For many individuals and families, owning a home is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. This is where jumbo loans come into play.
What is a jumbo loan?
A jumbo loan in Utah is a type of mortgage that is used to finance homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Oftentimes, this type of loan is necessary for high-end, luxury homes or homes located in expensive housing markets, like Salt Lake City or Park City.
If you find yourself in a situation where the home you wish to purchase requires borrowing beyond the conforming loan limit (CLL), then you’ll need to pursue a jumbo loan. It’s important for homebuyers to understand the requirements and implications of obtaining a jumbo loan in Utah. For instance, borrowers typically need a higher credit score and a larger down payment to qualify for a jumbo loan.
What is the jumbo loan limit in Utah?
In 2023, the conforming loan limit for a single-family home in most U.S. markets is $726,200. However, this limit can be higher in areas where the median home price is significantly above the national average.
$726,200 is the conforming loan limit in most Utah counties
$1,089,300 is the maximum limit in higher-cost counties
Keep in mind that the amount being borrowed is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $100,000 down on a $780,000 home in Emery County, the mortgage would be $680,000, which is under the CLL for this area. In this case, your loan wouldn’t be considered a jumbo loan.
The following counties in Utah have a conforming loan limit beyond $726,200 for 2023:
County
FHFA Conforming Loan Limit
Box Elder County
$744,050
Davis County
$744,050
Morgan County
$744,050
Summit County
$1,089,300
Wasatch County
$1,089,300
Weber County
$744,050
For more information on the conforming loan limit in your county, use the FHFA map.
What are the requirements for a jumbo loan in Utah?
Borrowers must meet stricter requirements to qualify for a jumbo loan than they would for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Utah.
Higher credit score: In order to have your loan application approved for a jumbo loan, most lenders will require a credit score of 720 or higher. While some lenders may be more lenient and accept a score as low as 660, a score below this is generally not accepted. In contrast, a credit score as low as 620 could suffice for a conforming loan with some lenders.
Larger down payment: When applying for a Utah jumbo loan, keep in mind that down payment requirements are generally more substantial than for conforming loans. While the specific amount will depend on the lender and the borrower’s financial situation, many jumbo loan lenders require a down payment of at least 10%, and some require as much as 20% or more.
More assets: Jumbo loan borrowers are typically required to have more assets than those seeking conventional loans. Lenders will review a borrower’s assets to ensure they have enough liquid assets or savings to cover at least one year of loan payments. This requirement is in place to mitigate the increased risk associated with larger loan amounts.
Lower debt-to-income ratio (DTI): For Utah jumbo loans, lenders typically look for a borrower with a debt-to-income ratio (DTI) below 43%. Ideally, a DTI closer to 36% or lower is preferred. The DTI is calculated by dividing the sum of all monthly debt payments by gross monthly income. A lower DTI signifies a borrower’s ability to manage their current debt load while taking on additional mortgage payments. It also indicates greater financial stability and the ability to make on-time payments towards their jumbo loan.
Additional home appraisals: For a jumbo loan, lenders may require an additional home appraisal as a second opinion, especially if the property is located in an area with few comparable sales. This is to ensure that the home is worth the loan amount or more and to mitigate the lender’s risk. The cost of the appraisal may also be higher in housing markets with limited property sales.
We all like to have good style, and to be noticed. But sometimes, people are so eager to be cool and unique that they end up just revealing their own insecurities. It’s one thing to be interesting and have unique opinions. It’s another thing entirely to try so hard you just look desperate. We asked Redditors for the top things they’ve observed people doing to look cool that just don’t.
1. Unnecessarily Loud Cars
One user posted, “Loud *ss car/motorcycle. You’re not impressing anyone…”
Another commenter replied, “There’s a video by some YouTube guys satirizing this. They’re sitting at home when they hear a motorcycle start up, and they run to the window to cheer them on, saying how cool it is that it’s so loud and unnecessary. It’s very funny. Can’t find it, though.”
Another user shared, “I used to have a loud exhaust on my motorcycle, not to show off or anything but so that people could hear me. A lot of the time, people don’t see motorcyclists, and that’s how accidents happen. After I got into a close call on the highway (not speeding, someone just casually switching lanes on me), I decided to put on a loud exhaust.
“I don’t ride anymore, but when I drive my car around, if I hear a loud exhaust, I double check my mirror to see where the motorcycles are, and that’s the whole point. In the US, no driving school teaches you to watch for motorcycles. That’s something you will notice when you go to Europe, people constantly check their mirrors for motorcycles because they have been taught to do so.”
2. Disliking Trends Just to Be Unique
One Redditor posted, “Those who think hating anything popular just because it’s popular makes them special.”
A second user added, “I swear, this is such a child mentality. Like when you’re going through your ‘Not like the other kids’ phase and think you’re so cool bc you don’t like the popular thing, but eventually you grow out of it and realize it’s ok to like popular shit and enjoy things regardless of what other people think or like….. But, obviously, some people never grow up and grow out of it.”
One commenter replied, “And it’s ok to be an adult and like uncommon or unusual things. People also love to spit on people who like ‘alternative things.’ The goal is that you find intrinsic value and enjoyment in your choices. When people just slide into what’s popular because it’s what they’re fed, that seems insincere. But if they wear it because they see it and genuinely like it, then that’s good. and the same when flipped to ‘alternative’ styles.
