Sunday, May 17, 2020

Trying to Buy a Fixer-Upper Home The Government Can Help

Homebuyers looking for a â€Å"fixer-upper† loan for a house in need of repair or to finance needed maintenance to their current home often find themselves in a quandary: They cant borrow the money to buy a house because the bank wont make the loan until the repairs are done, and the repairs cant be done until the house has been purchased. The Department of Housing and Urban Development (HUD) offers two loan programs that can make the dream of rehabbing a fixer-upper a reality: the Federal Housing Administrations 203(k) mortgage and Fannie Maes HomeStyle Renovation mortgage. The 203(k) Program HUDs 203(k) program can allow a buyer to purchase or refinance a property plus include in the loan the cost of making repairs and improvements. The Federal Housing Administration (FHA)-insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home. The down  payment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3 percent of the acquisition and repair costs of the property. Renovations arent limited to rot and decay. They can include buying new appliances, painting or replacing outdated flooring. Requirements Minimum credit score of 580 (Or 500 with 10% down payment)Minimum 3.5% down payment.Primary residences only How the Program Works The HUD 203(k) loan involves the following steps: A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate agent. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work, including a detailed cost estimate on each repair or improvement of the project.The appraisal is performed to determine the value of the property after renovation.If the borrower passes the lenders credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs, and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the origina l proposal.At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab. (PITI stands for principal, interest, taxes, and insurance.)Funds held in escrow are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines there will be no liens on the property.Private Mortgage Insurance (PMI) is required, but unlike conventional loans, it is not removed once equity in the property reaches 20%. For a list of lenders who are offering the 203(k) Rehabilitation Program, see HUDs 203(k) Lenders List. The interest rate and discount points on the loan are negotiable between the borrower and the lender. Fannie Mae HomeStyle Renovation Mortgage The HomeStyle Renovation mortgage through Fannie Mae provides a convenient and flexible way for borrowers considering home improvements to make repairs and renovations with  a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing. Eligible Properties The HomeStyle mortgage can be used to buy: Principal residences, from one to four unitsOne-unit second homes (granny units)Single-unit investment properties (co-ops, condos) Types of renovations mortgages include 15- and 30-year fixed-rate mortgages and Adjustable-Rate Mortgages (ARMs). Fannie Mae notes that â€Å"The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.† Down Payments While the average Fannie Mae HomeStyle loan’s minimum down payment is around 5%, there are no specific minimum down payment stipulations. Instead, HomeStyle lenders use factors including the home’s equity and borrower’s credit rating to determine the cost of the loan.   HomeStyle mortgages are unique in that Fannie Mae based them on the â€Å"as completed† value of the home after repairs and upgrades have been made. As a result, the homebuyer is assured that all costs of renovations will be covered by the mortgage. Also, money for improvements is not released until the work has been completed and approved by an FHA-certified inspector. There is no need for â€Å"sweat equity.† What’s Included? The HomeStyle mortgage offers a generous range of costs for inclusion in the loan including: Architects or designers expensesEnergy efficiency assessmentsEngineering and design updatesRequired inspectionsPermit fees All work must be completed promptly by lender-approved, licensed and certified contractors and architects. All repairs made using this type of loan must be permanently affixed to the property.

