||
West Virginia | $25,000/$50,000 | $25,000 | ||
Wisconsin | $25,000/$50,000 | |||
Wyoming |
*New Hampshire and Virginia do not require drivers to purchase auto insurance, but drivers who do choose to purchase auto insurance must have at least the minimum uninsured/underinsured motorist coverage amounts listed.
Recommended: 5 Steps to Switching Your Car Insurance
Depending on how much uninsured motorist coverage you choose to purchase and your personal driving habits, your costs could be as little as $5 to $10 per month. This figure also tends to vary widely based on the overall percentage of uninsured motorists in your area, according to national insurance data.
Insurance premiums vary widely across drivers, states, and even insurance providers, so make sure you check around for a personalized quote.
💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.
The prospect of being in an accident caused by an uninsured driver is a real concern, given the number of these motorists on the road. Adding uninsured motorist coverage to your auto insurance policy may be a good idea. In some states, it may even be required by law. For a relatively low cost, you can protect yourself from the possibility of being left with bills because another driver didn’t have enough insurance. The right package of car insurance policies is one way to protect yourself from unexpected circumstances.
When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.
SoFi brings you real rates, with no bait and switch.
Photo credit: iStock/RyanJLane
Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPT0224004
Source: sofi.com
The median pay for surgical techs is $56,350 annually, according to the Bureau of Labor Statistics.
Working as a surgical tech can be a great way to build a fulfilling career in the medical field. Read on to learn more about a surgical tech’s role and salary, as well as the pros and cons of this job.
The role of a surgical tech can vary greatly but generally involves assisting surgeons with tasks, such as closing surgical sites and making incisions. Other common duties include:
• Readying supplies for surgery
• Sterilizing equipment
• Getting the operating room surgery-ready
• Physically preparing patients for surgery
• Assisting surgeons during surgery
• Maintaining sterile environment
• Keeping track of supplies during and after surgery.
While some of these tasks are solitary, many involve interacting with patients and other members of the medical team. Given this degree of interaction, this can be a very rewarding career choice, although it may not be a good job for antisocial people.
Surgical techs often complete training at a community college or vocational school, typically requiring nine to 24 months of study. For this reason, being a surgical tech can be a good career without a college degree.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
Here’s information about what a surgical tech can make as an entry-level salary and later on in their career. The lowest 10% of surgical tech earners make less than $35,130 as of 2022.
However, there is a lot of room to move up in this field. The top 10% of earners make on average $95,060, meaning they are very close to making a $100,000 salary per year.
If someone is looking to optimize their earning potential, they should look for a surgical tech role in a high-paying setting. The type of medical office a surgical tech works in can affect how much they earn:
• Offices of physicians: $62,400
• Outpatient care centers: $59,740
• General medical and surgical hospitals; state, local, and private: $58,460
• Offices of dentists: $48,810.
Recommended: The 50 Highest Paying Jobs in the US
Those considering training to be a surgical tech may wonder about pay grades. The truth is, that answer depends a lot on the state they end up working in. The median hourly pay rate for this role is $27.09, but as the table illustrates below, can vary greatly by state.
The figures here for average salary and wages are arranged from highest to lowest paying.
What Is the Average Surgical Tech Salary by State for 2023
State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
---|---|---|---|---|
Oregon | $112,962 | $9,413 | $2,172 | $54.31 |
Alaska | $112,406 | $9,367 | $2,161 | $54.04 |
North Dakota | $112,389 | $9,365 | $2,161 | $54.03 |
Massachusetts | $111,047 | $9,253 | $2,135 | $53.39 |
Hawaii | $110,015 | $9,167 | $2,115 | $52.89 |
Washington | $107,487 | $8,957 | $2,067 | $51.68 |
Nevada | $106,280 | $8,856 | $2,043 | $51.10 |
South Dakota | $106,220 | $8,851 | $2,042 | $51.07 |
Colorado | $104,887 | $8,740 | $2,017 | $50.43 |
Rhode Island | $104,629 | $8,719 | $2,012 | $50.30 |
New York | $99,697 | $8,308 | $1,917 | $47.93 |
Delaware | $98,598 | $8,216 | $1,896 | $47.40 |
Vermont | $97,356 | $8,113 | $1,872 | $46.81 |
Virginia | $97,172 | $8,097 | $1,868 | $46.72 |
Illinois | $97,143 | $8,095 | $1,868 | $46.70 |
Maryland | $95,489 | $7,957 | $1,836 | $45.91 |
Nebraska | $93,450 | $7,787 | $1,797 | $44.93 |
Missouri | $92,871 | $7,739 | $1,785 | $44.65 |
California | $92,615 | $7,717 | $1,781 | $44.53 |
South Carolina | $92,071 | $7,672 | $1,770 | $44.26 |
Pennsylvania | $91,330 | $7,610 | $1,756 | $43.91 |
New Jersey | $91,143 | $7,595 | $1,752 | $43.82 |
Oklahoma | $90,500 | $7,541 | $1,740 | $43.51 |
Maine | $90,453 | $7,537 | $1,739 | $43.49 |
Wisconsin | $90,262 | $7,521 | $1,735 | $43.40 |
North Carolina | $90,170 | $7,514 | $1,734 | $43.35 |
New Hampshire | $88,816 | $7,401 | $1,708 | $42.70 |
Idaho | $88,596 | $7,383 | $1,703 | $42.59 |
Texas | $88,000 | $7,333 | $1,692 | $42.31 |
Kentucky | $87,715 | $7,309 | $1,686 | $42.17 |
Wyoming | $87,407 | $7,283 | $1,680 | $42.02 |
Minnesota | $87,181 | $7,265 | $1,676 | $41.91 |
Michigan | $86,830 | $7,235 | $1,669 | $41.75 |
New Mexico | $86,691 | $7,224 | $1,667 | $41.68 |
Indiana | $86,252 | $7,187 | $1,658 | $41.47 |
Ohio | $84,743 | $7,061 | $1,629 | $40.74 |
Arizona | $84,468 | $7,039 | $1,624 | $40.61 |
Connecticut | $84,039 | $7,003 | $1,616 | $40.40 |
Mississippi | $83,449 | $6,954 | $1,604 | $40.12 |
Iowa | $83,345 | $6,945 | $1,602 | $40.07 |
Montana | $83,195 | $6,932 | $1,599 | $40.00 |
Arkansas | $82,892 | $6,907 | $1,594 | $39.85 |
Alabama | $82,157 | $6,846 | $1,579 | $39.50 |
Utah | $80,963 | $6,746 | $1,556 | $38.92 |
Tennessee | $80,904 | $6,742 | $1,555 | $38.90 |
Kansas | $78,574 | $6,547 | $1,511 | $37.78 |
Georgia | $76,536 | $6,378 | $1,471 | $36.80 |
Louisiana | $76,117 | $6,343 | $1,463 | $36.59 |
West Virginia | $70,535 | $5,877 | $1,356 | $33.91 |
Florida | $67,735 | $5,644 | $1,302 | $32.57 |
Source: Ziprecruiter
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
It’s very common for surgical techs to hold full-time positions and as such, they tend to qualify for traditional employee benefits like paid time off, retirement accounts, and healthcare. This can be a very demanding role that may require being on call during weekends, holidays, and nights. Shifts can also be very lengthy and last longer than a typical eight-hour workday.
