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Making homeownership a reality



A mother of six and a grandmother of three is thankful to be a new homeowner with the help of a non-profit organization that helps residents in need of affordable housing.

Virginia Lynn’s journey to homeownership began in 2017 when she attended a home-buyer workshop at her apartment complex in Eden Park at Ironwood that was conducted by the Gainesville Neighborhood Housing and Development Corporation. 

“I learned about budgeting and credit repair,” Lynn said. “It took more time than I anticipated to recover from a divorce, but I kept working on the things that I had learned in the workshop.”

The NHDC has been in existence since 1982.

The mission of NHDC is to improve the quality of life and economic opportunities of low- and moderate-income persons. NHDC builds new homes and rehabilitates existing homes that are available for first-time home purchasers.

“I believe quality affordable housing is a basic human right and everyone should be afforded the opportunity to live in quality affordable housing,” said NHDC Executive Director Corey Harris. “Housing is essential to be the fabric our community as housing provide opportunities for wealth creation, local jobs, provide safety and security and often time we see lower rates of crime in areas where you have good quality homes.”

In November 2020, Lynn completed a homebuyer education workshop sponsored by NHDC and received a certificate of completion which lasts for one year. 

In January 2021, she applied for a mortgage after she improved her credit score and saved a down payment for a new home in East Gainesville.

“At age 54, I thought it was a little late to be purchasing a new home, but it is never too late to pursue your dreams,” Lynn said. “I am very proud of that accomplishment because it had taken almost four years to improve my financial situation.  As a single mom, I wanted to show my kids that they could accomplish anything they set their minds to — no matter what age you are.”

Lynn said she wanted to become a homeowner to build equity and leave something for her children and to be eligible for the tax benefits of homeownership. 

“I love the fact that I will be able to decorate to my taste,” she said. “I do not have to worry about neighbors being so close to me that I can hear their conversations.  I love the fact that once I build equity, I can borrow money to start a business or make additions to the home if I want to.”

Lynn said she was thankful to find affordable housing in Gainesville.

“There are so many working families in the community that may not be aware that this service is available,” Lynn said. “All of the services were low cost, including credit counseling and application fee. Anytime that I had a question, I would call or email Janice Crews and she gave me an answer very promptly. I also had a great team with my realtor, Swanzetta Johnson, and my lender, Menzie Campbell of Movement Mortgage.  They were very professional and answered any questions or concerns that I had.”

Crews, a NDHC counselor, has been with Lynn every step of the way to becoming a homeowner.

“She is a very determined person who is providing the very best that she can for her family,” Crews said. “It has been rewarding for me to be a part of her journey into homeownership.  Ms. Lynn and I established goals and action steps.  She completed all of them.  I am happy that NHDC built an affordable home that Ms. Lynn loves.”

Johnson, a realtor from Fontana Realty, enjoyed helping Lynn achieve her dream of becoming a homeowner.

“I love being able to empower first time home buyers through educational resources and training,” Johnson said. “The best reward for me is being with my first-time home-buyer throughout the entire process, turning doubt and dreaming into confidence and reality.”

Lynn said she learned valuable information from NHDC such as obtaining down payment/closing cost assistance, finding a realtor, finding a lender, homeowner’s insurance, financial literacy and so much more.

“The class is only $50 but you will be reimbursed once you close on a house so it is a win-win,” Lynn said. “The staff is very knowledgeable and helpful.  They will answer any questions that you have during the process.”

For more information about affordable housing, visit

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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