… the ravaged W Hotel in Puerto Rico for a stunning sum of …
Powered by WPeMatico
Monthly Archives: January 2022
US Virgin Islands Tourism Is Sizzling
It’s been one of the greatest tourism success stories of the pandemic — and tourism continues to sizzle in the United States Virgin Islands.
Last year was a banner year for travel in the territory, according to new data released by the destination’s Department of Tourism.
Indeed, the USVI reported just under 740,000 air arrivals for the first 11 months of last year, a 102.5 percent increase over the same period — and, even more notably, a 30 percent jump over the same period in 2019, before the pandemic.
USVI Tourism Commissioner Joseph Boschulte said he was looking forward to receiving the final statistics for 2021, since preliminary data showed that December was a “particularly impressive month for the territory.”
The destination’s success was buoyed by its class-leading Travel Screening Portal, which registered more than 1 million submissions last year and, Boschulte said, “has been critical in protecting not only the lives of visitors and residents, but also the livelihoods of all Virgin Islanders.”
The territory continues to see strong airlift, with new routes from a wave of major cities across the mainland United States.
Boschulte thanked USVI Governor Albert Bryan Jr for his “smart and sensible stewardship of the Territory throughout the pandemic,” along with cabinet colleagues like Commissioner of Health Justa Encarnacion.
“We must also give thanks to the dedicated team at the Department of Tourism who played a key role in our chalking up numerous accolades throughout the year,” said Commissioner Boschulte.
The strong performance comes as the USVI is set to welcome the debut of the highly-anticipated Divi Carina Bay Resort, a rebranded adults-only all-inclusive that officials say will boost interest in the USVI’s “Big Island.”
That’s along with the opening of the Lovango Resort and Beach Club on the private Lovango Cay near St John and the relaunch of the Concordia Eco-Resort in St John.
Later this year, the iconic Frenchman’s Reef Marriott will reopen in St Thomas, a long-awaited relaunch for one of the territory’s most popular hotels.
The post US Virgin Islands Tourism Is Sizzling appeared first on Caribbean Journal.
Powered by WPeMatico
Tito Matos, Virtuoso of a Puerto Rican Sound, Dies at 53
… lifelong champion of the Puerto Rican style of music known … working-class and Black Puerto Ricans. In its early years … and bomba, another Afro-Puerto Rican style of music and … that gathered musicians across Puerto Rico for spontaneous plena performances …
Powered by WPeMatico
Best Western Opens New Hotels in Aruba, Curacao
Best Western is in the midst of a major expansion in the Caribbean, and now it’s added two more hotels in the region.
The company has debuted a pair of Best Western Signature Collection hotels in Aruba and Curacao, its first in the Dutch Caribbean.
They’re also the Caribbean’s first BW Signature Collection hotels, a brand featuring experiential properties with their own authentic personality.
The first is the new Aruba’s Life Vacation Residences, a BW Signature Collection in Noord, Aruba. The condo-style hotel features fully-equipped accommodations, including a living space, bedrooms and kitchens with full-sized appliances.
It’s set in Noord, a short drive to both Palm Beach and Eagle Beach, close to restaurants, shopping, golf and other cultural attractions.
“We’re proud to represent this beautiful property that welcomes guests to ‘experience Aruba like our residents do’ in our growing presence of Best Western brand family hotels in the Caribbean,” said Bill Clegg, regional director of development for Best Western Hotels & Resorts.
The Best Western Signature Collection brand is ideal for this hotel, allowing it to maintain its own culture, identity, and hyper-local sense of place, while benefiting from all of Best Western’s representation and support resources.”
Amenities at the Aruba hotel include a 25-meter lap pool that’s connected to a kids’ pool, a pair of beach tennis courts, a barbecue area, a bistro and bar and the “comforts and convenience of home,” the company says.
“Aruba’s Life Vacation Residences is managed by Dushi Tera Resort & Condo Management LLC, and we are proud to be affiliated with Best Western Hotels and Resort as the island’s first BW Signature Collection by Best Western, and to be able to offer our guests all the benefits of Best Western Rewards,” said Willie Chin, president and managing director of Dushi Tera. “We are always looking to optimize performance and value of our hotels, plus the recuperating strong leisure demand in Aruba coupled with the brand will represent an outstanding growth opportunity for Aruba’s Life Vacation Residences in 2022 and beyond.”