Still not sure if working as a surgical tech is the right fit? Here are some pros and cons associated with this role’s salary and job requirements.
Pros | Cons |
---|---|
• Median annual salary is high ($56,350) • May not need a college degree • Employment opportunities expected to grow by 5% from 2022 to 2032 • Around 8,600 openings for this role per year |
• Long shifts that can surpass eight hours • Physically demanding work • Can be on call during nights, weekends, and holidays |
Recommended: High-paying Trade and Vocational Jobs in 2024
With a solid median annual salary of $56,350 and the top 10% of income earners in the surgical tech field making more than $95,060, there is a lot of earning potential in this role. The job can be demanding and being on call is often part of the job description, but the high pay can be worth the sacrifices.
It may be possible to make $100,000 a year as a surgical tech for those with a lot of experience or who work in high-cost-of-living areas where standard pay is higher. The top 10% of surgical tech earners make more than $95,060 annually, so the potential to earn six figures is within reach.
Many people enjoy working as a surgical tech, especially if they have an interest in the medical field and helping people. However, those who are introverts or who consider themselves antisocial may not enjoy this job.
While you have to meet very specific qualifications to work as a surgical tech, if you do, you can likely find job openings in this field. Between 2022 and 2023, surgical tech employment is projected to grow by 5%. This growth rate is faster than average compared to other occupations.
Photo credit: iStock/SDI Productions
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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SORL0124021
Source: sofi.com
A bill introduced in the New Jersey Senate would require face-to-face counseling for the state’s reverse mortgage transactions and would void any loans executed without proof of such counseling having taken place. The bill is currently awaiting deliberation in the state Senate’s commerce committee.
The bill, S2520, would also offer a seven-day right of rescission on any reverse mortgage transaction, allowing a borrower to cancel the loan within that window without a penalty.
The current version of the bill was introduced earlier this month by state Sen. Shirley Turner (D), who represents New Jersey’s 15th district encompassing Hunterdon and Mercer counties. Turner originally introduced a similar bill in 2016, she told RMD in an interview.
Turner explained that her primary concern when initially introducing the bill came from a distressed constituent whose elderly mother lost her home after taking out a reverse mortgage without fully understanding the requirements of the loan, the senator said.
“His mother had taken out a reverse mortgage unbeknownst to him and he was very distraught because he didn’t learn of the reverse mortgage until it was too late for him to intervene,” Sen. Turner explained to RMD. “That was when he contacted me and he also contacted the state attorney general. We both investigated and found out that there was nothing that we could do because it was too late in the process.”
The constituent had hired his own lawyer, but his mother ended up having to leave the home after falling behind on associated taxes.
“She just fell further and further behind, and did not tell [her son] until it was too late, when she was getting the notices threatening to evict her from the house,” Turner said. “And she was then, of course, extremely upset because that was the house that she had lived in — and thought she would die in — because she had lived there for 60 years.”
The home, Turner added, had been built by the woman’s late husband in the mid-1950s. That made the senator concerned about the reverse mortgage industry’s marketing activities to borrowers, particularly those who might be dealing with the recent loss of a spouse.
Turner’s bill would have a “chilling” effect on reverse mortgage business in the state of New Jersey, according to a letter submitted to the lawmaker’s office on Feb. 13 by the National Reverse Mortgage Lenders Association (NRMLA).
When asked if she had seen the letter, Turner said it had not yet arrived at her office as Friday.
NRMLA contends that the in-person requirement would dampen reverse mortgage availability in the state, primarily since most reverse mortgages originated in New Jersey are Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgages (HECMs).
FHA’s HECM program already requires counseling prior to the closing of a reverse mortgage from agencies approved by the U.S. Department of Housing and Urban Development (HUD), and HUD requirements dictate that “clients may receive telephone counseling unless such counseling is prohibited in their state.”
“[W]e further note that, as of today, it appears that only […] six counseling agencies in New Jersey are approved by HUD to provide reverse mortgage counseling,” NRMLA wrote.
NRMLA also points out that an in-person counseling requirement is not imposed by FHA or HUD for HECM loans, and that such a requirement in New Jersey would “have the unintended consequence of decreasing the availability of reverse mortgage counseling while simultaneously imposing unnecessary hardships on New Jersey seniors seeking a reverse mortgage loan,” the letter stated.
Turner explained that she would be happy to meet with NRMLA or any other organization that either supports or opposes any legislation she introduces.
“I always meet with everybody,” she said. “Not just those who support my bill but also those that oppose it. And hopefully, we can find common ground and everybody wins.”
An in-person counseling requirement remains law in Massachusetts, which contributed to the halting of reverse mortgage business throughout the state at the onset of the COVID-19 pandemic due to stay-at-home orders handed down by then-Gov. Charlie Baker (R) in an effort to arrest the spread of the virus.
Soon afterward, an emergency bill passed by the Massachusetts Legislature relaxed the in-person counseling requirement, particularly due to the susceptibility of older people to the effects of illness caused by COVID-19. Since that point, the legislature has considered permanently rescinding the in-person counseling requirement, citing post-pandemic challenges and a limited supply of HUD-approved counselors who serve the full state.
A permanent solution has not yet materialized, however, with the legislature instead opting for temporary extensions of the relaxed rule. The current extension is scheduled to expire at the end of March 2024.
Reverse mortgage industry veteran George Downey of The Federal Savings Bank in Braintree, Massachusetts, has been a key figure in the industry’s efforts to change the law within that state. He offered his personal opinion on the New Jersey matter.
“Clearly, this is another well-intended but misguided initiative,” Downey said an interview, comparing the proposed New Jersey bill to the in-person provision in his state. “But in addition to the logistical reasons, attorneys I’ve spoken with agree with my opinion that the issue of disparate impact under the American Disabilities Act and Fair Credit Reporting Act (FCRA) could be a consideration.”
Disparate impact provisions in U.S. law refer to practices that may adversely affect one group of people within a protected class more than another, even though rules applied are ostensibly or formally neutral.
“As you bear down on this in-person counseling issue, it puts a protected class at a distinct disadvantage by requiring them to assume additional cost,” Downey said, primarily referring to transportation. Downey has had personal experience with disabled clients who had to shoulder high costs to reach an in-person counseling appointment.
“Just as easily, the counseling could have been accomplished with a phone call,” he said.
