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Some Major Misconceptions About Disability Benefits and Ticket to Work

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If you’ve suffered a severe injury or are otherwise disabled, heading back to work can be intimidating. It can be especially difficult because, on the one hand, you want to get back to work, but on the other, you don’t want to lose the Social Security benefits that you’ve come to rely on. Perhaps you’ve heard of Social Security’s Ticket to Work program, and would like to take advantage of its benefits but have read a lot of false information that’s made you hesitant. The good news is Ticket to Work is easier than you might think. Here are some things you should know about reentering the job market to find work onsite or to utilize Social Security’s Ticket to Work to help you work at home.

You’re Not Allowed to Communicate with Several ENs

This is a little misleading because you can, in fact, contact as many as you like until you find an EN that works best for you. As you look for work, you’ll want to take advantage of all the Social Security Ticket to Work program providers you can. Social Security Ticket to Work rules, however, dictate that you can only assign your ticket to a single Employment Network (EN). Once you’ve found your EN, you must assign your ticket, but you’re free to change your Employment Network as long as you notify your current EN of your intent to do so.

You Will Lose Your Medicare

A chief concern for anyone who requires ongoing medical care is the possibility that they’ll endanger their Medicare coverage if they go back to work. It’s actually far more complicated than that. As long as you continue to receive your SSDI benefit, your Medicare will not be affected. Even if you start earning enough that your SSDI benefits stop, you can continue to keep your Medicare coverage for at least 93 months after the trial work period has ended.

Ticket to Work Costs Money

Enrolling in the Ticket to Work program will cost you nothing. Ticket to Work is not a program you pay for, but rather a benefit that you are entitled to through the Social Security Administration. It’s purely voluntary, and there is no cost for you to take part. When you assign your ticket to an Employment Network that is approved by the SSA, they will assist you in transitioning back into the workforce free of charge.

If I Suffer a Relapse, I’ll Have to Reapply

When you make the decision to reenter the workforce, you don’t want to have to worry about the possibility that a relapse might endanger your eligibility for SSDI benefits. You have nothing to worry about. Should you re-injure yourself or find it impossible to continue working due to your disability, you can skip the reapplication process with what’s known as an Expedited Reinstatement. This will enable you to restart your benefits, and you will remain eligible to do so within 5 years after your SSDI benefits stopped.

Whether you’re ready to start working again in a new environment or to use your Social Security Ticket to Work, contact DisABLEd Workers. We’re committed to giving persons with disabilities the assistance they need to achieve their employment goals. Give us a call today at (877) 291-9806.

Court Stops US Dept. of Ed. From Using Newest Borrower Defense and Closed School Discharge Rules: What Borrowers Need To Know

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Each year, thousands of borrowers struggle with repaying their federal student loan debt after they attended predatory schools that lied or withheld important information to get them to enroll, or closed and prevented them from completing their program. These borrowers are often left with debt but without a valuable degree–or often any degree at all. And without relief, many of these borrowers wind up in default. 

The Department of Education has two critical programs that can provide much needed relief to these borrowers: borrower defense and closed school discharges. But too few borrowers have been able to get the relief they needed through these programs. As a result, in 2022, the Department of Education revised its rules for these and other relief programs to make them more accessible to more borrowers. However, a federal court has stopped the Department from using its new rules until a lawsuit challenging the rules is resolved. Here’s what borrowers need to know about the court case and information about what it means for borrowers who are applying for relief under these programs. 

Background on the Court Challenge

Before the 2022 rules went into effect, a trade organization that represents for-profit colleges, Career Colleges & Schools of Texas (CCST), filed a lawsuit in federal court in Texas that challenged large portions of the rules. CCST asked the court to order that the Department delay when the rules would go into effect. The court denied that request. 

However, CCST appealed the decision to the Fifth Circuit Court of Appeals. Immediately after the appeal was filed, the Fifth Circuit ordered that the Department could not use the new rules while the appeal was being decided. On April 4, 2024, the Fifth Circuit reversed the lower court’s decision and ordered that the Department of Education may not use the 2022  borrower defense and closed school discharge rules until the lower court finishes deciding the entirety of CCST’s lawsuit. That means that for now, the Department can only use its old, less borrower-friendly rules to decide new borrower defense and closed school discharge applications for student loan relief. That’s bad news for borrowers, though they can continue to apply for relief. 

What Comes Next In The Courts?