But with strangers, that can be hard to read at first blush. With people you know or get to know, it’s easier. I do think it’s easier for people to swallow when other adults look more traditional than when they look unusual. But should that matter? Edit: And when I say ‘love to [spit] on,’ I mean to say they almost always believe some looks are only for attention or to convey a specific personality trait. Which is as ridiculous as believing someone only wears fancy branded clothes to be seen.”
“I used to be that person! Then I grew up and realized how obnoxious it was to just have an opinion about anything I didn’t enjoy that other people did, and it feels amaaaaazinnggg. I think people need to realize how cyclical that kind of attitude is. People who are super critical of other people are often paranoid about what people think of them, and it just goes round and round,” one user confirmed.
3. Calling Themselves Alpha
One user commented, “Calling themselves ‘alpha’. It just makes them just seem insecure imo.”
Another user added, “It’s like telling people you’re rich. If you have to tell people…you aren’t.”
One Redditor replied, “If you have to tell people you’re alpha, you’re not alpha.”
“If those kids could read, they’d be pretty upset by that statement,” another user exclaimed.
4. Modifying Your Car for Noise
One user posted, “Modifying your car to make it obnoxiously loud.”
Another user replied, “Add to this, all the guys that peel out in parking lots because they think their car is so cool and everyone is impressed. No… we just think you are an attention seeking dbag making annoying noises and making the air smell like burnt tires.”
Another user responded, “To be fair, the primary goal of modifying the exhaust is usually to add power. Added noise is a secondary consequence. That said, I agree that some people take it way too far. ”
5. Designer Things Covered in Logos
One user shared, “To me it’s designer stuff that just has some brand’s logo or name all over it. Why be a walking billboard for a company that isn’t even paying you? It’s weird. Being overly flashy is a big yuck to me.”
Another user added, “Same reasons kids today sh*t on Android users for not having an iPhone. It’s not about having a quality product, it’s about showing people that you have more money than them.”
One user replied, “iPhones and Androids are the same price? Flagship Android phones are actually more expensive, and iPhone budget options reach all the way down to $430 brand new. I know there are cheaper Androids far below that, but this statement is just stereotypical ‘Apples are bad and expensive.’ There’s nothing wrong with either phone, it’s great that people have options. The iPhone is not a status symbol, it’s a preference, and anyone who thinks otherwise has some insecurities they’re projecting onto others. Time to get over it.”
6. Education as a Status Symbol
One user commented, “People who look down on education.”
Another user shared, “Also educated people who look down on those who didn’t go to college or university. You’re not a more valuable human being just because you have a degree. [Jerks] are found at every level of education, and it works both ways.”
“It doesn’t matter if every human being on this planet has a PhD, somewhere there’s still gonna be a pile of sh*t that needs shoveling,” one Redditor responded.
One commenter added, “Exactly. It is simply not viable for everyone to be a business manager, doctor or lawyer. Society NEEDS truck drivers, construction workers, plumbers and cleaners too. Edit: And since this is the case, it’s only natural and fair that we pay those people enough to live a dignified life befitting a human being.”
7. Calling Yourself a Bad Girl
One Redditor posted, “Girls who call themselves certified bad b*tches.”
Another user added, “‘Queens.’ So ghetto and trashy.”
One user laughed, “Queens with no job, no skills and no responsibilities lol.”
Another user shared, “Women who try to be a ‘bro’ to fit in. I cringed at whatever her name was in ‘Love is Blind’ when she was like, ‘I’m one of the bros’…”
8. Revving at Red Lights
One user commented, “Idiots who stop at red lights and constantly rev their engines like they’re about to participate in a drag race.”
Another Redditor replied, “It must feel amazing to win a race no one else is participating in.”
One user shared, “That was me when I was young, but not for the usual reason. I had just earned my license and my friend gave me his rusted out [car] as a ‘gift.’ The problem was it needed a valve adjustment and I couldn’t afford to take it to the shop, nor did I know how to adjust it myself. The problem is it would stall at idle, so anytime I’d come to the lights, I’d put the car in neutral (it was a manual) and gently rev the engine until the lights turned green.
“I felt obnoxious doing it, it probably looked even more embarrassing to everyone else. It was particularly awkward when a cop would pull up beside me at the lights, and we’d make eye contact while gently [revving] the engine. I’m surprised I never got pulled over for it.”
9. Bragging about Intimate Encounters
One Redditor posted, “Bragging about how much s-x they’re supposedly having. It’s a clear sign of someone who peaked in high school.”
Another user shared, “That’s my dad perfectly described.”
“My uncle is almost 300lbs and married a woman he knew for 2 weeks and brags about their [intimate] life. It’s just gross man,” one user added.
“Back in high school my friends would do this. I was single at the time and I would tell them how shitty it felt that everyone around me was doing it but me. Then they kept bragging about it. That’s when I realized these guys weren’t really my friends,” one commenter shared.
Do you agree with the list above? Share us your thoughts and leave a comment!
Source: Reddit.
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From film stars to activists, there’s no denying that celebrities are held as idols by millions of people. They influence our fashion choices, promote favorite causes or charities, and their opinions can even sway public sentiment. But what many don’t realize is that underneath all the glitz and glamour is often a sharp intellect—many famous faces excel in more than just red carpet moments. Keep reading to learn more about 12 prominent celebrities who have proven they have brains as well as beauty!
