Priority Payment Apps

 

 

 

Priority Payment apps

 

Cash Apps

Priority Payment Systems is a BBB-accredited business with a customer rating of 1 out of 5 stars. Some of its competitors include Stripe, Block, Flutterwave, FIS, and First Data. 

Venmo

 

·        Cash App

A peer-to-peer money transfer app that lets you send and receive money using a linked bank account, your Cash App balance, credit card, or debit card.

·        Google Wallet

A digital wallet that lets you access your payment cards, loyalty cards, and concert tickets from your Android phone.

·        Stripe

An online payment processing and credit card processing platform for businesses. Stripe allows businesses to accept credit and debit cards, including Visa, Mastercard, American Express, Discover, JCB, Diners Club, and China UnionPay. A payment processing platform that helps small businesses and freelancers get paid. It's available in over 35 countries and supports over 135 currencies.Stripe is PCI Level I encrypted, which means all transactions are protected from data breaches. Stripe also pays hackers to find exploits, which are codes used to attack a vulnerability in a system or software.

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·        Block

Blockchain technology has been called "unhackable" because each block is cryptographically locked with the previous block. However, recent studies and reports show that blockchain is still susceptible to cybersecurity attacks.

·        Flutterwave

A financial technology company that provides payment solutions, including online payment acceptance, cross-border payouts and transfers, currency swapping, and point-of-sale (POS) systems. Flutterwave primarily serves businesses, individuals, and startups, particularly in emerging markets. Flutterwave says they take the responsibility of their customers' personal and financial information seriously. They also say that Flutterwave has not been hacked.

·        FIS

A global provider of financial services technology and outsourcing solutions. FIS employs over 55,000 people across more than 50 countries. It serves retail, commercial, and institutional banking, capital markets, and insurance clients. FIS performs vulnerability scans, including scans on application and internal/external network infrastructure. FIS also performs ethical hacking/penetration tests on a regular basis

 

·        First Data

Offers card acceptance online, in person, and over the phone. First Data next day funding means you'll see funds in your bank account quickly, reducing the time between when you process a transaction and when you receive the money.

Members of Generation Z—the age group between 18 and 26 years old—are the most likely to adopt digital wallets as their primary payment method for shopping (91%) and traveling. 

 

Pay Pal

 

 

Here are some apps that offer expedited payment processing:

• Dwolla: Offers same-day ACH transfers for a fee.

• Stripe Instant: Provides instant payouts to connected bank accounts.

• PayPal Zettle: Enables fast deposits for in-person payments.

• Square Instant Deposit: Offers instant transfers for credit card sales.

• Mercury: Business banking platform with instant ACH transfers.

Here are some apps that are specifically designed for businesses to make and receive payments:

• Zoho Books: Accounting software with invoicing, expense tracking, and payroll.

• FreshBooks: Cloud-based accounting platform with invoicing, payments, and project management.

• Wave: Free accounting software with invoicing, payments, and receipt scanning.

• Gusto: Payroll and HR platform with integrated payments and benefits.

• Rippling: Modern payroll and HR platform with all-in-one features.

When choosing an app, consider the following factors:

• Your needs: What features are most important to you? Do you need same-day ACH transfers, or are you more interested in invoicing and expense tracking?
• Your budget: How much are you willing to pay for a payment processing app? Some apps charge monthly fees, while others charge per transaction.
• Your business size: Some apps are better suited for small businesses, while others are designed for larger enterprises.

 

 

FHA Self sufficiency Test Blues

   FHA Self Sufficiency Test is a Stickler

Self sustainability/ sufficiency test is a problem for high cost areas. The rents are not high enough to cover the payment so for example if the PITI is $12000 and rents are $6000 minus 25% then we don't use any rent to qualify. You won't make it on FHA in most high cost triplex and four plex because of this rule. High cost I define as three or four units valued at more than eight hundred thousand dollars.

To pass the self sustainability test, the net rental income must be equal to or greater than the projected monthly mortgage payment. The calculation is as follows:

1.   Realistically determine the long term market rate rents that can or are already being charged for each apartment/unit

2.   Multiply the total of these rents by 75%

3.   Ensure that the total is greater than the monthly mortgage payment by one dollar.

The test also requires that the total rental income less the vacancy factor of 25% is equal to or greater than the projected monthly mortgage payment. The vacancy factor is determined by the jurisdictional Homeownership Center (HOC). Therefore a FHA purchase loan in a high cost area where rents aren’t high enough to cover is not a fit.

Conventional doesn't have the rule. So the conventional 5% down may be your better choice.

What is a FHA 75 rule example?

For example, if the appraiser reports the rents of $6,000 per month, you would use 75 percent of that, or $4,500. Thus, your rental income must be at least $4,501 in order to qualify for an FHA multi-unit property loan.

 

Additionally, you must have three months' worth of mortgage payments in savings, called reserves.