The case now goes back to the trial court to consider the for-profit group’s challenge to the borrower defense and closed school discharge rules. It is unclear how the trial court will rule, whether all or portions of the rules will survive the challenge, and whether its decision will be appealed. However, we expect that there will be a final decision in the case sometime within the next year or two. 

What Does This Mean For Borrowers? 

Although the Department of Education cannot use the 2022 borrower defense and closed school discharge rules, it has said that it will continue accepting applications and will decide those applications using the older rules that were in effect before the 2022 regulations. Although the old rules make it harder for borrowers to get relief, it can still be worthwhile to apply. Borrowers can currently apply for borrower defense online and can continue to submit a paper application for a closed school discharge to their student loan servicer. 

Closed School Discharge Applicants

Although the new rules allowed the Department to automatically provide relief to some borrowers that did not complete their program because their school closed, under the old rules, borrowers must apply for relief. The closed school discharge application is relatively straightforward and the Department has typically been able to issue decisions on applications within a few weeks. However, in recent months, borrowers have reported that they have waited for months for a decision on their application. 

Borrower Defense Applicants

If you have already applied for a borrower defense discharge, this court opinion will only affect you if you submitted your application after November 16, 2022. Applications submitted before then are covered by the settlement agreement in the Sweet v. Cardona lawsuit. The attorneys representing borrowers in this lawsuit have an FAQ about the settlement agreement here. 

  • If you applied for borrower defense relief before June 22, 2022, you are a class member in the Sweet lawsuit and your application will be handled according to the terms of the settlement. 
  • If you applied for borrower defense between June 22, 2022 and November 16, 2022, you are a post-class member in the settlement agreement for the Sweet v. Cardona lawsuit and your application will be decided according to the terms of the settlement agreement. 
  • If you applied for borrower defense after November 16, 2022, then you are not impacted by the Sweet lawsuit and your application will be decided by the Department of Education under the old borrower defense rules that were in place prior to the 2022 rules. We expect that the Department may be slow to decide on these applications, so borrowers should anticipate lengthy waits.
    • If your loans were issued before July 1, 2017, your application is subject to the standard in 34 CFR § 685.206(c) and the procedures described in 34 CFR § 685.222.
    • If your loans were issued between July 1, 2017 and July 1, 2020, your application is subject to the standard and procedures described in 34 CFR § 685.222.
    • If your loans were issued after July 1, 2020, your application is subject to the standard and procedures described in 34 CFR § 685.206(e).    

Tip: Borrowers that apply for borrower defense can put their loans into forbearance while their application is being decided. However, those months in forbearance won’t count as qualifying time toward having your loans forgiven through Public Service Loan Forgiveness (PSLF) or income-driven repayment plans like SAVE or IBR. As a result, borrowers may want to keep their loans in repayment while their applications are decided so that they will be closer to PSLF or income-driven repayment cancellation if their borrower defense application is denied.

How to Apply for an SBA Loan

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How to Apply for an SBA Loan

As a small business owner, financing backed by the U.S. Small Business Administration (SBA) represents some of the most affordable types of business loans available. SBA loans are a popular option for both startups and established businesses alike. These loans tend to feature low interest rates, higher loan amounts, and generous repayment terms compared to other business loan options. 

At the same time, understanding how to apply for an SBA loan and qualify for this type of financing can be complicated. The SBA loan application process can be tedious, and if you don’t complete it properly, you could hurt your chances of getting a loan approval. 

That’s why Lendio has put together a complete guide to applying for an SBA loan, including types, requirements, the application process, and how to improve your chances of approval.

Step 1: Decide which type of SBA loan you need.

There are several different types of SBA loans available to small businesses. With SBA loans, your business may be able to borrow up to $5 million and repay those loans over a period of 10 to 30 years. (Repayment terms can vary.)

You can find SBA loans to help you finance many different aspects of your business needs. Whether you need startup funding, working capital, equipment financing, inventory financing, or funding for some other type of business need, you may be able to find an SBA loan to support your goals. 

First, Ask yourself a few key questions about your business needs to find the right SBA loan program for your needs, like:

  • How much funding do I need?
  • What will I use the funding for?
  • What is the minimum repayment term I need to work with?

Once you figure out the type of SBA loan you want, you can determine if your business is eligible for the loan program. 