Source: housingwire.com
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Conversations around student loan debt forgiveness have called to attention a staggering statistic: in the middle of 2023, Americans held a collective $1.63 trillion in federal student loans spread amongst more than 43 million borrowers.
The average student loan debt is $37,557.60 per borrower, though the exact amount varies significantly from person to person depending on age, gender and education level, among other characteristics.
The following chart captures the staggering rise of average student loan debt since 2007 by displaying the average debt, total debt and total number of borrowers and how they have changed over time.
Average student loan debt over time | |||
---|---|---|---|
Year | Average debt | Total debt | Borrowers |
2007 | $18,233.22 | $516 billion | 28.3 million |
2008 | $19,297.66 | $577 billion | 29.9 million |
2009 | $20,467.29 | $657 billion | 32.1 million |
2010 | $21,865.89 | $750 billion | 34.3 million |
2011 | $23,232.88 | $848 billion | 36.5 million |
2012 | $24,751.96 | $948 billion | 38.3 million |
2013 | $26,262.63 | $1.04 trillion | 39.6 million |
2014 | $27,764.13 | $1.13 trillion | 40.7 million |
2015 | $29,086.54 | $1.21 trillion | 41.6 million |
2016 | $30,732.86 | $1.30 trillion | 42.3 million |
2017 | $32,159.62 | $1.37 trillion | 42.6 million |
2018 | $33,566.43 | $1.44 trillion | 42.9 million |
2019 | $35,198.14 | $1.51 trillion | 42.9 million |
2020 | $36,596.74 | $1.57 trillion | 42.9 million |
2021 | $37,096.77 | $1.61 trillion | 43.4 million |
2022 | $37,471.26 | $1.63 trillion | 43.5 million |
2023 | $37,557.60 | $1.63 trillion | 43.4 million |
Source: U.S. Department of Education
After accounting for inflation, the average student loan debt has increased by more than 50 percent since 2007. According to the Pew Research Center, the median purchasing power of Americans has hardly risen in the past four decades, so it stands to reason that student loan debt is an ever-increasing source of financial burden.
Student loan debt has ballooned over the past 15 years. At the beginning of 2007, just 28 million borrowers held around $500 billion in student loan debt—or an average of $18,233 per borrower. In 2023, the number of borrowers increased to about 43 million, who collectively hold more than $1.6 trillion in debt, which amounts to an average of $37,557.60 per person.
Although average student loan debt is more than $37,000, this figure is somewhat skewed since some students have extraordinarily large sums of debt that raise the overall average. The greatest number of borrowers owe just $10,000 to $20,000 in student loans, but more than 3 million are over $100,000 in debt from federal student loans.
Using the most recent available data from the U.S. Department of Education, we’ve compiled detailed statistics about the average student loan debt for Americans. Read on to see more, or use the links below to jump to a specific section.
Average student loan debt:
While student loan debt is a national concern, the effects are felt differently in various states across the country. Many states have average student loan debt that hovers around the $37,645 national average, but there are several notable outliers. North Dakota, for instance, has the lowest average student loan debt at $30,000, while Maryland has the highest average student loan debt at $43,115.
Though they are not technically states, the District of Columbia has a very high average student loan debt of $54,347, and the U.S. territory of Puerto Rico has a relatively low average student loan debt of $29,577.
Here’s a list of U.S. states along with their average student loan debt, total student loan debt and total borrowers using data as of June 30, 2023.
Average student loan debt by state | |||
---|---|---|---|
State | Average debt | Total debt | Borrowers |
Alabama | $37,265.17 | $24.2 billion | 649,400 |
Alaska | $34,493.45 | $2.4 billion | 68,700 |
Arizona | $35,543.01 | $32.5 billion | 917,300 |
Arkansas | $33,508.38 | $13.4 billion | 399,900 |
California | $37,343.36 | $149 billion | 3.99 million |
Colorado | $36,939.31 | $29.4 billion | 795,900 |
Connecticut | $36,055.35 | $18.5 billion | 513,100 |
Delaware | $38,173.65 | $5.1 billion | 133,600 |
District of Columbia | $54,347.83 | $6.5 billion | 119,600 |
Florida | $39,037.04 | $105.4 billion | 2.7 million |
Georgia | $41,529.41 | $70.6 billion | 1.7 million |
Hawaii | $37,995.15 | $4.7 billion | 123,700 |
Idaho | $33,139.27 | $7.4 billion | 223,300 |
Illinois | $39,437.50 | $63.1 billion | 1.6 million |
Indiana | $33,105.92 | $30.3 billion | 918,300 |
Iowa | $30,758.71 | $13.5 billion | 438,900 |
Kansas | $33,127.89 | $12.9 billion | 389,400 |
Kentucky | $33,110.42 | $20.3 billion | 613,100 |
Louisiana | $34,777.39 | $23.2 billion | 667,100 |
Maine | $33,854.42 | $6.5 billion | 192,000 |
Maryland | $43,115.60 | $36.7 billion | 851,200 |
Massachusetts | $34,922.69 | $32.3 billion | 924,900 |
Michigan | $36,928.57 | $51.7 billion | 1.4 million |
Minnesota | $33,953.31 | $27.2 billion | 801,100 |
Mississippi | $36,904.50 | $16.5 billion | 447,100 |
Missouri | $35,536.60 | $30 billion | 844,200 |
Montana | $33,690.66 | $4.4 billion | 130,600 |
Nebraska | $32,449.54 | $8.2 billion | 252,700 |
Nevada | $33,996.68 | $12.3 billion | 361,800 |
New Hampshire | $34,341.36 | $6.7 billion | 195,100 |
New Jersey | $35,416.67 | $44.9 billion | 1.2 million |
New Mexico | $34,022.39 | $7.9 billion | 232,200 |
New York | $37,960.00 | $94.9 billion | 2.5 million |
North Carolina | $36,857.14 | $51.6 billion | 1.4 million |
North Dakota | $30,000.00 | $2.7 billion | 90,000 |
Ohio | $35,000.00 | $63 billion | 1.8 million |
Oklahoma | $31,874.88 | $16.1 billion | 505,100 |
Oregon | $37,415.59 | $20.5 billion | 547,900 |
Pennsylvania | $35,000.00 | $66.5 billion | 1.9 million |
Puerto Rico | $29,577.05 | $10 billion | 338,100 |
Rhode Island | $32,885.91 | $4.9 billion | 149,000 |
South Carolina | $38,360.14 | $29.1 billion | 758,600 |
South Dakota | $31,746.03 | $3.8 billion | 119,700 |
Tennessee | $36,557.93 | $32.5 billion | 889,000 |
Texas | $33,447.37 | $127.1 billion | 3.8 million |
Utah | $33,125.00 | $10.6 billion | 320,000 |
Vermont | $38,071.07 | $3 billion | 78,800 |
Virginia | $39,818.18 | $43.8 billion | 1.1 million |
Washington | $36,176.03 | $29.1 billion | 804,400 |
West Virginia | $32,159.93 | $7.4 billion | 230,100 |
Wisconsin | $32,231.85 | $23.8 billion | 738,400 |
Wyoming | $30,357.14 | $1.7 billion | 56,000 |
Source: U.S. Department of Education
Total student loan debt for each state correlates strongly with population, so California ($149 billion), Texas ($127.1 billion) and New York ($94.9 billion) have the largest amount of debt among all states. The smallest amount of debt belongs to Wyoming, which holds just $1.7 billion among 56,000 borrowers—though that is nearly 10 percent of the state’s population with some sort of student loan debt.