1. Cardi B
One Redditor posted, “Hear me out: Cardi B. She is incredibly well versed in current events, and most of the information she disseminates is pro-people and she does so in an easy to understand way for people from all walks of life. Additionally, she is involved in her community and even donated $$$ to her underfunded middle school so the arts could have some funding.”
Another user commented, “I KNOW Cardi is smart, all the takes she shared on political/societal matters were extremely on point I thought.”
One user added, “I’ve always found her smart and entertaining, but a lot of people are unwilling to listen to people (especially Black/Afrolatina women) if they don’t meet their perceived standards for intelligence. A lot of people call her a lot of things I don’t want to repeat for her appearance and past, but she’s really smart, and she defends the right people. (Especially when she dragged Peter Gunz…).”
One commenter replied, “I have learned so much from Cardi’s interviews/lives where she talks about politics.”
2. Ken Jeong
One user shared, “Ken Jeong is a literal doctor.”
Another user added, “We know. He tells us every chance he gets. And it’s funny every time.”
“Agreed. Being academically talented doesn’t mean one is intelligent, at all. Having said that, I think Ken Jeong is a pretty intelligent guy,” one user replied.
3. Natalie Portman
One Redditor posted, “The first person that comes to mind is Natalie Portman.”
One user replied, “IIRC she was in the Galactic Senate representing Naboo back in the Republic days.”
Another user asked, “Wasn’t she a Harvard graduate?”
One user answered, “Yeah she is: she has a degree in psychology.”
4. Mayim Balik
One Redditor shared, “Mayim Bialek is literally a neuroscientist.”
Another user added, “Fun fact—Mayim Bialek got her PhD in the same program as I did, and they provide us with the stats on what kinds of jobs grads end up getting. There is only one in the ‘actor/actress’ category.”
One commenter said, “Publishing research in the hard sciences is challenging and often requires you to jump on a project with a really good PI or lengthy postdocs to get that publication. It would make sense that an actress wouldn’t be too motivated to push for the publication of a dissertation. It can take up to a year or longer to publish the results. She’s busy doing other things.”
5. Cindy Crawford
One user commented, “Cindy Crawford was her high school valedictorian and was majoring in biochemistry (or something similar) at Northwestern, IIRC.”
Another user added, “She had a full scholarship to Northwestern IIRC as well. I had a friend who went to high school with her in IL. She was super brainy and was valedictorian, and everyone at school was shocked to learn that she was dropping out of college to model.”
6. Hedy Lamarr
One Redditor added, “Old Hollywood example, but Hedy Lamarr.”
Another user replied, “She was brilliant, and her frequency hopping technology was the basis for modern day wifi and Bluetooth, among other things.”
One commenter exclaimed, “And GPS!”
One user commented, “I think she wins this thread, nowadays actors/celebrities are just not on this level.”
7. Jodie Foster
“Jodie Foster graduated magna cum laude from Yale,” one user shared.
Another commenter added, “She’s also fluent in French, but she went to a French school when she was younger.”
One Redditor confirmed, “Yeah, she spends a lot of time in France, which keeps her fluent, like properly fluent where she can have sophisticated discussions in the language. She has also made some French films. Not that being multilingual necessarily makes you super smart (in many parts of the world, it’s common to speak multiple languages), but by all accounts, JF is as comfortable in French as she is in English.”
8. Keanu Reeves
One user posted, “Keanu Reeves. He seems like a very intelligent guy. I’ve heard him talk about stuff like AI, Deepfakes, Metaverse, etc. recently, and I also found out that he has written and published a whole book of poems. Also, he keeps dropping banger quotes like Colbert asking him ‘What happens when we die?’ and him answering, ‘The ones who love us will miss us.’ On the Drew Barrymore show, she asked him, ‘Are you a lover or fighter?’ and he replied, ‘If you can’t fight for your love, what kind of love do you have?’ He may not have the educational qualifications, but the guy clearly knows and understands life.”
Another user added, “He’s also been described as an incredible observer, listener, and deeply empathetic person.”
One user also shared, “You definitely don’t need qualifications to demonstrate intelligence: I’ve got a PhD and my sister’s a nurse, and she’s got more intelligence (and far more common sense) in her little finger than I have in my entire body.”
9. Shakira
One Redditor added to the thread, “Shakira.”
Another user replied, “Her lyrics in Spanish were above everyone else in Latin America when she started. Her interviews were very deep, and she was just a teen. Reaching the crossover and sustaining it for so long. From a Middle Class background with no hyper-educated parents. Discovering Pique’s cheating ways with her marmalade analysis, lol. She’s really a smart*ss.”
Another confirmed, “I knew about the languages years ago but the marmalade thing is next level. That’s like the main character smart, lol.”
“Spanish, English, French, Catalan, Italian, Portuguese. She also can speak a bit of Arabic, but I don’t know how much,” added by one user.
10. Dexter Holland
“Dexter Holland (lead singer of The Offspring) has a PhD in molecular biology from USC,” one Redditor shared.
Another user replied, “Also flies fighter jets in his spare time and has flown the band to and from gigs on more than one occasion. Dude is literally just out here doing all the side quests.”