In Curacao, Best Western has unveiled the Brion City Hotel, a Best Western Signature Collection Hotel, in the heart of the island’s historic capital, Willemstad.
The fully-renovated, 72-room hotel is a chic, boutique-style property with 29 newly-built rooms.
It’s located at the base of the Queen Emma Bridge in the most famous square on the island.
Rooms have harbor views, with modern accommodations, upscale complimentary breakfast, high-speed, free Wi-Fi and free parking.
“The quality of Brion City Hotel is not by accident or chance,” says Nathalie Fahria, co-owner along with her partner Akash Soemeer. “It is the result of an intelligent effort, by all parties involved, in refurbishing and renovating the hotel in order to accommodate the needs of all potential guests. Brion City Hotel becoming a member of the Best Western Signature Collection adds additional quality to the guest experience.”
Both hotels are included in the company’s Best Western Rewards program.
“More than 50 million members of our loyalty program, Best Western Rewards, are constantly seeking enjoyable and authentic stay experiences,” Clegg said. “These hotels add two more exciting destinations for them to enjoy.”
For more, visit Best Western Caribbean.
The post Best Western Opens New Hotels in Aruba, Curacao appeared first on Caribbean Journal.
Powered by WPeMatico
How Much Down Payment You Should Expect To Pay For a House in Florida?
The minimum down payment requirement for a home in Florida ranges from 3% to 20%, depending on the loan type and credit score. The down payment for a house in Florida is arguably one of the first things you think of when buying a home there.
Specifically, you may be wondering what amount of money you need to set aside for a down payment or if there are options available that let you purchase without making a down payment.
This article looks into the down payment requirements for a home in Florida for different types of loans. It also discusses how your financial situation determines the types and amount of loans you can get. Finally, it lists the requirements and documents needed for conventional mortgages in Florida.
How Much Is Down Payment for a House in Florida?
Down payments offset lenders’ risk because they commit the buyer. Suppose you make a down payment of $30,000 to buy a home. You now have a strong incentive not to default on your monthly mortgage payments because you don’t want to lose the $30,000 if the lender forecloses on your home.
The average down payment on a house in Florida varies with different loan types. The following are the main types of loans and the down payment you need to pay for each.
- Conventional Mortgage Loan. This is the most common loan type. Their minimum down payment requirement for traditional mortgages is 3–20%. However, lenders might require you to pay a larger down payment if you have too much debt or a bad credit score (lower than 620).
- USDA Loan. This is a government-backed loan designed for purchasing a home in a qualified suburban or rural area. USDA loans don’t come with a minimum down payment requirement.
- VA Loan. This is a government-backed loan that’s available to former or current members of the National Guard and the Armed Forces if you’re eligible. If you qualify for a VA loan, you can purchase the home with no money down.
- FHA Loan.This is a government-backed loan with a minimum down payment requirement that’s lower than that of conventional mortgages. If you can put down at least 3.5% at closing, you can get an FHA loan to purchase a house.
Need Help With The Down Payment?
If you need help with the down payment, you can use a down payment assistance program in Florida for low-income or first-time buyers. These programs are usually governmental grants or second mortgages with forgiven or deferred payments. Here are a few things you should know about Florida’s down payment assistance programs.
- The 3-Percent HFA Preferred Grant provides a non-repayable grant that covers 3% of the price of a home.
- The Florida Assist program provides an interest-free second mortgage of up to $7,500. This amount usually only falls due when you refinance or resell.
- The Hardest Hit Fund DPA provides residents of certain counties an interest-free five-year loan of up to $15,000. However, 20% of that loan is forgiven every year, meaning you don’t have to repay anything if you’re in it for the long haul.
- HUD offers various alternative programs.
- More details are available at the Florida Housing Finance Corporation’s website.
What is a Conventional Mortgage Loan?
Conventional mortgages are loans from lenders in the private sector, meaning the federal government doesn’t back them. These loans follow Fannie Mae and Freddie Mac guidelines and they’re the most common, accounting for about 60% of all applications for mortgages.
A conventional mortgage is referred to as a conforming loan if it sticks to the financing limits established by the Federal Housing Financing Authority (FHFA). In contrast, non-conforming loans (jumbo loans) exceed the FHFA’s limits for conventional mortgage loans.
Non-conforming loans can be a suitable option for you if you want to buy a larger home and are prepared to make a large upfront payment. However, keep in mind that the interest rates and down payments for non-conforming loans are usually higher than those of conforming loans.