Step 2: Check eligibility requirements

The specific eligibility requirements that your business needs to meet in order to qualify for an SBA loan will vary based on a few factors. First, each SBA loan program has unique requirements you must meet to qualify. In addition, you may need to satisfy additional loan requirements that your SBA-approved lender requires from small business borrowers. 

The minimum requirements for most SBA loans are as follows. 

  • Be an operating business
  • Operate for profit
  • Be located in the U.S. or in U.S. territories
  • Can meet SBA “small business” size requirements 
  • Not be a type of ineligible business 
  • Be creditworthy and demonstrate reasonable ability to repay the loan
  • Collateral to secure a large percentage of the loan
  • Unable to access business financing through non-government means (not including personal funds)

If you meet these requirements, then the next step is confirming that you qualify with an SBA lender, and this is where it can get complicated. Let’s go over some major eligibility requirements with most SBA-approved intermediary lenders as lender standards vary.

Creditworthiness Requirements

SBA 7(a) loans and SBA 504 loans are issued by traditional lenders, so they will have more stringent credit criteria than other loans, like microloans.

Most lenders for these loans will want to see a FICO® credit score of 650 or above.

On the other hand, SBA microloans have less strict credit criteria, and you may be able to qualify with limited credit history.

Time in Business Requirements

Like credit criteria, SBA 7(a) loans and SBA 504 loans will require more time in business and proof of revenue than microloans.

Most lenders will want to see at least two years in business for 7(a) and 504 loan applicants. In contrast, lenders may not require as much time in business for the microloan program, with some lenders only requiring six months in business.

If you meet these eligibility requirements, the next step is to gather all the documentation you will need for the application process.

Step 3: Prepare documentation for SBA loan application

Before you apply for an SBA loan, it’s important to gather the documentation your lender will request on your application. The time it takes to move through the SBA process from application to funding will vary.

While it might take 30 to 90 days with your local bank, Lendio, on average, can close an SBA 7(a) small loan in less than 30 days. Having your documents prepared ahead of time may help improve your chances of approval and could help you move forward through the SBA loan process at a faster pace.

Below is a list of the documents you should prepare for your SBA loan application:

  • Six months of business bank statements (connect account or manually upload images)
  • Copy of your driver’s license or state ID
  • Voided check from your business account
  • Month-to-date transactions
  • Two years of business and personal tax returns (for all business principals with 20% or more ownership)
  • Debt schedule
  • Year-to-date profit and loss statement
  • Year-to-date balance sheet
  • Cash flow projections
  • List of collateral
  • Business certificates or licenses
  • Loan application history
  • Business owner resume(s)
  • Business plan
  • Business lease, if applicable

Additional SBA loan application requirements.

In addition to the documents listed above, you should be prepared to include more information on your SBA loan application. Details you may need to provide include: 

  • The amount of money you want to borrow.
  • The purpose of the loan and how you plan to use the proceeds if approved.
  • Assets you need to purchase and the name of your business suppliers.
  • When your business started.
  • General information about your business (owners, affiliations, etc.).
  • Your birthday and your Social Security number
  • Details regarding other business debts and your creditors.

Anyone who owns 20% or more of the business will generally need to fill out an SBA loan application form, as the SBA requires that anyone with 20% or more ownership in the business provide an unlimited personal guarantee.

Owners with less than 20% ownership can provide full or limited guarantee. Owners will also need to complete a personal financial statement, called SBA Form 413. SBA uses the personal financial statement to assess risk and help determine an applicant’s ability to repay as promised. 

Here’s a list of SBA-specific forms to include in your application package:

  • SBA Form 1919 – Borrower Information Form
  • SBA Form 912 – Statement of Personal History
  • SBA Form 413 – Personal Financial Statement
  • SBA Form 148 – Unconditional Guarantee (or lender’s equivalent to this form.)
  • SBA Form 148L – Limited Guarantee (or lender’s equivalent) for owners with less than 20% ownership

Step 4: Find an SBA-approved lender

You can use an SBA loan to support your small business in many different ways. Once you feel ready to begin your SBA loan application, you can start by choosing an SBA lender to guide you through the process. 

Depending on the type of SBA loan program you are applying for, you might have a few different options for finding an intermediary lender. Since SBA 7(a) loans and SBA 504 loans lenders are more traditional financial institutions, you can try reaching out to a bank you have a previous relationship with.

The SBA also offers a few resources for finding active certified development companies (cdcs) and active microlenders on their website.