Student loan debt varies significantly by age, with those ages 50 to 61 holding the highest average debt at $45,584.62. On the other hand, the greatest number of borrowers are ages 25 to 34 (14.9 million total borrowers), and the greatest amount of debt is held by those ages 35 to 49 ($613 billion total debt). Those 62 or older represent less than 6 percent of total borrowers who hold just $92 billion—less than any other age group.
The following chart shows the average student loan debt, total student loan debt and number of borrowers for each major age group.
Average student loan debt by age | |||
---|---|---|---|
Age | Average debt | Total debt | Borrowers |
24 and younger | $14,383.35 | $97.8 billion | 6.8 million |
25 to 34 | $32,801.32 | $495.3 billion | 15.1 million |
35 to 49 | $43,000.00 | $632.1 billion | 14.7 million |
50 to 61 | $45,584.62 | $296.3 billion | 6.5 million |
62 and older | $42,518.52 | $114.8 billion | 2.7 million |
Source: U.S. Department of Education
The average debt for each age group is skewed slightly upward by a small number of people who hold a significant amount of student loan debt—in some cases $200,000 or more. Across borrowers ages 25 to 61, it is most common to have between $20,000 and $40,000 of student loan debt, whereas those under 25 generally have between $10,000 and $20,000. Most borrowers above age 62 have less than $5,000 in debt.
Across all age groups, a total of 11.7 million borrowers owe more than $40,000 in student loan debt—meaning around 25 percent of total borrowers have more debt than average.
Student loan debt is not distributed equally among races and genders, as borrowing patterns tend to vary substantially. While Asian students tend to borrow the least amount of money to fund their education, Black students tend to borrow the most. In general, a smaller percentage of white students (67 percent) and Asian students (43 percent) took out loans for their education than Hispanic students (70 percent) and Black students (86 percent).
Here is a full look at how students of different races and genders funded their education using student loans.
Average student loan amount borrowed by race and gender | ||
---|---|---|
Race or ethnicity | Gender | Average borrowed |
White | Male | $29,862 |
Female | $31,346 | Black or African American | Male | $35,665 |
Female | $37,558 | |
Hispanic or Latino | Male | $27,452 |
Female | $27,029 | Asian | Male | $25,507 |
Female | $25,252 |
Source: American Association of University Women
Many women take loans out for four-year for-profit universities, which tend to charge higher tuition, leading to larger student loan burdens after graduation. The American Association of University Women found that women hold nearly two-thirds of student loan debt, and many women manage debt payments while also managing housing, food or childcare costs on an average post-graduation salary of about $35,000.
Among Black women, 57 percent of college graduates report difficulty repaying student loans despite earning a bachelor’s degree or higher. A 2022 study by The Education Trust also found that 12 years after enrolling in college, Black women find themselves owing 13 percent more than the amount they initially borrowed, whereas White men have managed to reduce their debt by 44 percent in the same time frame.
The average student loan debt varies according to repayment status, as student loans are treated differently for students in school, throughout the post-graduation grace period, amid repayment or during deferment, forbearance or default. For students in school and during the post-graduation grace period, no payments are required—though interest may continue to accrue for unsubsidized loans. Deferment and forbearance are similar, though no interest accrues with deferment as it typically does with forbearance.
The following chart shows the average student loan debt for those with different repayment statuses. Keep in mind that the below chart is based on data from Q3 2023. Prior to that, in March 2020, many major shifts occurred in loan statuses due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The following chart shows the average student loan debt for those with different repayment statuses.
Average student loan debt by repayment status | |||
---|---|---|---|
Status | Average debt | Total debt | Borrowers |
In school | $17,903.85 | $93.1 billion | 5.2 million |
Grace | $23,923.08 | $31.1 billion | 1.3 million |
Repayment | $33,000.00 | $9.9 billion | 300,000 |
Deferment | $36,571.43 | $102.4 billion | 2.8 million |
Forbearance | $40,260.07 | $1,099.1 trillion | 27.3 million |
Default | $21,844.44 | $98.3 billion | 4.5 million |
Source: U.S. Department of Education
While temporary government action has offered reprieve to millions of student loan borrowers, a looming financial crisis still threatens as high-interest loans prevent many people from accumulating wealth, purchasing homes or starting families.
Total student loan debt has tripled over the past 15 years—and in that time, it has passed both auto loans and credit card debt for the greatest share of non-housing debt in the United States, according to data from the Federal Reserve Bank.
With student loan debt on the rise, many people were struggling to make payments before the CARES Act. Now that payments have restarted as of October 2023, you’ll want to make sure you’re making payments on time. Student loan debt and payments can have an impact on your credit, so getting a handle on that debt is crucial.
If you need help with cleaning up your credit report or getting your credit back on track, our services at Lexington Law Firm could help. The combination of debt from student loans, credit cards, mortgages and auto loans can be overwhelming and make it hard to maintain good credit, but professional support can provide the boost you need to overcome these temporary obstacles.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
Nursing can be a well-paying profession. According to the Bureau of Labor Statistics (BLS), the median salary for a registered nurse (RN) is $81,220 per year or $39.05 per hour.
In fact, nursing can be a rewarding career path in more ways than one. Not only can these healthcare professionals provide for themselves financially, they also care for people during times of need.
To better understand what it’s like working as a nurse and what the earning potential is, keep reading.
An RN provides patients with care and support, and they offer education on health issues and conditions. Responsibilities can vary by workplace and specialty. For example, a geriatric nurse works with elderly patients and provides a different type of care than an oncology nurse, who supports patients with cancer.
Generally speaking, an RN’s tasks often include the following:
• Evaluate the condition of patients.
• Set up care plans for patients.
• Consult and collaborate with doctors and other healthcare providers.
• Operate and monitor medical equipment.
• Document patients’ medical backgrounds and symptoms.
• Administer medications and treatments.
• Assist in conducting diagnostic tests and analyzing the results.
• Educate patients and their families on managing illnesses or injuries.
• Provide instructions for post-treatment care at home.