You can use conventional loans to buy almost any type of property, including modular homes, warrantable condos, multifamily residences and manufactured homes. Furthermore, conventional loans don’t impose owner-occupancy requirements like government-backed loans, making them ideal for investment properties or second mortgages.
Your Financial Situation Determines the Types and Amount of Loan You Can Get
If you plan to buy a home using a mortgage loan, you must understand what options are best for you, given your financial situation. The financial factors that determine your options include:
- Your Credit Score. Your score must be 620 or above for you to qualify for most conventional loans. There are some low-credit options available. Still, if your credit is low, you need to start fixing it as soon as possible.
- Debt-to-Income Ratio. Most lenders require that your debt, including future mortgage payments, not exceed 36% of your income.
- Down Conventional loans require a down payment of at least 20%.
- Closing Costs. You’re typically required to pay 2–5% of the sale price as closing costs. This amounts to $5,948–$14,870, given the average sale price of a home in Florida is $297,390. Closing costs are typically out-of-pocket expenses, so make sure you have enough saved.
- Homeownership Costs. Homeowners in Florida spend about $3,599 in maintenance costs annually. These costs vary, though. Generally, you should set aside %1 of the value of the home for repairs and maintenance.
Future Mortgage Payments
One of the essential initial steps of buying a home is determining how much you can afford in mortgage payments. Lenders use the 28/36 rule to decide whether or not you qualify for financing:
- Your total housing costs, including future mortgage payments, should be 28% or less of your monthly income.
- Your monthly debt payments should be 36% or less of your monthly income.
So, working with the median income in Florida ($4,622), the potential mortgage payment for the average Floridian should be around $1,294 (28% of $4,622).
Debt-To-Income Ratio
Lenders need to be sure that you can afford to pay your monthly mortgage payments. They determine this by calculating your debt-to-income (DTI) ratio, inclusive of the mortgage payments.
The lower your DTI ratio, the more likely lenders are to approve your application for a mortgage. However, having a high credit score can improve your chances. Generally, you want to keep your DTI under 36%, even though some lenders have been known to give mortgages to borrowers with a DTI ratio of up to 43%.
You can calculate your DTI ratio by summing all your recurring monthly debt payments, including the estimated mortgage payments, and dividing the sum by your gross monthly income. Recurring monthly debt payments include:
- Estimated mortgage payment
- Auto loans
- Child support or alimony
- Student loans
- Personal loans
- Minimum credit card payments
Closing Costs
Meeting the legal requirements for closing a real estate transaction involves several services, all of which cost money. The seller is required to cover some of the closing costs. However, the buyer is typically required to pay for most of the out-of-pocket closing costs.
- Property taxes
- Title insurance policies and fees
- Inspections
- Loan application fees
- Homeowner’s insurance
- Appraisal fees
These costs are usually 2–5% of the loan amount.
Requirements and Documents Needed for Conventional Mortgage in Florida
Here are a few more things you need to be prepared to cover with your loan officer when your meet to discuss conventional loan options for buying a house in Florida.
- When you apply for a conventional loan, you need to provide the lender with documentation that details your financials, including your assets and income.
- Assets and Income. Lenders review the documents, such as investment account and bank statements, to determine whether you can afford the down payment and closing costs.
- Private Mortgage Insurance (PMI). If you pay a down payment of less than 20% for a conventional loan, you’re required to pay PMI, the cost of which is 0.5–1%of the loan amount, payable annually. PMI varies depending on your credit rating.
The documents required to qualify for a conventional mortgage include:
- Government-issued identification
- Credit report
- Two years’ worth of employment information and W-2s
- Two to three years’ worth of income tax returns
- Two to three months’ worth of bank and investment account statements
- 30 days’ worth of pay stubs
- A list of assets and liabilities
- Signed and dated IRS Form 4506-T
- Gift letter (if using gift funds)
- Bankruptcy/discharge papers for any documented bankruptcies
- Renting history
- For self-employed Borrowers: proof of income, a list of all business debts and a current profit and loss statement.
Protect Your Financial Records
If you own a home and plan to relocate to Florida, selling your current home for the right amount is one of the crucial steps to the relocation process. Find out how much your home is worth fast and for free by entering your address, and you’ll get an instant, accurate estimate.
The post How Much Down Payment You Should Expect To Pay For a House in Florida? appeared first on iBuyer Blog.
Powered by WPeMatico