 

I need to know what the total dollar amount of ALL your student loans are. We use 1% of the balance and it doesn't matter if deferred. How many months remain on the auto loan? Is it a lease or owned?

FHA 3-4 Unit Self Sufficient Calculation for FHA 3 or 4 unit property 

Mortgages for three and four unit properties with non-occupying co-borrowers are limited to 75% loan to value (LTV). 

 Mortgages that exceed 75% LTV with a non-occupant co-borrower are limited to a one unit single family residence, condominium or planned unit development(PUD). 

 Regardless of occupancy status, the 3 or 4 unit property must be self-sufficient.

The maximum mortgage loan calculation must meet all of the following:

• the Statutory limit for the property location,

• the loan-to-value (LTV) limits

and • the 3 or 4 unit self-supporting mortgage calculations described below:

Step 1: Calculate the monthly payment on the new loan: Principal and Interest Real Estate Taxes Hazard Insurance FHA MIP HOA Dues, if applicable @ Note Rate + + + + $ $ $ $ $ TOTAL Monthly Loan Payment = $

Step 2: Determine the Monthly Net Rental Income: Appraiser’s Estimate of Fair market Rent  1007 form (all units) $ Less the vacancy factor (use factor from appraiser or 25% whichever is the greater) $ Projected Net Rental Income = $

Step 3: The monthly mortgage payment divided by the monthly net rental income cannot exceed 100%. If the result indicates a percentage greater than 100% (negative cash flow) the mortgage loan amount must be reduced. TOTAL Monthly Loan Payment $ Divided by ÷ Projected Net Rental Income $ Result (if greater than 100% the loan is not self-sufficient and the percentage of % Loan amount must be reduced). The appraiser performs a 1007 rental survey and borrower provides a lease. The lower number is used.

Notes: · Borrowers must ALSO still qualify for the mortgage based on income, credit, cash to close, and the projected rents received from the remaining units.

The projected rent may only be considered as gross income for qualifying purposes; it may not be used to offset the monthly mortgage payment.

The borrower must have reserves equivalent to three months' PITI after closing on purchase transactions. Reserves cannot be derived from a gift.

Alternatives if the Property Does Not Pass the Test

• Seeking another eligible property: If a property fails to meet the FHA Self Sufficiency Test requirements, it may be necessary to explore other properties that do meet the criteria. This ensures that potential buyers can still secure FHA financing for a property that can generate sufficient rental income. Generally this means going down in value, going away from a view, reducing fire or flood insurance risks, searching out farther than planned.

 

• Using alternative loan programs like conventional but High Balance Conventional for three or four units requires more down payment and smaller total loan amount. Mortgage Insurance will be lower due to lower loan to value.

 

• Paying points for a lower interest rate: Points, which are a form of pre-paid interest, can be paid upfront to decrease the interest rate on the mortgage. This can reduce the monthly mortgage payment and improve the property’s cash flow. The points do not substantively reduce payment. A half a percentage point may not reduce the payment by much.

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Work with an experienced FHA Lender give me a call

949   784- 9699

A good lender will get all the numbers into the forms and run the test on day one. You probably will want to lock on a Monday-thursday and know if you can get under the one dollar threshold. We will look at rental

comps BEFORE the appraiser does and get insurance

UP FRONT

Get your hazard insurance quote at the first day of escrow

 

 

Remodel Shower California

The Spanish Revival style is synonymous with California, evoking images of terracotta roofs, white stucco walls, and wrought iron accents. You're considering remodeling your California home in this timeless aesthetic, here are some ideas to begin:

Not certain how long the black iron seams will stay in style but with dark wood cabinets looks great. Sandstone wall instead, creamy color.

A bench in the shower is a great idea as you age. The bench does not have to be permanent. The bench needs to be practical - place to set shampoo or sit in a steam shower. A teak bench can do this just as well and be replaced.

I like this small compact design with rain shower overhead, and hand held as well.

Cool stone sink with wood walls or tile to look like wood

Another black framed shower. A big thing to think about is the step up into the shower. Will your feet catch the ledge? OR is seamless on the metal squares more likely to leak?  I like the pattern in this tile floor with old fashioned wood vanity. Even the colors of the metal in fixtures and lighting need to be planned to work together.

This harmony is good but in reality having two niches for sinks isn't useful. I like the tile.

Example of flooring warm color with dark brown.

Another example of well designed tiles in muted tones but in harmony. 

I do not like seeing the p trap, better to have a cabinet. Find a mid century modern one or

Spanish piece of wood furniture and make it custom.  This looks bad and a bath needs storage.

Love this stone sink but again the plumbing showing fails.