If you would like to connect with lenders directly, you can use the SBA’s lender match system. You’ll fill out a questionnaire about your business, and in two days, you’ll receive an email with possible lender matches. 

Lendio offers a convenient SBA loan application process. Potential borrowers can complete an application and get a preapproval within 24 hours, and after providing the documentation listed above, can get funded with a 7(a) small loan in less than 30 days.

Step 5: Submit your SBA Loan Application Package

Once you’ve prepared your loan application package, it’s time to submit it to the lender. Don’t be surprised if they may follow up with questions, or request for additional documents. Every lender has different requirements, so work with your contact to provide everything they need to begin the initial underwriting process to review your application.

If your lender decides to move forward, you can expect a “loan proposal” or “letter of intent” to follow. This document will detail your request, loan terms, and deposits, fees and/ or closing details.

If you accept and sign the proposal, you’re not out of the woods yet. Your lender will begin a formal underwriting process, in which both the lender and the SBA review your application, documentation and credit history thoroughly.

If you are approved after this process, you will be notified and provided a letter of commitment. You must accept it in order to receive closing documents and start the closing process. Once everything is signed and the process is complete, your money will be disbursed.

What to do if your SBA Loan application is denied

Although it’s not the outcome you want, only about one-third of SBA loan applicants were fully approved in 2023. A decline is not uncommon, so knowing your options if this happens will help you plan for your next steps.

If your application is denied, your lender will provide you with a letter explaining the reason you were denied, and may provide some options for you after that. You may be able to appeal the decision, for example, and your lender can provide insight.
Read our guide on common reasons why your SBA loan application may have been declined, and what to do next.

Alternatives to SBA Loans

If you aren’t able to find a workaround in the event that your SBA loan was declined, or if you aren’t confident you meet the eligibility requirements, here are some other alternatives to consider:

  • Equipment financing – if new equipment upgrades, repair or replacement is what you need, consider exploring term loans or leases for equipment.
  • Term business loans – If you don’t qualify for an SBA loan, you may still be able to obtain a business loan paid off with equal payments at a fixed rate through other lenders.
  • Business lines of credit – Opening a line of credit enables you access to funds that you can borrow anytime up to your credit limit.

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

How to Apply for an SBA Loan

Information provided on this blog is for educational purposes only, and is not intended to be business, legal, tax, or accounting advice. The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Lendio. While Lendio strives to keep its content up-to-date, it is only accurate as of the date posted. Offers or trends may expire, or may no longer be relevant.

Crypto Contract Scanners: Guide To Smart Contract Security

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Smart contracts are at the core of blockchain technology, enabling decentralized applications (dApps) and automating trustless transactions. However, their immutable nature means even a single flaw can lead to devastating financial losses. Enter crypto contract scanners—essential tools for identifying vulnerabilities, inefficiencies, and scams in smart contract development.

This article explores the critical role of crypto contract scanners, their features, and the top tools available today. Whether you’re a developer, investor, or blockchain enthusiast, understanding these tools is vital for navigating the blockchain ecosystem safely and effectively.

A crypto contract scanner is a software tool designed to analyze the code of smart contracts for vulnerabilities, malicious behaviors, and inefficiencies. Using advanced techniques, these scanners help ensure that blockchain applications are secure and function as intended.

Key Analysis Techniques:

  • Static Analysis: Examines the code without executing it, uncovering vulnerabilities such as reentrancy attacks and integer overflows.
  • Dynamic Testing: Simulates contract behavior under various conditions to detect runtime issues.
  • AI-Driven Insights: Uses machine learning to identify patterns indicative of potential risks and scams.

By proactively scanning smart contracts, these tools protect developers and investors while enhancing the overall security of the blockchain ecosystem.

Why Are Crypto Contract Scanners Essential?

For Developers:

  • Identify Vulnerabilities: Detect critical issues like logic flaws, reentrancy bugs, and arithmetic overflows during development.
  • Streamline Security Audits: Save time and costs associated with manual code reviews.
  • Build Credibility: Securely coded and verified contracts enhance trust and adoption within the blockchain community.

For Investors:

  • Avoid Scams: Spot fraudulent tokens, honeypots, and backdoors before investing.
  • Make Informed Decisions: Evaluate token legitimacy and risks through detailed analysis.

For the Blockchain Ecosystem:

  • Foster Transparency: Promote responsible practices and trust in blockchain projects.
  • Mitigate Financial Losses: Prevent vulnerabilities from being exploited.
  • Support Sustainable Growth: Strengthen the foundation of DeFi and dApps by prioritizing security.

