Team Wheeler's Blog
The Federal Housing Finance Agency (FHFA) limits how much you can borrow to buy a house. If you want to take out a mortgage that is above the limits, you have to apply for a jumbo mortgage. As of mid-2019, the limits were increased to $484,350 for most of the country. Some places – states and counties – have a higher limit of $726,525. Those areas are places that have higher home values, and include Guam, Alaska, the U.S. Virgin Islands and Hawaii, among other places. Loans under those values are conforming loans, and those over are non-conforming loans.
Because jumbo loans are riskier, the applicant has to jump through more hoops to get one. The major hoop is that your credit score must be higher. Most jumbo lenders require you to have a credit score of at least 680, though some require you to have a credit score of at least 720 or higher. Jumbo loans are riskier because they are not backed by Freddie Mac or Fannie Mae, and because of the obvious — the lender is lending more money.
Additionally, your debt-to-income (DTI) must be lower than 43 percent, though some lenders will refuse to give you a jumbo loan unless your DTI is lower than 36 percent. Your debt-to-income ratio is the difference between your income and the amount you pay out in liabilities, including the mortgage.
Another common requirement of a jumbo mortgage is that you have to have cash on hand to cover a certain number of payments. Some lenders could require as much as six months of reserves.
Often, the APR on jumbo loans is higher than it is on conforming loans because of the extra risk involved in that type of loan. However, interest rates dropped in the second quarter of 2019 for jumbo loans, so you could get this type of mortgage for as low as 3.8 percent. If you are applying for a jumbo loan, be sure you check the requirements and rates of several lenders.
Jumbo Mortgage Down Payments
Previously, a lender might have required you to come up with at least 30 percent down payment for a jumbo loan. However, with the better economy, some jumbo lenders have loosened their restrictions, including lowering the amount of a down payment to as low as 10 percent. Again, if you prefer a lower down payment, shop around. You may also be forced to have private mortgage insurance if your down payment is less than 20 percent.
The cap on the mortgage interest deduction is $750,000, so you won’t get a large tax break on a jumbo loan. Make sure you consider that, among the other requirements as set forth above, before you fall in love with a house that requires a jumbo loan.
161 Lunenburg Rd, Townsend, MA 01474
For better or for worse, the kitchen is the most fragrant area of the house. It’s where we cook and store our food, but it’s also where we throw away our garbage.
In this winter months, people do most of their cooking indoors, which can lead to an increase in grease splatter. In the summer, the high temperatures in the kitchen can cause garbage to smell and fruit to become overripe more quickly.
Regardless of the time of year, we can all use some help when it comes to reducing kitchen odors. In this article, we’ll give you some advice on how to do just that.
Read on for tips on eliminating odors in your kitchen.
The odors in your kitchen, both the good and the bad, come in the form of tiny particles floating in the air. So, it follows that one of the ways to remove lingering odors would be to remove them from the air in your kitchen.
One way to do this is with the use of an air purifier. These appliances come in a number of different sizes and can vary in price from under $100 to several hundreds of dollars. Depending on the size and layout of your home, you’ll want to search for a purifier that can safely handle the number of square feet that you’ll need to purify.
One benefit of using an air purifier is that it can also help you remove dust and other allergies from the air while removing unpleasant odors. However, keep in mind that most air purifiers run 24/7, so expect a few extra dollars added to your electric bill each month.
One of the most common causes of kitchen odors are the surfaces of your counters, oven, and appliances. There are a few ways to handle this problem, but the best solution is to take preemptive measures.
When cooking items with grease, oil or butter, use a splatter screen. This will help you keep most of the grease inside the pan and off your surfaces where they will later emit a smell.
It’s important to frequently wipe down surfaces in your kitchen and clean them with a degreaser. If you don’t have kitchen tile or some other form of easy to clean surface around your cooking surfaces, consider installing one.
Dishes and garbage
We get it, after working all day, cooking dinner, and finally sitting down to relax no one wants to clean dishes. However, leaving dishes in the sink is one of the leading causes of kitchen odors. This is also true for people who don’t run their dishwasher frequently.
Speaking of dishwashers, be sure to check the drain at the bottom for debris, which can cause your dishwasher to smell badly.
When it comes to garbage, it’s often better to have a small garbage can that you empty more frequently than a larger one that will start to smell. Try to find a smaller can that has a cover, and consider scented bags to help mask any odors that do find their way out of the garbage can.
73 Pepperell Rd, Groton, MA 01450