Things To Do In SW Florida

Libby Wells | Bankrate.com (TNS)

When you buy a home, there are usually a few repairs to pay for. Buyers who want to take on a real fixer-upper might be facing the prospect of many projects.

If this is the case for you, you may be considering an FHA 203(k) loan, also known as a mortgage rehab loan or Section 203(k) loan, which combines the financing for both the home’s purchase and remodeling or repairs into a single loan.

What is an FHA 203(k) loan?

An FHA 203(k) loan is a mortgage product insured by the Federal Housing Administration that allows homebuyers to borrow enough money to cover both the cost of the home and the price of necessary repairs, including labor and materials.

Certain 203(k) loans may allow you to finance up to six months of mortgage payments. Note that the FHA does not lend the funds for 203(k) rehab loans. Rather, it provides financial protection to lenders that do.

Types of FHA 203(k) loans

The FHA insures two types of 203(k) loans:

—Limited 203(k): The limited 203(k) loan has an easier application process because it’s for projects valued at less than $35,000. There is no minimum cost requirement, but you can’t pay for structural repairs with this loan type. read more

The Orlando Economic Partnership has been named the 2023 Chamber of the Year by the Association of Chamber of Commerce Executives.

The announcement came at the organization’s conference in Salt Lake City, Utah, this week.

“The Orlando Economic Partnership is honored to receive this national distinction,” said OEP President and CEO Tim Giuliani in a news release. “It recognizes the importance of our work to advance the benefits of our region’s growth to everyone who lives, works, learns, and plays in Central Florida.”

OEP was chosen over the other finalists, Greater Boston Chamber of Commerce and Portland Business Alliance.

“This award is a testament to the Partnership’s commitment to seizing the moment, to grow and diversify an economy that works for everyone,” said OEP board chairman Tony Jenkins in the release. “The OEP is now nationally recognized for its critical role as a convener and catalyst for broad-based, positive, and inclusive growth.”

 

 

By Liz Weston | NerdWallet

Getting rid of debt before retirement is often a good idea. Getting rid of your credit scores? Not so much.

People who stop using credit also stop generating enough data to produce credit scores, the three-digit numbers used to gauge creditworthiness. Not having scores can make it harder and more expensive to get loans. Even if you’re sure you’ll never borrow again, lacking credit scores also can make insurance, cell phone plans and security deposits more expensive.

Fortunately, you don’t have to be in debt to have good credit scores. You do have to use credit, however.

More have debt, but millions are ‘credit retired’

Older people are more likely to have mortgages, car loans, credit card balances and other debt in retirement compared with a generation ago, according to Federal Reserve statistics. Seventy percent of households headed by someone age 65 to 74 had debt in 2019, the latest year available from the Fed’s Survey of Consumer Finances. That compares with 51.4% in 1998. Among households headed by someone 75 and older, 51.4% had debt in 2019 compared with 24.6% in 1998. read more