Nurses often work on a team made up of other nurses, physicians, and healthcare specialists. Some nurses may even supervise other RNs, nursing assistants, or home health aids. Because of how much collaboration and patient interaction is involved in nursing, this role may not be a great fit for introverts.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
On average, entry-level nurses earn around $80,321 a year or $39 per hour, according to ZipRecruiter. But keep in mind that amount represents a middle ground; incomes for nurses fresh out of school can run the gamut from $36,000 to $136,000.
Recommended: What Is Competitive Pay?
Unlike some other healthcare professionals, nurses may be paid hourly or earn an annual salary. They can also make extra by working overtime, overnight, or on holidays. As mentioned, nurses who are paid by the hour earn a median rate of $39.05 or $81,220 per year.
It’s worth noting that where a nurse chooses to work can significantly affect how much they earn. When it comes to settings that pay the most money, the government comes out on top. Let’s take a look at the median annual wage for nurses across a variety of settings, per the BLS:
• Government: $92,310
• Hospitals: $82,250
• Ambulatory healthcare services: $78,670
• Nursing and residential care facilities: $75,410
• Educational services: $65,450
Nurses also have the option to take travel assignments, which can be an attractive option for professionals seeking flexibility, short-term assignments, and competitive pay. Travel nurses can expect to earn anywhere from $81,000 to $128,00 a year.
To help manage that high level of income, consider digital tools like a money tracker app. In addition to being convenient, it can help take the guesswork out of budgeting and setting financial goals.
The state a nurse chooses to work in can greatly influence how much they earn, as illustrated by the following table:
State | Average Annual Salary |
---|---|
Alabama | $68,782 |
Alaska | $78,193 |
Arizona | $70,717 |
Arkansas | $71,792 |
California | $78,490 |
Colorado | $90,700 |
Connecticut | $69,698 |
Delaware | $84,924 |
Florida | $56,707 |
Georgia | $64,076 |
Hawaii | $75,614 |
Idaho | $75,172 |
Illinois | $84,135 |
Indiana | $72,210 |
Iowa | $69,236 |
Kansas | $65,099 |
Kentucky | $76,147 |
Louisiana | $63,306 |
Maine | $76,539 |
Maryland | $82,211 |
Massachusetts | $78,960 |
Michigan | $75,056 |
Minnesota | $72,508 |
Mississippi | $69,141 |
Missouri | $80,121 |
Montana | $69,652 |
Nebraska | $80,357 |
Nevada | $73,935 |
New Hampshire | $74,558 |
New Jersey | $76,040 |
New Mexico | $72,231 |
New York | $83,627 |
North Carolina | $77,842 |
North Dakota | $77,045 |
Ohio | $70,515 |
Oklahoma | $77,820 |
Oregon | $77,062 |
Pennsylvania | $76,604 |
Rhode Island | $71,379 |
South Carolina | $79,483 |
South Dakota | $72,815 |
Tennessee | $67,322 |
Texas | $74,746 |
Utah | $67,313 |
Vermont | $81,802 |
Virginia | $83,556 |
Washington | $91,445 |
West Virginia | $59,162 |
Wisconsin | $75,198 |
Wyoming | $73,262 |
Source: ZipRecruiter
Recommended: Is $100,000 a Good Salary?
Whether they’re paid by the hour or per year, a nurse can make a good living. And there are ways to supplement that income or create a flexible working schedule that supports a work-life balance. For instance, nurses can choose to work part-time, as many hospitals are short-staffed and need the extra help and expertise. There’s also travel nursing, which allows these healthcare professionals to pick up short-term assignments.
But if a full-time role with benefits is what you’re after, you may have little trouble finding one that fits. The BLS projects that between now and 2032, the number of RN jobs available in the field will grow 6%. And those on-staff positions can come with benefits like health insurance, retirement contribution matches, and tuition reimbursement.
Like any career path, working as an RN comes with a unique set of pros and cons that are worth keeping top of mind:
Pros | Cons |
---|---|
• High demand for nurses • Full-time work and benefits available • Flexible schedule may be an option depending on your employer |
• Physically and emotionally demanding job • Potential exposure to illnesses • May work nights, weekends, or holidays • Limited work-from-home options (aside from telehealth roles) |
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
While the hours can be long and the work physically demanding, nurses have the potential to earn a lot of money. As they gain years of experience or enter more lucrative industries, these professionals can potentially earn a six-figure salary. Bottom line: If you’re passionate about health care and helping others, you may find that a career in nursing is professionally and financially rewarding.
The type of nursing role an RN takes can affect how much they earn. Those looking to earn high incomes may want to pursue government nursing, which earns a median salary of $92,310. This is much higher than the $81,220 median salary for all RNs.
In the state of California, an RN can expect to earn an average of $78,490 per year, or an hourly rate of $37.74, per ZipRecruiter.
Of all the 50 states, Florida pays its nurses the least, according to ZipRecruiter. Nurses there earn an average of $56,707 a year, and their average hourly wage is $27.26.
Photo credit: iStock/FG Trade
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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SORL1023026
Source: sofi.com
In AD PRO’s monthly Having a Moment column, AD senior design editor Hannah Martin reports as a weathervane for fads big and small, documenting the patterns and home decor trends she’s clocked in the pages of AD and beyond. Here, enjoy a look back at 2023’s most defining moments.
From nostalgic styles making a comeback to innovative responses to how we live today, there were many stand-out moments in the world of interior design this year. Reviewing them retrospectively, the selections sum up the past year’s tentpole memories—from the design fair debuts we’re still thinking about to the interiors that will inspire well into the new year. Before diving into the design forecasts and color predictions for 2024, take a minute to reflect on the home decor trends that ruled interiors this year.
Forget the subtlety of travertine (last year’s surface du jour) or the always-in elegance of snow-white Carrara. This year was all about an eye-popping specimen—strong veining, unusual colors, and (for the ultra-daring) perhaps a graphic mix of both. Surfaces need not blend into the background; they can say something too. Let’s call it personality marble—that essential dose of pattern that can make any interior pop. Take, for instance, the freestanding onyx bar Roman and Williams turned into a showstopping moment in Gwyneth Paltrow’s Montecito living room, or the all-over marble bathroom of Tinder founder Sean Rad and his wife, Lizzie Grover Rad, conjured by designer Jane Hallworth. Consider it a new kind of conversation piece for the home.
“With a rise in midcentury-modern home remodels and an increased nostalgia for retro furnishings, we’re seeing more customers favoring color,” says Alyssa Wilterdink, senior marketing manager at Kohler, which relaunched a duo of vintage hues for its plumbing fixtures in honor of the American manufacturer’s 150th anniversary this year. Designers are indeed leaning in: Virginia Tupker recently ordered custom colored Water Monopoly sinks in pale pink and blue for a family home in Connecticut; color fiend Frances Merrill installed a cobalt blue sink in the powder room of a Cape Ann, Massachusetts, home; and designer Oliver M. Furth opted for a vintage pink toilet from Kohler for artist Mary Wetherford’s midcentury-modern abode in LA.