11. Stephen Colbert
One user shared, “Stephen Colbert is one of the smartest celebrities, in my opinion. He not only possesses a quick wit and comedic genius, but also an impressive level of emotional intelligence. Also, his extensive knowledge of Lord of the Rings is remarkable, and he has shown himself to be a true expert on the subject.”
Another added, “Yes, he’s one of my picks too! A genuine nerd (in the best possible way), and he really comes across as an intelligent person.”
“Listening to him being interviewed, you can really feel his intelligence shining through. He’s just a naturally bright and analytical person,” one user responded.
12. Chris Pine
One user posted, “Chris Pine, literature major.”
Another added, “He used to write erotica too. A perfect man, lol.”
“I always wonder if he’s published any of it under a pseudonym,” one user mused.
Another Redditor concluded, “Chris Pine comes off as incredibly smart in simple interviews too, and never forget his erotica writing class. I’d pay good money to read his writings.”
Do you agree with the list above? Don’t be shy! Share your thoughts below.
Original source: Reddit.
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Editor’s note: This post has been updated with new information and offers.
Citi is a TPG advertising partner.
Citi Premier® Card overview
The Citi Premier® Card (see rates and fees) is an under-the-radar gem with a phenomenal range of bonus categories. While the card isn’t as strong on the redemption side as similar offerings from Chase or Amex, the ability to earn 3 points per dollar on air travel, hotels, gas stations, supermarkets and restaurants (including takeout) for just $95 a year is still a pretty great deal. Card rating*: ⭐⭐⭐⭐
* Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
The Citi Premier Card is one of the best earners on a wide variety of everyday spending. It accrues 3 points per dollar with airlines, hotels, gas stations, restaurants and supermarkets — an excellent slate of bonus categories for a card with a $95 annual fee.
Not only that, but the points you earn with the Citi Premier are among the most versatile rewards currencies and are worth 1.8 cents each by TPG valuations. That’s because Citi has improved the ThankYou Rewards program substantially over the years to compete with American Express Membership Rewards and Chase Ultimate Rewards.
Here’s what else you should know about this card — and why you might want to apply now.
Related: The best Citi credit cards
Citi Premier welcome offer
The Citi Premier is currently offering 60,000 bonus points after you spend $4,000 on purchases within the first three months of account opening. According to our valuations, that bonus is worth $1,080. However, we have seen a public offer for 75,000 points for the same spending requirement, so opt for that offer if you can access it.
Citi uses a rather interesting rule to determine bonus eligibility. You won’t be able to earn the bonus on the Citi Premier if you’ve opened or closed the Citi Rewards+® Card (see rates and fees), Citi ThankYou® Preferred*, Citi Premier or Citi Prestige® Card*in the last 24 months. Most issuers count that time solely based on when you opened a card or received a bonus, but with Citi, your clock also resets if you close a card, so it’s all in the timing.
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*The Citi ThankYou Preferred and Citi Prestige are no longer available for new applicants. The information for these cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
There’s a $95 annual fee on the Citi Premier.
Related: The ultimate guide to credit card application restrictions
Earning points on the Citi Premier
The Citi Premier’s earning structure is one aspect where the card shines. Cardholders earn 3 points per dollar on purchases in the following categories, with no caps or annual limits:
The card also earns 1 point per dollar on all other purchases.
These earning rates are among the most impressive of any travel rewards card, especially considering the Citi Premier’s affordable annual fee.
To coincide with the launch of Citi Travel with Booking.com, Premier cardholders can earn 10 points per dollar on bookings for hotels, rental cars and eligible attractions when booking through the portal through June 30, 2024.
Related: The best credit cards with annual fees under $100
Redeeming points on the Citi Premier
The Citi Premier is also a top choice for travelers, thanks to its participation in the ThankYou Rewards program, which currently has 14 airline transfer partners and two hotel partners.
While you’ll notice that many of the frequent flyer programs are those of international airlines, there are still some high-value (and easily redeemable) awards to be booked through them.
For instance, you can leverage Air France-KLM Flying Blue miles for decent business-class award availability on those airlines and their SkyTeam partners, get some phenomenal deals on Star Alliance awards using Avianca LifeMiles and snag some great Oneworld tickets with Qatar Privilege Club.
You can also redeem your ThankYou Points for travel directly through the Citi portal at a rate of 1 cent each, but that’s well below TPG’s valuation of ThankYou points at 1.8 cents each, a number derived largely from Citi’s extensive list of transfer partners.
Related: The ultimate guide to Citi ThankYou Rewards
Citi Premier benefits
Much of the Citi Premier’s value proposition comes from its ability to earn bonus points in many categories without charging a hefty annual fee. As such, you shouldn’t expect an overwhelming number of perks, but there are several benefits of this card that can help you recoup your annual fee:
$100 annual hotel credit: You’ll enjoy a $100 credit once per calendar year for single-stay hotel bookings of $500 or more (excluding taxes and fees) made through the Citi travel portal.
Extended warranty protection: This adds 24 months to a manufacturer’s warranty when you purchase a covered item using your card.
Damage and theft protection: This can reimburse you for repairing or replacing an eligible item damaged or stolen within 90 days of purchase (up to $10,000 per incident and $50,000 per year).