Wednesday, May 6, 2020

The Marxist Theory Of Marxist Criticism - 757 Words

The Marxist theory research What is the marxist criticism? Marxists believe that all of human history has been divided by socioeconomic classes. They believe that the progression of history so far has been pushed forward by these class struggles. From these struggles they say that capitalism was born, but eventually the struggles will reach a breaking point where the lower and middle classes turn on the wealthy, leading to the implementation of socialism. Looks at any struggles between different classes in the text. Interprets the relationship between classes. The text is viewed as a social institution, and then dominant class struggles are brought to life through the themes of the text. The author can put these class struggles into the†¦show more content†¦Key terms: Class struggle: Conflicts between employers and employees over rights, wages and working conditions. Capital: Something that turns a profit (i.e. railroads, factories) Ideology: System of ideas and ideals that form the basis of economic, social and political policy. Dialectic: A theory of history, that tells the story of the world as a continual resolution of contradictions. Laws of history: Marxists believe that human progression over history will eventually lead us to socialism where everyone is equal and owns very little. Socialism: A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. Communism: A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. Bourgeois: Dominant class who control and own means of production. Proletariat: Subordinate class: do not own or control the means of production. Key Assumptions: Focuses on particular societal issues (culture, race, economical, power, etc.) Marxists theorists look at literature as a social institution. Look at ways the literature emerges from current ideologies and institutions. Can also look at author’s background and their societal standpoint. Politics andShow MoreRelatedHeart of Darkness Themes Essay1654 Words   |  7 PagesJacob Lachini Ms. Batten ENG 4U1-03 Monday, October 29th, 2012. Literary Criticisms in Relation to Heart of Darkness Interpretation is the revenge of the intellect upon art. Even more. It is the revenge of the intellect upon the world. To interpret is to impoverish, to deplete the world -- in order to set up a shadow world of meanings,† Susan Sontag. 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Advance Pulmonary Function Test

Questions: 1. What is your interpretation?2. Discuss the process you used and decisions made in coming to the interpretation.3. Relate the interpretation to the underlying respiratory physiology that determines the volume and flow of measured spirometry. Answers: 1. The patient has an irreversible moderate obstructive disorder because FEV1 is 40% of the normal value and the FEV1/FVC is Pre-measure FEV1 = 1.1/2.7 X 100 = 41% Post measure FEV1 = 42% FEV1 pre measures 1.1 FVC premeasured 1.7 = 0.65 FEV1/FVC post measures = 1.4/1.8 = 0.63 The spirogram indicates that there was no significant change in pre and post measures of both FEV1 and FVC even after introducing the intervention. According to a report by the Jones Medical Instrument Company (2008), a post change of FEV1 of as low as 5% is indicative of reversibility, but in this case, the FEV1 post change is 4%. There is submaximal exhalation and inspiration before and after the intervention. 2. Spirometry was the method used and my interpretation above is based on the cut-offs for Forced vital capacity (FVC), Forced expiratory volume in 1 second (FEV1), and FEV1/FVC ratio, which are the basic and essential measurements for the interpretation (National Institute of Health, 2016, par. 11). These measures help to determine how much, and how fast one inhales and exhales air. The FEV1/FVC ratio is a diagnostic parameter for air flow obstruction and the confirmation of obstructive disease whose cut-off is 0.7, meaning that a FEV/FVC ration 1 categories as mild, moderate, and severe as shown in the table below, which has been adapted from Pellegrino et al. (cited in Johnson and Theurer 2014). SEVERITY FEV1 PERCENTAGE OF PREDICTED Mild 70 Moderate 60 to 69 Moderately severe 50 to 59 Severe 35 to 49 Very severe 35 The FEV1 is 64%; thus, qualifying the condition to be a moderate obstructive disorder. In this case, there was no significant improvement in the patients condition even after an intervention. 3. Normally, exhalation increases and reaches a peak within the first second before gradually decreasing as all the air is expelled, but in this case, the situation is different. The spirogram indicates that the exhalation of air is limited such that there is strain in emptying the airways unlike in the normal situation; hence forming a concave shape in both pre and post measures. In both pre and post flow-volume curves, there is a decline in airflow such that the individual cannot attain total exhalation. During the pre-test, a dipping pattern is evident. The reduction of FEV1 is an indication of increased resistance to exhalation such that the lungs contain too much air that is difficult to expel. Obstructive diseases include COPD, asthma, chronic bronchitis, and emphysema. In this case due to irreversibility of the obstructive effects, COPD is the obstructive defect in question (Johnson Theurer, 2014). Reference List Johnson, J. D., Theurer, W. M. (2014). A stepwise approach to the interpretation of pulmonary function tests. American Family Physician, 89(5), 359-366. Jones Medical Instrument Company. (2008). Easy spirometry interpretation guide. Drive, Oak Brook: Jones Medical Instrument Company. National Institute of Health. (2016). Pulmonary function tests. Retrieved from https://medlineplus.gov/ency/article/003853.htm. Pearce, L. (2011). How to interpret spirometry results. Nursing Times, 107(43), 18-20.