Material choices:

• • Tiles: Saltillo tiles (terracotta) are classic, but consider Mexican Talavera tiles for vibrant patterns or encaustic cement tiles for geometric designs. Glazed ceramic tiles in warm colors like terracotta, ochre, creams and olive green are also popular. I prefer more muted tones than the vibrant ones as they aren't as long enjoyed. I am not fond of beige that seems to be ubiquitous in Orange County and boring.
  • Colors: Stick to a warm and earthy palette inspired by the California landscape. Think terracotta, ochre, cream, sage green, and whites. Accents of turquoise or cobalt blue can add cool vibrancy.
  • Bathrooms: Embrace the Spanish aesthetic with Saltillo floor tiles, hand-painted ceramic tiles on the walls, vanities with wrought iron details, and brass fixtures. Open showers with terracotta or stone accents can add a touch of luxury.
  • Indoor-outdoor flow: Blur the lines between inside and outside with large patios, courtyards, and terraces. Use natural materials like wood, stone, and wrought iron for furniture and accessories. Lush colors, sunflowers, an avocado tree, climbing roses and shaded spots to enjoy the garden. The back fence is rod iron, perhaps make a central section glass to view the mountains and eucalyptus trees on the horizon. 

  Think about this architectural concept of prospect and refuge theory as a way to shape your home environment.

  Evolution programmed humans to desire environments where one can see ~~ but not be seen (refuge). Inherently, we seek out and are soothed subconsciously by spaces that offer a view, or Prospect, but impart a sense of protection, or Refuge

  To savor danger from a haven of safety.

  When we pause at protected overlook on a hike; we feel both these:  prospect (view) and refuge (safe). The sensation is a sense of openness coupled with excitement but to keep it your own.

  Think view, light, open with your back protected and private. So skylight, windows to the views and air but with ability to shudder.

Modern Spanish tile bath with tonal range very calm

Though I think subway tiles are out the paver or Saltillo tiles are gorgeous and fit for a Spanish style home. EASY to care for- damp mop or vacuum the dog hair. Every two years you can seal them. Low cost for big architectural and beauty bang. I also think the dual sinks are not necessary or functional. Install one pretty sink with an amazing mirror and have storage.

Single sink example that is elegant

Smaller bath with great character.

Seamless shower with modern dark cabinets/Corian tops

Spanish tiles Or even wall paper with this GREAT sink

Free Tools To Decide on YOUR Next Home

Finding Your Forever Home: Location, Schools, and Beyond

How to search for a house, a residential real estate place

to live

Buying a house is a monumental decision, and for families, location takes center stage. It's not just about bricks and mortar; it's about finding a community that fits your lifestyle and prioritizes your children's needs. Here's a roadmap to guide you through the exciting (and sometimes overwhelming) house search:

Location MATTERS THE MOST:

It's not just a cliché – location truly impacts your quality of life. Consider using some of these free tools. Use a notepad. Keep detailed notes, after a while things all mesh together with a white picket fence in front.

• Schools: Websites like Niche.com and GreatSchools.com showcase school ratings and reviews. Is the local school Blue Ribbon?
• Proximity to work and amenities: Factor in commute times, access to healthcare, grocery stores, parks, and entertainment options.
• Neighborhood vibe: Research demographics, crime rates (check https://datastore.netronline.com/search for detailed data), and community events to find a good fit.
• Property taxes: Each state website provides property tax information – crucial for budgeting. Start with 1.25% of the sales price as a general number, property taxes vary by city and state.
• Crime statistics can be found here:  https://www.usa.gov/crime-statistics

Beyond the Basics:

• House hunting tools: Leverage apps like Zillow, Realtor.com, Redfin, and Trulia. Homesnap lets you identify a house by snapping a picture!
• Multiple Listing Service (MLS): Access comprehensive listings through an agent or designated websites.
• Other helpful resources: Utilize Google Maps for street views, a digital camera to capture details, and mortgage calculators to plan finances. Sex offender registries ensure your family's safety.

Refine Your Search:

1.   Define your needs: How many bedrooms, bathrooms, and square footage do you need?

2.   Set a budget: Be realistic about what you can afford, including down payment, closing costs, and monthly payments.

3.   Prioritize must-haves: Make a list of essential features – a backyard for kids, proximity to parks, etc.

4.   Don't be afraid to compromise: Be flexible with non-essentials to find the perfect fit.

Remember:

• Maintenance and utilities: Factor in potential repairs and monthly utility costs. What is the weather annually: CarrotApp and FEMA has flood maps
• Get a hazard insurance quote from the start. Insurance is a problem in many states due to natural disasters: fire/flood/hurricanes.
• Inspection is key: Hire a qualified inspector to uncover hidden issues.
• Negotiate: Don't be afraid to negotiate the price based on the inspection report and market conditions.

The Bottom Line:

Finding your dream home takes time, research, and compromise. By prioritizing location, understanding your needs, and utilizing available tools, you'll find a house that becomes a true home for your family.

Feel free to call me I can recommend a Realtor in your location and an insurance agent and a title settlement company and a handyman and whatever you need for your home loan or mortgage

Caroline Gerardo

NMLS 324982

949-  784- 9699