World Elite Mastercard benefits: As a World Elite Mastercard, the Citi Premier confers several travel-related perks that consumers might not know about. These include a $5 monthly Lyft credit after taking three rides in a calendar month and access to the Mastercard luxury hotels and resorts portfolio for on-property perks like complimentary breakfast and room upgrades upon availability. Through the World Elite Mastercard program, you’ll also enjoy perks like cellphone protection and Global Emergency Services.
Citi Entertainment: This program gives cardholders special access to purchase tickets to thousands of events — from concerts and sporting events to unique dining experiences and movie screenings — before the general public can buy them.
No foreign transaction fees: Like any good travel card, the Citi Premier allows you to travel freely without incurring a fee on international spending.
Which cards compete with the Citi Premier?
As an affordable travel rewards card, the Citi Premier has a few direct competitors that might be a better fit for you:
If you prefer Chase cards: The Chase Sapphire Preferred Card, with an annual fee of $95, competes directly with the Citi Premier. While Chase’s transfer partners (including United MileagePlus, Southwest Rapid Rewards and World of Hyatt) might be more beneficial for many travelers, there are also some overlaps, including Singapore KrisFlyer, Emirates Skywards and Virgin Atlantic Flying Club. For more information, read our full review of the Sapphire Preferred.
If you want a flat earnings rate: Try the Capital One Venture Rewards Credit Card (see rates and fees). It, too, charges a $95 annual fee, but this card comes with a less lucrative (but much simpler) earning rate of 2 miles per dollar on all purchases. Instead of an annual hotel credit, you’ll get up to a $100 Global Entry or TSA PreCheck application credit once every four years with the Venture. You’ll even get two annual lounge visits per year to Capital One’s lounges — or you can use those passes at over 100 Plaza Premium lounge locations. For more information, read our full review of the Venture Rewards card.
If you want added perks: One of the Citi Premier’s closest competitors over at American Express is the American Express® Gold Card, which earns 4 points per dollar at restaurants, 4 points per dollar at U.S. supermarkets (on the first $25,000 in purchases per calendar year, then 1 per dollar), 3 points per dollar on flights booked directly with airlines or through Amex Travel, and 1 point per dollar on other eligible purchases. The Amex Gold Card also comes with up to $10 in monthly dining credits at select restaurants (up to $120 in annual statement credits) and up to $10 in monthly U.S. Uber Cash (up to $120 annually), offsetting the majority of the $250 annual fee (see rates and fees). Enrollment is required for select benefits. For more information, read our full review of the Amex Gold.
For additional options, check out our full list of the top travel rewards cards.
Read more: Chase Sapphire Preferred vs. Citi Premier: Which mid-tier travel card is better?
Bottom line
Despite a bevy of competitors, the Citi Premier’s long list of bonus categories and solid sign-up bonus make it one of the most lucrative points-earning cards in its price range. The wide range of ThankYou Rewards transfer partners makes this card compelling, especially for travelers who desire the flexibility to redeem points with various loyalty programs. It’s worth a look if you’re partial to Citi or looking for a versatile travel card to add to your wallet.
Official application link: Citi Premier Cardwith 60,000 bonus ThankYou points after $4,000 in spending in the first three months of account opening.
Additional reporting by Ryan Wilcox, Stella Shon, Eric Rosen and Christina Ly.
For rates and fees of the Amex Gold Card, click here.
When it comes to purchasing a home, buyers may have difficulty finding financing beyond the conforming loan limit. In this instance, you may need to apply for a jumbo loan. Whether your sights are set on a new construction home in Boise or a cabin home in McCall, let’s break down what a jumbo loan is in Oklahoma, the 2023 conforming loan limits, and what’s needed to qualify for this type of loan.
What is a jumbo loan?
What exactly is a jumbo loan in Idaho? A jumbo loan is a specialized type of mortgage that comes into play when you’re seeking financing for a home that surpasses the conforming loan limits (CLL) established by the Federal Housing Finance Agency (FHFA). Typically, this type of loan is necessary for upscale, luxurious properties or those situated in pricey housing markets.
If you need to borrow more than the conforming loan limit, you’ll need a jumbo loan. Idaho jumbo loans allow you to borrow more money to buy a more expensive home, but they also come with higher interest rates and stricter requirements than conventional loans.
What is the jumbo loan limit in Idaho?
In 2023, the conforming loan limit for a single-family home in most U.S. markets is $726,200. However, this limit can be higher in areas where the median home price is significantly above the national average.
$726,200 is the conforming loan limit in most Idaho counties
$1,089,300 is the maximum limit in Idaho’s more expensive counties
Keep in mind that the amount being borrowed is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $50,000 down on a $750,000 home in Boise County, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
The following counties in Idaho have a conforming loan limit beyond $726,200 for 2023:
County
Conforming Loan Limit
Blaine County
$740,600
Camas County
$740,600
Teton County
$1,089,300
To identify the conforming loan limits where you’re considering buying a home in Idaho, check out this FHFA map.
What are the requirements for a jumbo loan in Idaho?
As previously mentioned, the requirements for a jumbo loan are much more stringent than a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Idaho.
Higher credit score: When it comes to applying for a jumbo loan, credit score requirements are typically more stringent than for conventional mortgages. While some lenders may be willing to accept a lower score, a credit score of at least 720 is generally required to qualify for a jumbo loan. It’s important to have a strong credit profile and a solid financial history to increase your chances of being approved for a jumbo loan.