This year, we witnessed a surge in designers adding color, pattern, and artistic flair to their projects with hand-painted tile. “I’ll tile just about anything,” says interior designer Jessica Jubelirer, who applied the treatment to the hearth, the bathrooms, the baseboards, and, most memorably, inset in the closet doors in a lakeside Wisconsin family home. Meanwhile, in a historic Connecticut family home designed by Virginia Tupker, Delft and Portuguese tiles create a sort of wainscoting in the entryway and bathrooms, as well as fireplace surrounds. In the kitchen of that project, hand-painted tile adds a splash of pattern (drawn from a William Morris motif) as a backsplash. Practical and durable with an artisan flair, hand-painted tile adds visual interest wherever needed. Adds Jubilerer: “Kitchens, bathrooms, and fireplaces can all benefit from its practicality and beauty.”
This spring’s design fair circuit hinted at a return to the industrial minimalism, high-tech style of the ’70s and ’80s—an industrial revolution of the interior, if you will. In April we returned from Milan with notes about a minimalism resurgence, with a particular emphasis on industrial materials. Knoll had reissued some of high-tech star Joe D’Urso’s super-adaptable and sleek low tables from the ’80s. Ledongil Workshop’s experimental lighting and furnishings, on display at Ordet gallery, felt like an elevated take on track lighting. And at Drop City, designer Daisuke Yamamoto showcased a collection of clean-lined chairs made of the most frequently trashed construction material: lightweight gauge steel. Indeed, industrial materials and minimalist silhouettes were the protagonists of this year’s debuts.
“We’re blowing the dust off moire,” says Raffaele Fabrizio, creative director of Dedar, while showing off the Italian fabric house’s newly expanded Amoir Libre textile. Cue the ripple effect. As of late, a handful of brands and interior designers have redirected their gaze to the historic textile that oozes opulence, repackaging it for today’s quiet luxury. Interior designer Sophie Ashby, who recently wrapped a dressing room in a pale pink Dedar moire, praises the home decor trend for its ability to expand space: “When used in the right way it can really enhance a space, enveloping the interior with tactility whilst also subtly playing with light to make smaller spaces—such as dressing rooms or hidden nooks—appear larger.”
Before there was photography, botanists—or anyone wishing to document flora—created detailed illustrations, known as botanical studies, intended to convey the plant’s physical appearance and other qualities. Unsurprisingly, such botanical studies have long been used to decorate. Lately, the botanical studies trend—a longtime hallmark of traditional, even preppy interiors—is blooming anew. In Lauren Dupont’s Connecticut home, designed by Stephen Sills, a pair of antique botanical prints purchased at auction hang in her dressing room, and in her Palm Beach kitchen, Aerin Lauder mounted a grid of floral prints in the service pantry. Sure, there’s nothing innately groundbreaking about florals when it comes to home decor trends, but perhaps that’s just what gives them eternal life.
In the bedroom, gone are the piles of decorative pillows and fussy, overstuffed duvets. Back is a simple coverlet that is perfectly happy not to take center stage. You know this super-simple look: a flat coverlet is laid across the bed, folded down a little at the top, and then back over a pair of standard pillows. “It always felt a bit traditional and almost religious,” says Colin King, the stylist and longtime AD contributor, who favors the minimalist bed. “It’s clean and tidy, simple but elegant. It gives the room the feeling you want your bedroom to have—serenity.” The back-to-basics look has been spotted in a restored Brooklyn Heights apartment by Augusta Hoffman, John Legend and Chrissy Teigen’s California bedroom designed by Jake Arnold, and Andre Mellone’s Manhattan sleeping quarters too.
In Germany and Austria between 1815 and 1850, when the Napoleonic wars had ended and a burgeoning middle class emerged, a new style of furniture was created to suit their needs: streamlined versions of more opulent Empire furniture, characterized by strong lines, warm local woods, and simplified shapes—though, notably, not totally stripped of ornament. Biedermeier furniture, as it would later be named, has regained appeal in contemporary interiors for its chameleon qualities. It brings a calculated hit of classicism to a cool, minimalist interior, but it can deliver streamlined modernity to one that is layered and super decorated. These days, says Campbell-Rey’s Charlotte Rey, it’s all about the mix: “It is important to not be afraid to mix them with color and other periods. Perhaps you place a Memphis Milano lamp on top of a Biedermeier sideboard? Being too respectful can make it feel overly polite.”
Source: architecturaldigest.com
On a salary of $50,000 per year, you can afford a house priced at around $128,000 with a monthly payment of $1,200 — that is, as long as you have relatively little debt already on your plate. However, not everyone earning $50,000 will see this number in response to a loan application. There are many more factors besides income and debt to take into account, such as:
• Your down payment
• The cost of taxes and insurance for the home you want
• The interest rate
• The type of loan you’re applying for
• Your lender’s tolerance for debt levels
Each of these factors affects how much home you can afford on any salary, including one at $50,000.
$50,000 is a solid salary, but there’s no denying today’s real estate market is tough. You’ll need to know the full picture of home affordability to get you into the house you want, starting with your debt-to-income (DTI) ratio.
Your DTI ratio may be one of your biggest challenges to home affordability. Each debt that you have a monthly payment for takes away from what you could be paying on a mortgage, lowering the mortgage amount that you can qualify for.
To calculate your DTI ratio, combine your monthly debt payments such as credit card debts, student loan payments, and car payments and then divide the total by your monthly income. This will give you a percentage (or ratio) of how much you’re spending on debt each month. Lenders look for 36% or less for most home mortgage loans.
For example, on a $50,000 annual salary and a $4,166 monthly income, your maximum DTI ratio of 36% would be $1,500. This is the maximum amount of debt lenders want to see on a $50,000 salary.
💡 Quick Tip: Lowering your monthly payments with a mortgage refinance from SoFi can help you find money to pay down other debt, build your rainy-day fund, or put more into your 401(k).
A down payment increases how much home you’ll be able to qualify for. The more you’re able to put down, the more home you’ll be able to afford. Borrowers who put down more than 20% also avoid having to buy mortgage insurance. When you don’t have to pay mortgage insurance every month, you can qualify for a higher mortgage — but you do need to consider if putting down 20% is worth it to you. A mortgage calculator can help you see how much your down payment affects the mortgage you can qualify for.
In addition to the debt-to-income ratio and down payment, there are a handful of other variables that affect home affordability. These are:
• Interest rates When your interest rate is lower, you’ll either have a lower monthly mortgage payment or qualify for a higher mortgage. With higher interest rates, you’ll have a higher monthly mortgage payment and/or qualify for a lower home purchase amount.
• Credit history and score Your credit score affects what interest rate you’ll be able to get, which is a huge factor in determining your monthly mortgage payment and home affordability.
• Taxes and insurance Higher taxes, insurance, or homeowners association dues can bite into your house budget. Each of these factors has to be accounted for by your lender.
