Part of the stimulus passed last week included a unique provision in it…
For all small businesses and independent contractors, there is the available of $10,000 in FREE money if you have been impacted by the economic situation. And it applies to gig workers, independent contractors and freelancers, too!
If you’ve been impacted by this quarantine stuff, here’s what do to. Apply for an Economic Injury Disaster Loans. (Don’t worry, you don’t actually have to accept the loan because you’re also essentially applying for a $10,000 grant.)
During that application process you can request for an emergency advance of up to $10,000.
That money will be sent even before a loan is approved. The first $10,000 is essentially a grant.
Even if a loan is not approved, you get to keep the $10,000 advance for free with no penalties.
If you ask for more and the loan is granted, the difference in the loan amount and the $10,000 becomes a loan with interest capped out at 4%. Thus, if you want/need the loan then you can get it. But if you’ve been impacted, you should apply for the $10,000 in forgivable money.
However, is one catch – there is only $10 billion available for these grants/loans. If you do the math and divide by $10,000 per applicant, only 1,000.000 businesses can get these… And there are an estimated 45,000,000 small businesses/ independent contractors. So it could get competitive.
How to Apply
There is a streamlined application on the Small Business Administration’s web site and filled out. It took me about 10 minutes apply.
Then click on "apply for assistance." For most of you, you’ll select the option: Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.
The application is different for sole proprietors such as realtor’s vs small businesses such as us. During the application process there is a checkbox to request an advance of $10,000. Remember, you don't need to take the rest of the loan if you don't want it. The key is to get the $10,000.
MAKE SURE YOU CHECK THE BOX TO REQUEST THE $10,000 ADVANCE!
After you apply, you may be contacted by the SBA to provide other documents such as the ones below. But be sure to do this ASAP because once they give out all the grant money, it’s over.
Optional forms: it is recommended that you fill these other forms out just in case the SBA requests them.
a. Personal financial statements b. Request for transcript for tax returns
c. Schedule of liabilities d. Additional filing requirements form
Again, upload as part of the application a signed statement, "Please provide an emergency $10,000 loan in advance." Also noted that in the description box type "Disaster Relief Loan"
NOTE: There is not a ton of information available yet as to exactly how this program will be administered. But it’s worth applying now if you have been impacted by these strange times. This is based on what we think the program looks like after reading the legislation. SBA may roll out new guidelines over the next few days. But it’s worth getting in line for right now.
Whenever you're ready... Here are a few ways we can help you legally get money to buy a house
Get Down Payment Assistance with up to 4% in grant
Qualify for Zero Down Home Loan
Qualify for Low Down Payment and Stop Paying Rent
Find out Which Program you qualify
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Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD
License #: 585497
Contact Me
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How to Get Set Up to Age in Place
Safely and Confidently
Guest Article by Jim Vogel
Elderaction.org
Buying a home during your senior years
isn’t always ideal, but it does present unique opportunities. You can add a
handful of useful features to your home buying wish list that will prove
beneficial well into your golden years. Here’s how to get set up to age in
place in safety—and with confidence.
Downsize Smartly
Downsizing is a smart
first step when faced with an impending move, says Business Insider, if you
approach it correctly. That means going through your belongings and hanging
onto only the things that you have room for and truly enjoy. But if you’re not
ready to let go of some items yet, putting them in storage for the short term
is a handy solution.
The average cost of a storage unit in
Lanham is $113 per month, but smaller units
can be had for less, and deals are available. Later, once you settle into your
new place, you can decide what you want to keep from storage, if anything.
It may also help to be gentle on
yourself. Change can be stressful and even traumatic, even
under ideal circumstances. If you’re moving out of a home you’ve lived in (and
loved) for years, it may be even tougher to part with possessions.
Psychology Today recommends taking proactive steps toward your future
instead of remaining passive while things happen around you. Embracing the
future as it arrives—and changing your mindset—can do wonders for your mental
and emotional state.
Be a Forward Thinker
You might love the garden on a potential
property, but in a few more years, will the acreage seem daunting instead? When
you’re shopping for a home leading up to (or during) retirement, a perspective
shift is helpful.
Think about five, ten, and 15 years in
the future. What features will be handy, and which will be a headache? You may
opt for a lower-maintenance property such as an apartment or condo or another type of senior living, or a house
with a small and manageable yard.
You may also look to find a home that
already has accessibility features and is only one story. While an ornate
staircase may look lovely today, in a few more years, it might cause you
difficulty.
Invest in Modifications
The unfortunate truth is that many older
people experience mobility and other challenges related to aging. Even
something as simple as knee pain can cause your daily activities to be a
struggle. Therefore, when shopping for a home during your golden years, you
will want to consider accessibility and modifications for aging in place safely.
The good news is that many newer
properties are incorporating universal design into their builds. Universal design is an approach
that involves features that are accessible to people of all ages and abilities.
Common elements include knob-free door handles for easy opening, wider doorways
with zero drop for walkers and wheelchairs to maneuver, and grab bars in
potentially slick areas (it typically costs $140 to have grab bars
installed).
Of course, if you decide to build a
custom home, you can also collaborate with your contractor to incorporate
accessible features. If you buy a home without such features, it may be
possible to make modifications for walker or
wheelchair access. Plus, there are financial programs to assist people with
disabilities and veterans afford such measures, says The Balance.