Lessons from Real-World Exploits

The importance of contract scanners is evident in major blockchain incidents:

  • The DAO Hack (2016): A reentrancy vulnerability in an Ethereum contract led to the theft of $60 million. A scanner could have flagged this issue before deployment.
  • Poly Network Exploit (2021): A logic error allowed hackers to steal over $600 million, highlighting the critical need for meticulous contract analysis.

Success Stories:

On the positive side, tools like De.Fi Scanner have successfully protected users by identifying fraudulent tokens and honeypots. For example:

  • De.Fi Shield: Helped investors avoid multiple honeypot scams by flagging suspicious tokens during pre-launch phases.
  • Quick Intel: Alerted users to contracts with hidden transfer taxes, saving users from potential losses in projects on Binance Smart Chain.

These examples showcase the real-world impact of proactive contract scanning.

Features of a Reliable Crypto Contract Scanner

Not all scanners are created equal. The best tools offer:

  • Comprehensive Vulnerability Analysis: Detect a wide range of risks, including honeypots, backdoors, and logic errors.
  • Multi-Blockchain Compatibility: Support for Ethereum, Binance Smart Chain (BSC), Polygon, and other major blockchains.
  • Ease of Use: Intuitive interfaces and clear, actionable reports.
  • AI and Machine Learning: Advanced insights to detect subtle and emerging threats.
  • Real-Time Updates: Adaptability to evolving blockchain vulnerabilities.
  • Integration with Development Tools: Compatibility with IDEs like Remix and Hardhat for real-time security checks during coding.

Top Crypto Contract Scanners in 2024

Tool Key Features Supported Blockchains
GoPlus APIs for transaction security and SDK integration. Ethereum, BNB Chain, Polygon, more.
De.Fi Scanner Honeypot detection, token health scoring, governance analysis. Ethereum, Solana, BSC, more.
Token Sniffer Database of over 6 million tokens, scam detection, and audits. Ethereum, BSC, Polygon, more.
Quick Intel Real-time contract assessments across 46+ chains. Ethereum, BSC, Avalanche, more.
Honeypot Detector Buy/sell simulations to detect honeypots with minimized false positives. Ethereum, BSC, Base.
CryptoScan.AI AI-powered security insights with real-time threat detection. Ethereum, BSC, emerging blockchains.
RugCheck Analyzes Solana token contracts for risks like mint authority and liquidity issues. Solana.

Challenges and Limitations of Crypto Contract Scanners

While powerful, crypto contract scanners are not foolproof. Some challenges include:

  • False Positives and Negatives: Scanners may flag harmless code as risky or miss subtle vulnerabilities.
  • Evolving Threats: New exploits often emerge faster than scanners can adapt.
  • Over-Reliance: Relying solely on scanners without manual audits can lead to missed risks.
  • Learning Curve: Non-technical users might struggle to interpret detailed reports without guidance.

To mitigate these limitations, it’s crucial to combine automated tools with expert manual audits and stay updated on the latest blockchain threats.

Practical Use Cases for Crypto Contract Scanners

  1. Before Deployment: Developers can scan smart contracts during the coding phase to ensure security before launch.
  2. DeFi Token Analysis: Investors can evaluate token legitimacy and avoid scams.
  3. Ongoing Monitoring: Projects can use scanners to detect vulnerabilities in live contracts, reducing post-deployment risks.
  4. Industry-Specific Applications:
    • Gaming: Secure smart contracts for in-game assets.
    • Supply Chain: Validate contracts managing logistics.
    • Healthcare: Protect sensitive data in blockchain-based medical records.

How to Use Crypto Contract Scanners Effectively

To make the most of crypto contract scanners, follow these steps:

  1. Input the Contract Address: Paste the smart contract address into the scanner’s interface.
  2. Analyze the Report: Review vulnerabilities, risk scores, and flagged warnings.
  3. Combine Multiple Scans: Use multiple scanners to gain a comprehensive view of potential issues.
  4. Interpret Risk Scores: Understand the severity and implications of flagged vulnerabilities.
  5. Complement with Manual Audits: Engage professional auditors to validate scanner results and address nuanced issues.

Integration with Broader Security Practices

Crypto contract scanners are just one piece of the security puzzle. For maximum protection:

  • Implement Bug Bounties: Encourage ethical hackers to identify vulnerabilities.
  • Conduct Penetration Testing: Simulate attacks to test contract resilience.
  • Adopt Secure Development Practices: Use tools like Hardhat and Truffle with integrated scanners.