• Loan type Different loan types have varying interest rates, down payments, credit requirements, and mortgage insurance requirements which can affect how much house you can afford.
• Lender You may be able to find a lender that allows for a DTI ratio that is higher than the standard 36%. (Some lenders allow a DTI as high as 50%.)
• Location Where you buy affects how much house you can afford. This is one area that you can’t control, unless you move. If you are considering this option, take a look at the best affordable places to live in the U.S.
Recommended: The Cost of Living by State
If you want to be able to afford a more costly house, you may want to look into a down payment assistance (DPA) program. These programs can help you with funding for a down payment on a mortgage. You can look for DPA programs with your state or local housing authority. Preference may be given to first-time homebuyers or lower-income families, but there are programs available for a wide variety of situations and incomes.
If you want to know how much mortgage you’ll likely be able to qualify for, you’ll want to take a look at these guidelines.
The 28/36 Rule: Lenders look for home payments to be at or below 28% of your income. Total debt payments should be less than 36% of your income. These are the front-end and back-end ratios you may hear your mortgage lender talking about.
Front-end ratio (28%): At 28% or your income, a monthly housing payment from a monthly income of $4,166 should be no more than $1,166.
Back-end ratio (36%): To calculate the back-end, or debt-to-income ratio, add your debt together and divide it by your income. This includes the new mortgage payment. With monthly income at $4,166, your debts should be no more than $1,500 ($4,166*.36).
The 35/45 Rule: The 35/45 rule is a higher debt level your lender can elect to follow. It’s riskier for them and may come at a higher interest rate for you. This rule allows you housing payment to be 35% of your monthly income and 45% of your total debt-to-income ratio. With a monthly income of $4,166, the housing allowance (35% of your income) increases to $1,458 and the total monthly debt (45% of your income) increases to $1,875.
An easier way to calculate how much home you can afford is with a home affordability calculator.
Making $50,000 a year gives you around $4,166 to work with each month. Using the 36% debt-to-income ratio, you can have a maximum debt payments of $1,500 ($4,166 * .36). In the examples below, taxes ($2,500), insurance ($1,000), and interest rate (6%) remain the same for a 30-year loan term.
Example #1: High-debt Borrower
Monthly credit card debt: $200
Monthly car payment: $400
Student loan payment: $200
Total debt = $800
Down payment = $20,000
Maximum DTI ratio = $4,166 * .36 = $1,500
Maximum mortgage payment = $700 ($1,500 – $800)
Home budget = $88,107
Example #2: The Super Saver
Monthly credit card debt: $0
Monthly car payment: $200
Student loan payment: $0
Total debt = $200
Down payment: $20,000
Maximum DTI ratio = $4,166 * .36 = $1,500
Maximum mortgage payment = $1,300 ($1,500 – $200)
Home budget = $171,925
Recommended: Tips to Qualify for a Mortgage
Your monthly payment directly affects the mortgage you’re able to qualify for. The more monthly debts you have, the lower the mortgage you’ll be able to qualify for. That’s why it’s so important to take care of debts as soon as you can.
That’s also why it’s important to get the best interest rate you can. Shopping around for lenders and improving your credit score can both save you money and improve home affordability. A home loan help center is a good place to start the process of looking for a mortgage.
How much home you can afford also comes down to the different types of mortgage loans. Here are some common options:
• FHA loans If your credit isn’t ideal, you may be able to secure a Federal Housing Administration mortgage. Though FHA loans are costlier, you can still be considered with a credit score as low as 500. FHA mortgage insurance, however, makes them more expensive than their alternatives.
• USDA loans If you’re in a rural area that is covered by United States Department of Agriculture loans, you’ll want to consider whether the low interest, no-down-loan will make sense for you.
• Conventional loans Conventional financing offers the most competitive interest rates and terms for mortgage applicants who qualify.
• VA loans If you have the option of financing with a U.S. Department of Veterans Affairs loan, with few exceptions, you’ll generally want to take it. It offers some of the most competitive rates, even for zero-down-payment loans. It also comes with no minimum credit score requirement, though the final say on whether or not you can get a loan with a low credit score is up to the individual lender.
💡 Quick Tip: Don’t have a lot of cash on hand for a down payment? The minimum down payment for an FHA mortgage loan is as low as 3.5%.1
Your $50,000 salary is the first step in qualifying for the home mortgage loan you need to buy a house. To position yourself for the best possible borrowing scenario, consider paying down debt, working on your credit score, applying for down payment assistance, adding a co-borrower, or some combination of the above. With these moves, home affordability improves a great deal.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
A $50,000 salary is good in terms of covering the cost of living in many parts of the U.S. and with proper budgeting it can even put you on the path to affording to purchase your own home.
A comfortable income for a single person could be at or above the median income for a single person, which is $56,929 according to data from the U.S. Census.
Your living wage depends on your local region, number of working household members, and children. For a single person living in Arizona, the average living wage is about $37,000. If the same person moved to California, an average of more than $44,000 would be needed, according to the Massachusetts Institute of Technology’s Living Wage Calculator.
A salary of $234,342 would put you in the top 5% of wage earners in the United States.
Photo credit: iStock/Tirachard
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Source: sofi.com
On a salary of $45,000 per year, you can afford a house priced at around $120,000 with a monthly payment of $1,050 for a conventional home loan — that is, if you have no debt and can make a down payment. This number assumes a 6% interest rate.
These numbers change—sometimes dramatically—depending on a few factors, including:
• How much debt you have
• What your down payment is
• How much you’re paying for taxes, insurance, and homeowners association dues, if anything
• What interest rate is available to you
• What type of loan you get
With the median home price in the U.S. topping $400,000, you might be wondering how everyone else affords a home in your neighborhood. We’ll cover every aspect of home affordability for a $45,000 salary to help you work toward getting the home you’ve always wanted.
💡 Quick Tip: A VA loan can make home buying simple for qualified borrowers. Because the VA guarantees a portion of the loan, you could skip a down payment. Plus, you could qualify for lower interest rates, enjoy lower closing costs, and even bypass mortgage insurance.†
The kind of home you can afford depends on more than your $45,000 salary. It’s also based on your debt-to-income (DTI) ratio, interest rate, down payment, type of home loan, and lender.
Your DTI ratio is a key factor in determining how much home you can afford. The more debt you have, the lower your housing payment needs to be. This directly translates into a lower priced home. So, what exactly is a DTI ratio? It is the proportion of monthly debt you need to repay in relation to your gross monthly income.
For example, if your total debt amounts are $2,000 each month and your income is $6,000 per month, your debt-to-income ratio would be 33%. This falls under the 36% threshold mortgage lenders look for with conventional home mortgage loans.
However, keep in mind that the $2,000 has to include your new mortgage payment. If your debts cost $500 each month, your monthly mortgage payment cannot be more than $1,500.