Choose a Neighborhood with
Amenities
Many older adults tend to stay in more as
they age, partly due to physical challenges. For example, consider the fact
that you may not be able to drive safely as you get older. Hearing and vision
difficulties—plus slower reaction times—can make driving dangerous for older adults, says
the National Institute on Aging.
You may not be there yet, but thinking
ahead can help you choose a location that’s safe for the long term. Though grocery delivery and ridesharing services
are common, they’re easier to access in urban areas rather than rural ones, so
consider neighborhoods carefully.
Preparing to move—and downsizing—isn’t
easy at any stage of life. But with the right mindset and a plan, you can
successfully shed excess belongings, settle into a new place, and enjoy your
golden years with less stress.
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Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD
License #: 585497
Contact Me
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2020 1st Time Buyer Programs and More
1st Advantage with 3% assistance: Funds still available. 1st time buyers can get 3% of the base loan to go toward down payment or closing costs. We can structure this with a FHA, Conventional, VA or Rural Housing 1st mortgage. Use additional seller help and the buyer can get in with close to zero out of pocket. Remember for high score borrowers going with the 3% down conventional option, mortgage insurance is reduced.
Grant Assist: $1500- $2500 grant that can go toward closing or down payment. You don't pay back at all.
House Keys For Employees: Many local employers participate in giving a grant to employees and MMP will match up to a total of $2,500. This goes on top of other incentives that are available. i.e. State of Maryland employees can take advantage of this program and can get up to $2500 toward closing and down payment.
Low Rate Option: No assistance but rates as low as 3%..buyer has funds available but could use a really low payment, this is the way to go.
Montgomery County: Receive 3% of loan balance toward down payment and it is forgiven. Don't need funds?, there is the no assistance option with a rate of 2.875%! If you work in the county also, you have access to another $10,000.
Smartbuy 2.0: Up to $40,000 in student loans paid off and forgiven. Nice way to get started... buy a home and get rid of student debt.
Pathway to Purchase: Funds still available: PG county has up to $10,000 to assist with closing and down payment and it is forgivable.
4% Grant: For a higher rate, your buyer can get 4% of the base loan as a grant to go toward down payment and or closing. Does not have to be paid back.
Rural Housing: 100% financing with 6% seller help allowed. Yes you can combine with 1st advantage program above to get additional assistance. Don't forget about this option in areas that are just outside of city limits. Call me and we can check the address.
FHA 203K: Rehabbing good bones can make that house a home. We are the best in walking your client thru the process of turning a distressed property that was not able to get financing into their new chapter.
So many options available - Find out which one you can qualify Click here
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Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD
License #: 585497
Contact Me
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4 Ways to save Money in 2020 starting Today
2020 is around the corner what is your resolution? Lose
weight, eat healthy, save money? All good but without a plan it will all go up
in flames within a few months into the year.
If one of your resolution is to save money, here
are four easy ways to do that. Plan, write it down, make it plain and execute.
1. Create a budget. Creating a budget is one
quickest way to visually see where your money is going monthly. A budget does
not have be a complicated process, or use a special software. Start by
getting all your fixed expenses down
(housing, phone, cable & Wi-Fi, utilities, student loans, car payments
,car insurance), get your variable expenses down by getting your average
expense for the past 3 month(food, entertainment, clothing, gas, charity
giving, credit card payment).Comparing all your expenses to your income
should show clearly if you need to make adjustment . There is always room for
adjustment by reducing expenses and getting rid of some expenses. Creating
and following a budget should not be restrictive or onetime event. To save
money this New Year find out where your money is going to, create a budget and
plug any leaking holes. Continue to tweak your budget by reviewing periodically
and adjusting.
2. Automate your savings. In your budget create
an expense item for your savings. Saving should be part of the budget and the
easier way to make sure to save is to direct your payroll or bank to
automatically send your set amount to your savings account. Ideally every one
need to have an emergency saving fund to take care of unplanned expenses and
the suggestion is to have at least 6 months worth of expenses saved. Only 40
percent of Americans can pay for unexpected $1000 expense according to a recent
survey from Bankrate.com, anything above can push lots of American over the
edge, the best way to avoid this is to automate your savings monthly.
3. Turn your raise to savings. Are you getting a
salary raise in 2020? Use that raise well by increasing your savings by the net
amount of the raise. Instead of planning to spend the raise, add to your
schedule savings if building up the emergency fund, alternatively if you
already have your emergency fund, invest the raise by increasing your
contribution towards your retirement plan. Don't have retirement plan? No
better time to start than now.
4. Pay off your credit card. Stop giving your
hard earned money to credit cards companies, the longer you carry balance
the more interest you pay is just like throwing money away. Be truthful to
yourself and understand your spending habits. First get out all your credit
cards statement and look at the interest rates,you will be shocked to see that
if you are just making minimum payments monthly most of your payments is going
towards interest. New year resolution save money by paying off your
credit cards, stop carrying monthly balance, stop charging if you will not
pay off balance monthly. It all goes back to your budget, if you cannot afford
to pay off monthly then you don't need to use the card.
Start your 2020 right by planning your strategy
to save money now, plan it, write it down and execute. It does not have to be painful,
but with determination and continual action you will finish 2020 richer than
2019.
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Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD
License #: 585497
Contact Me
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