Larger down payment: Buying a high-priced home usually requires a larger down payment from the buyer. Conventional loans may offer programs for down payments as low as 3%- 5%, but jumbo loans require a minimum down payment of 10%, with some lenders requiring up to 30%. If the homebuyer puts down less than 20%, they will likely need to pay for private mortgage insurance (PMI).
More assets: Idaho jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year’s worth of loan payments.
Lower debt-to-income ratio (DTI): Mortgage lenders consider a borrower’s debt-to-income ratio (DTI) when evaluating their eligibility for a jumbo loan. To qualify for a jumbo mortgage in Idaho, borrowers typically need a DTI below 43%, though closer to 36% is preferred. The DTI represents the borrower’s monthly debt payments divided by their gross monthly income.
Additional home appraisals: For a jumbo loan, mortgage lenders may require a second appraisal to ensure that the property’s value is accurate. This is particularly true in areas where there are few comparable home sales. The home appraisal acts as a second opinion and helps the mortgage lender to mitigate their risk. It’s important to note that the cost of a secondary appraisal may be higher than a typical home appraisal, particularly in areas with fewer sales.
Are you planning to buy a luxurious house in Arkansas or a home in an expensive market this year? If so, you might be wondering what a jumbo loan is and if it’s right for you. Whether your sights are set on a home in Little Rock or sprawling land in Fayetteville, join us as we break down what a jumbo loan is in Arkansas, the 2023 conforming loan limits, and what’s needed to qualify for this type of loan.
What is a jumbo loan?
A jumbo loan in Arkansas is a type of mortgage that enables homebuyers to borrow more than the limits set by the Federal Housing Finance Agency (FHFA) for conforming loans. The conforming loan limit is the maximum amount of money that a lender will provide to borrowers at a specific interest rate and is established each year. Jumbo loans are necessary for homebuyers who want to purchase a high-value property, such as a luxury home, that exceeds the conforming loan limit.
If you need to borrow more than the conforming loan limit, you’ll need a jumbo loan. Arkansas jumbo loans allow you to borrow more money to buy a more expensive home, but they also come with higher interest rates and stricter requirements than conventional loans.
What is the jumbo loan limit in Arkansas?
In Arkansas, the conforming loan limit is $726,200 across all counties. For example, the conforming loan limit in Pulaski County is $726,200, so if the loan amount needed is even $726,201, it’s considered a jumbo loan.
Keep in mind that the loan amount is what determines whether or not you’ll need a jumbo loan, not the home price. So, if you were to put $50,000 down on a $750,000 home in Pulaski County, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
This FHFA map will give you more specific information related to the conforming loan limits in your county.
What are the requirements for a jumbo loan in Arkansas?
To qualify for a jumbo loan in Arkansas, borrowers must meet stricter requirements than they would for a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.
Higher credit score: In order to be eligible for a jumbo mortgage, lenders generally expect homebuyers to have a credit score of at least 720. While some lenders may consider a score as low as 660, a credit score of less than that is typically not accepted.
Larger down payment: Purchasing a high-priced home typically requires a larger down payment from the buyer. Conforming loans may offer programs for down payments as low as 3%- 5%, but jumbo loans require a minimum down payment of 10%, with some lenders requiring up to 30%. If the homebuyer puts down less than 20%, they will likely need to pay for private mortgage insurance (PMI).
More assets: To qualify for a jumbo loan, lenders require borrowers to demonstrate that they have sufficient liquid assets or savings to cover at least one year of loan payments. The exact amount of assets needed can vary depending on the lender and the size of the loan, but having more assets can increase the chances of approval and potentially lead to better terms and interest rates.
Lower debt-to-income ratio (DTI): Mortgage lenders typically require a debt-to-income ratio (DTI) of under 43% for jumbo loan borrowers, although a DTI closer to 36% is preferred. This ratio is calculated by dividing the sum of all monthly debt payments by the borrower’s gross monthly income. A lower DTI indicates a stronger ability to repay the loan and can help applicants secure more favorable terms and rates. It’s important for Arkansas borrowers seeking a jumbo mortgage to have a clear understanding of their DTI and take steps to improve it if necessary.
Additional home appraisals: Your mortgage lender may require a second home appraisal as an extra layer of protection when it comes to jumbo loans. The second appraisal serves as an additional opinion to ensure the property’s value aligns with the loan amount. In places with limited comparable property sales, this supplementary appraisal may cost more than in neighborhoods with more frequent sales.
Martin Lewis has issued new advice on whether or not you should fix your mortgage after rates saw an increase. New figures this week showed a two-year fixed-rate mortgage deal is now £35 more expensive than it was a few weeks ago.
It follows a 0.3% increase in interest charges and predictions that the Bank of England could raise rates to 5% or higher despite previous forecasts that it would not rise above its current rate of 4.5%. The changes come as data shows inflation – which was 8.7% in the 12 months to April 2023 – is not falling by as much as expected.
A number of lenders have pulled mortgage deals off the market in recent weeks as well as making changes to their current deals, putting further financial pressure on cash-strapped households. To get all the latest money-saving news straight to your inbox twice a week sign up here.
Financial journalist Martin Lewis has now given his opinion on what customers whose mortgage deals are ending soon should do with many uncertain about whether to fix their rates or not.