Your down payment also plays a significant factor in home affordability. Generally, the higher down payment you have, the more home you can afford. If you purchase a home far below what you can afford, your monthly payment will be much lower.
If you make a down payment of 20% or more, you’ll also be able to save on mortgage insurance premiums, which are typically required on most loan types for homes purchased with a down payment lower than 20%.
If you play around with a mortgage calculator, you can see how a larger down payment can affect your monthly payment and home price.
Beyond your debt, income, and down payment, there are a number of other factors that go into home affordability. These include:
• Interest rates The interest rate you have on your home dramatically impacts how much home you can afford. When interest rates are high, your monthly payment is higher. When interest rates are down, you pay less interest on your loan, which means you can afford a more costly home. Remember that if rates drop significantly a mortgage refinance is always an option.
• Credit history and score The interest rate that you’ll qualify for is dependent on your credit score and history. A better credit score will qualify you for the best interest rates, which means your monthly payment will be lower, which can increase your buying power.
• Taxes and insurance Taxes and insurance factor into your home’s monthly payment. They will be calculated into the home’s PITI (payment, interest, taxes, insurance) and included as part of your monthly debts.
• Loan type The type of loan you get affects home affordability. This is due to the different interest rates and down payment options available to specific loan types. VA loans from the U.S. Department of Veterans Affairs, for example, come with a lower interest rate and don’t require a down payment.
• Lender Lenders may have discretion to increase the allowable debt-to-income ratio. Some can go as high as 50%.
• Location Some areas are more affordable than others. Thinking about moving? Take a look at a list of the best affordable places to live in the U.S.
Recommended: The Cost of Living By State
One of the best tools for increasing home affordability is with down payment assistance programs. These programs provide funds for the down payment (and sometimes closing costs) to help make homes more affordable for buyers.
Some programs offer down payment assistance in the form of a grant that does not need to be repaid, while others finance a second mortgage which may need to be paid when the home is sold (but sometimes is forgiven earlier). In Colorado, for example, there’s the CHFA Colorado Down Payment Assistance Grant. Virginia offers the Virginia HOMEownership Down Payment and Closing Cost Assistance program (DPA)
Search your state, county, and city to see what programs are offered for your area. You may also want to read tips to qualify for a mortgage.
Calculating how much house you can afford is smart, especially if you’re a first-time homebuyer and making early plans to buy a home. There are some guidelines lenders use to qualify borrowers for a mortgage, including:
The 28/36 Rule: This guideline states that no more than 28% of your income should go to your monthly housing payment and your debt-to-income ratio should be no more than 36% of your income
When calculating DTI (also known as the back-end ratio), your lender will add all of your debts (including the new mortgage payment) to make sure all debts will fall under 36% of your income amount. If your monthly income is $3,750 ($45,000/12 = $3,750), your debts (including the mortgage payment) should be no more than $1,350 ($3,750*.36).
Lenders will also calculate the front-end ratio, which should be no more than 28% or your income. With a monthly income of $3,750, this number works out to $1,050.
The 35/45 Rule: Some lenders may go by the 35/45 guideline, which allows for a housing payment up to 35% of income and 45% of total DTI ratio. This expanded allowance is up to the lender, but may allow for qualification of higher purchase amount and payment.
With a monthly income of $3,750, the housing allowance (35% of your income) increases to $1,312.50 and the total monthly debts (45% of your income) increases to $1,687.50. An easier way to calculate how much home you can afford is with a home affordability calculator.
Let’s take a look at two examples of homebuyers with $45,000 incomes in differing scenarios. All assume the same taxes ($2,500), insurance ($1,000), and APR (6%) for a 30-year loan term (just for illustrative purposes).
The $45,000 annual salary is divided by 12 to get a $3,750 monthly income and the maximum DTI ratio works out to be $1,350 ($3,750 * .36).
Example #1: $45,000 income but lots of debt
Monthly credit card debt: $300
Monthly car payment: $350
Student loan payment: $300
Total debt = $950 total debt payments
Down payment = $20,000
Maximum DTI ratio = $3,750 * .36 = $1,350
Maximum mortgage payment = $400 ($1,350 – $950)
Home budget = $38,069
Even with a $20,000 down payment, it could be hard to buy a home in this scenario.
Example #2: $45,000 income with little debt
Monthly credit card debt: $50
Monthly car payment: $0
Student loan payment: $0
Total debt = $50
Down payment: $20,000
Maximum DTI ratio = $3,750 * .36 = $1,350
Maximum mortgage payment = $1,300 ($1,350 – $50)
Home budget = $171,925
💡 Quick Tip: Don’t have a lot of cash on hand for a down payment? The minimum down payment for an FHA mortgage loan is as low as 3.5%.1
The monthly payment you qualify for affects the total price you can pay for a home. If monthly debts are too high, for example, you’ll likely qualify for a lower-priced home. The monthly payment is also affected by interest rates. Because interest is amortized over 30 years (on a 30-year mortgage), the amount of interest you pay is significant, even if you manage to score a lower rate.
Recommended: Home Loan Help Center
When you’re looking for home loans, you’ll see these different types of mortgage loans available:
• FHA loans Loans backed by the Federal Housing Administration are geared toward buyers with low down payments, low credit scores, and other situations that require a lender to be more flexible.
• USDA loans United States Department of Agriculture loans are for those who live in rural areas. They offer zero down payment options and low interest rates.
• Conventional loans Conventional loans are loans that are not part of a government program, but they are backed by government-sponsored enterprises, Fannie Mae and Freddie Mac. They’re usually less expensive than FHA loans, but your application does need to meet certain guidelines to qualify for conventional financing.
• VA loans VA loans offer zero down payment options, the lowest interest rates on the market, and flexible credit requirements. If you qualify for a VA loan, you’ll likely want to go with this option.
There’s no way around it — affording a home in today’s housing market is tough. If your $45,000 salary is all you have access to, you’ll need to save, improve your credit, research down payment assistance programs, enlist a partner, move to a less expensive area, or find other creative ways to afford a home. But don’t give up. It can be done. Your hard work will pay off with a mortgage for a home of your own soon.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
A $45,000 salary for a single person is a good start. How good it feels to earn $45,000 will depend on the cost of living where you live and the friends and neighbors you’re surrounded by.
A comfortable income for a single person depends on your lifestyle and habits. The median income for a single person is $56,929, according to data from the U.S. Census. A single person in Cobb County, Georgia, would be able to cover their expenses for about $40,000 per year while the same person in New York City would need $53,342.
The Massachusetts Institute of Technology’s Living Wage Calculator takes into account your area, working household members, and number of children. For example, a single living in San Francisco has a living wage of $26.63. A household with three children where only one spouse works in St. George, Utah has a living wage of $44.99 per hour.
To be in the top 5% of earners, you would need a salary north of $234,342.
Photo credit: iStock/500
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com