Speaking on his BBC Martin Lewis Podcast the money guru explained the current situation, saying he was getting queries from people whose mortgage deals were coming to an end and were unsure of what to do next. He said this was a “tricky scenario” as the Bank of England base rate – against which tracker mortgage rates are set – was initially expected to peak at 4.5%, the level they are currently at.
But Mr Lewis said the bank now expects that to peak at 5% or 5.5% due to general inflation not falling by as much as expected. He said the rise in some fixed rates had come based on The City of London financial district’s long-term predictions for interest rates.
“The reason the fixed rate has gone up since the inflation period is because The City’s view is interest rates in the UK are going to rise further,” he said. “If I look at the cheapest fixes for a 75% loan-to-value mortgage right now, and I contrast where we are now to where we were three and a half weeks ago, the cheapest two-year fix that most people get with various criteria was 4.27% and is now 4.54%, so it’s gone up just under 0.3%.
“The cheapest five-year fix was 4.06% and is now 4.29%, so fix year fixes are now cheaper than two year fixes. The cheapest ten-year fix was 4.15% and has gone up to 4.39%, a rise of about 0.24%.”
Mr Lewis explained that this meant the period which the financial sector believed interest rates rises were most likely was in the next two years, which was the reason two-year fixes were more expensive than their alternatives.
“This says that they think the much longer-term view of interest rates is still relatively stable. The issue of interest rates going up by more than they thought is more about the short term, more than the longer term. It still affects the longer-term, but not as much as it affects the short term.”
Mr Lewis later heard from a caller asking for advice on whether she should move to a new rate when her current mortgage deal ends soon. He responded that this would come down to the financial situation of each customer and the length of the mortgage they wanted.
“The question is how much could you afford to miss the boat? How close are you on the new rates to not being able to pay your mortgage? The first question is ‘can I afford the gamble?’ Lots of people listening won’t be able to and will have to look to fix. If things then got better, they would feel very frustrated.”
But he urged customers who did opt for a fix not to “look back in hindsight. If you make the decision to fix, remember you made it because it gave you certainty, not because you thought it was going to be cheaper.” He added that five- and ten- year fixes looked “relatively” cheap compared to two-year fixes right now, but that it would depend on how long the customer wanted.
Mr Lewis said he would not put off buying a property if would-be buyers found one suitable to their needs given the current uncertainty. He said: “There are many people who say to me ‘when interest rates go back down’ – that is wrong. It is ‘if’ interest go back down. A 4% mortgage, historically, is a very cheap mortgage. We’ve just lived in this 17-year anomaly of hyper-low interest rates. The idea that things will go back is a very difficult concept.
“My view tends to be the more you want certainty, the more you want to know that you can afford to pay the mortgage, the more you should hedge towards a fix and the more you should hedge towards fixing for longer.
“Right now, the cheapest ten-year fixes are cheaper than the cheapest two-year fixes. So if you’re buying a property you know you’re going to be in for ten years, you might want to look at getting a ten year fix.
“Certainty is really difficult to come by. The one bit of certainty at the moment is that it will be uncertain. You have to hope for the best, plan for the worst and make a decision not assuming things are going to move in your favour or against you.”
Halifax have reported that UK house prices have dropped 1% compared to a year ago – the first drop like this since 2012. Mr Lewis said this drop had not particularly benefited first-time buyers, while mortgage rates had “gone up phenomenally.
“You combine the two and we’re sort of in the worst of both worlds at the moment.”
When it comes to purchasing a home, buyers may find it difficult to find financing beyond the conforming loan limit. In this instance, you may need to apply for a jumbo loan.
What is a jumbo loan?
A jumbo loan in Kentucky is a type of mortgage that is used to finance homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Oftentimes, this type of loan is necessary for high-end, luxury homes or homes located in expensive housing markets.
If the home you’re purchasing will require you to borrow more than the conforming loan limit (CLL), you’ll need to apply for a jumbo loan. However, keep in mind that jumbo loans come with higher interest rates and stricter requirements than conventional loans due to the larger loan amounts and risk associated with them. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan in Kentucky.
What is the jumbo loan limit in Kentucky?
In Kentucky, the conforming loan limit is $726,200 across all counties. For example, the conforming loan limit in Jefferson County is $726,200, so if the loan amount needed is even one dollar more than this amount, it’s considered a jumbo loan.
As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home you’re buying. So, if you were to put $50,000 down on a $750,000 home in Louisville, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
To identify the conforming loan limits where you’re considering buying a home in Kentucky, check out this FHFA map.
What are the requirements for a jumbo loan in Kentucky?
As previously mentioned, the requirements for a jumbo loan are much more stringent than the requirements for a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.
Higher credit score: When it comes to jumbo loans, lenders generally look for a credit score of 720 or above to qualify a borrower. While some lenders may accept a score as low as 660, this is typically the lowest score for qualification.
Larger down payment: Buying a high-priced home often requires a larger down payment from the buyer. Conforming loans may offer programs for down payments as low as 3%- 5%, but jumbo loans require a minimum down payment of 10%, with some lenders requiring up to 30%. If the homebuyer puts down less than 20%, they will likely need to pay for private mortgage insurance (PMI).
More assets: Jumbo loan borrowers are typically required to have additional assets. In particular, lenders may require borrowers to demonstrate sufficient liquid assets or savings to cover one year’s worth of loan payments.
Lower debt-to-income ratio (DTI): When applying for a jumbo loan, Kentucky lenders typically look for a borrower with a debt-to-income ratio (DTI) below 43%. Ideally, a DTI closer to 36% or lower is preferred. The DTI is calculated by dividing the sum of all monthly debt payments by gross monthly income. A lower DTI signifies a borrower’s ability to manage their current debt load while taking on additional mortgage payments. It also indicates greater financial stability and the ability to make on-time payments towards their jumbo loan.
Additional home appraisals: Your lender may require a second home appraisal for a jumbo loan, in addition to the standard appraisal, to get a second opinion on the property’s value. This is especially true in places with limited comparable property sales. The second appraisal helps lenders ensure that they are providing funds for a property that is worth the loan amount or more.
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2023 HW Vanguards are open until July 28, 2023. Click here to nominate someone from your organization today.
The 2023 HW Vanguard awards are now open for nominations! This prestigious award recognizes the c-suite executives making an unmistakable impact on the housing ecosystem. These leaders are inspiring their organizations and moving markets forward, each and every day.
One common thread among all of the HW Vanguard honorees is outstanding leadership abilities. HousingWire reached out to the 2022 HW Vanguard honorees to hear more about their leadership strategies and asked: In your opinion, what trait or behavior that makes an effective leader?
Take a look below at what we heard from two of last year’s winners:
“Asking for help and being ready to say ‘yes’ when asked for help. Saying you believe that it ‘takes a village’ and actually acting on that belief are two different things; actively engaging in the marketplace of mutual help has served me extremely well in leadership roles.” — Alex Lofton, co-founder and CEO of Landed
“I believe the one trait that makes an effective leader outside of integrity is the ability to always be able to pivot immediately from problems to solutions. Great leaders never dwell on obstacles, but always find opportunities.” — Dale Vermillion, founder and CEO of Mortgage Champions
Don’t miss the chance to nominate an industry executive for the 2023 HW Vanguards award! Nominations close Friday, July 28, 2023.
The Consumer Financial Protection Bureau (CFPB) issued guidance this week for debt collectors seeking to foreclose on homes with mortgages past the statute of limitations, also known as “zombie mortgages.”
The guidance comes in the form of an advisory opinion pertaining to the Fair Debt Collection Practices Act (FDCPA) and implementation of Regulation F. The guidance notes that a covered debt collector “who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may violate the [FDCPA] and its implementing regulation.”
Time-barred debt refers to debt in which the statute of limitations has expired. The CFPB is issuing this guidance due to an uptick in reports of debt collectors attempting to act on these mortgages.
“Some debt collectors, who sat silent for a decade, are now pursuing homeowners on zombie mortgages inflated with interest and fees,” said CFPB Director Rohit Chopra in an accompanying announcement. “We are making clear that threatening to sue to collect on expired zombie mortgage debt is illegal.”
This latest guidance stems from the actions of predatory mortgage lenders observed in the run-up to the 2007-08 financial crisis, where some homebuyers were entered into mortgages they could not repay, the CFPB said.
“In the case of [this] advisory opinion, the CFPB is focusing on ‘piggyback’ mortgages,” the Bureau said. “Generally, this piggyback mortgage product, known as an 80/20 loan, involved a first lien loan for 80% of the value of the home and a second lien loan for the remaining 20% of the home’s valuation.”
Lenders generally did not pursue homeowners on debts related to the second mortgages, opting instead to sell the debts to debt collectors for “pennies on the dollar,” the Bureau said.
“Now, over a decade later, and often without any intervening communication with homeowners who were able to save their homes, some of these debt collectors are demanding the mortgage balance, interest, and fees, and threatening foreclosures on families who do not or cannot pay,” the Bureau said.
Debt collectors who are now attempting to collect on these mortgages may be in violation of the FDCPA, and the advisory opinion is designed to remind debt collectors under CFPB’s jurisdiction that FDCPA and Regulation F bar them from attempting to collect a time-barred debt; and that this applies even if the collector is not aware that the debt they’re seeking to collect on is time-barred.
In appropriate instances, the CFPB says it will coordinate with state attorneys general to take action against institutions that are believed to be in violation of the FDCPA and Regulation F. The Bureau says it will be “monitoring the debt collection market for violations related to time-barred mortgages as well as to time-barred non-mortgage debt.”
In an event announcing the guidance, Director Chopra was joined by New York State Attorney General Letitia James, representatives from the congressional offices of Sen. Chuck Schumer and Rep. Hakeem Jeffries, and an impacted New York mortgage-holder.
“Brooklyn is my home and it’s a beautiful borough,” James said. “But it’s also one of the national epicenters of this zombie second mortgage crisis. This issue is of great concern to me personally and to my office.”
Director Chopra also emphasized the intent of the new guidance in his own remarks.
“Debt collectors subject to this law cannot use — or threaten to use — judicial processes, such as foreclosure actions to collect the debt,” Chopra said. “And in most states, foreclosure actions are indeed subject to a statute of limitations, like here in New York. This means that for many zombie mortgages, the statutes of limitations have passed.”
Chopra reiterated that when a debt collector threatens, or actually sues, to collect a time-barred debt, including threatening the borrower with foreclosure, they may be breaking the law.
“Debt collectors do not get to claim ignorance of the law or ignorance of the debt’s age if the statute of limitations has expired,” he said.