Future of Crypto Contract Scanning

The landscape of blockchain security is evolving, and crypto contract scanners are adapting to meet new challenges. Future advancements include:

  • AI-Powered Precision: Machine learning models will enhance detection accuracy based on historical exploits.
  • Decentralized Validation Protocols: Community-driven systems for added transparency and trust.
  • Expanded Blockchain Support: Scanners adapting to emerging blockchains and protocols.
  • Quantum-Resistant Algorithms: Preparing for threats posed by quantum computing.

Building a Safer Blockchain Ecosystem

Crypto contract scanners are not just tools—they’re foundational to blockchain security. By identifying vulnerabilities and scams, they:

  • Build trust among developers, investors, and users.
  • Prevent financial losses from exploits and fraud.
  • Foster innovation by enabling developers to focus on functionality over security concerns.

Take Action Today

Secure your blockchain journey! Whether you’re developing smart contracts or evaluating tokens, leveraging reliable scanners ensures a safe and trustworthy experience. Start by exploring tools like De.Fi Scanner or GoPlus, and consider using Token Tool to launch your token securely.

By combining advanced tools with vigilant practices, you can confidently navigate the dynamic world of blockchain and build a more secure future. For developers and investors alike, crypto contract scanners are your first line of defense in creating a trustworthy and sustainable blockchain ecosystem.

FAQs

1. What is a crypto contract scanner?
A tool that analyzes smart contract code to detect vulnerabilities, inefficiencies, and scams.

2. Why are crypto contract scanners important?
They ensure security for developers, help investors avoid scams, and promote transparency in blockchain projects.

3. Can I rely solely on contract scanners?
No. Use scanners alongside manual audits for maximum security and accuracy.

4. Do crypto contract scanners work on all blockchains?
Most support major chains like Ethereum and BSC, but compatibility varies by tool. Check the supported blockchains before use.

5. How do I use a crypto contract scanner?
Paste the contract address into the scanner, review the results, and use multiple scanners for a thorough analysis.

6. Can scanners detect all scams?
They detect many common scams, like honeypots and backdoors, but may not catch highly sophisticated schemes.

7. How often should I scan a contract?
Scan before deployment and periodically post-deployment to stay ahead of potential vulnerabilities.

Frank Darras Cited In Law360: Insurance Backs Up College Athletes About To Turn Pro

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Frank Darras Cited in Law 360 Article:

“…rarely do I see someone from a college or a university that’s in tune with how Draconian and difficult the application is,” Darras said. “Think about it: Is a college junior or senior ready to look at a 50-question,very pointed application asking about detailed health history since they fell out of the womb?”

Darras added that NIL endorsements can coexist with insurance, as the endorsements can help student-athletes create a secure financial future for themselves independent of their professional athletic careers. “If you’ve been planning to be an athlete, and in one second your dream is dashed, you have to pivot your whole life,” he said.

Read the full article here: Insurance Backs Up College Athletes About To Turn Pro – Law360 Insurance Authority

Marty Guy Fink featured on Carl White & Steve Kyles Podcasts

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Marty Guy Fink featured on Carl White & Steve Kyles Podcasts

We’re thrilled to share that Marty Guy Fink, Branch Manager in Virginia Beach, was recently featured on two influential podcasts: Carl White’s Loan Officer Freedom Podcast and Steve Kyles’s Loan Officer Leadership Podcast. Marty’s journey has been nothing short of inspiring, and her insights in these interviews highlight her dedication, leadership, and passion for the mortgage industry. We’re incredibly proud of Marty’s achievements!

Check out the episodes here:

Marty Guy Fink featured on Carl White & Steve Kyles Podcasts

Buying A Home In Ohio: Mortgage Options, Tips, and Tricks

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Buying A Home In Ohio: Mortgage Options, Tips, and Tricks

Buying A Home In Ohio: Mortgage Options, Tips, and TricksBuying A Home In Ohio: Mortgage Options, Tips, and Tricks

Ohio is a state known for its rich history, affordable living, and diverse cities, all of which make it very attractive to prospective homeowners. With its booming real estate market, many prospective homeowners are drawn to the opportunities that Ohio offers. However, navigating the home-buying process, especially securing the right mortgage, can be complex. This article will guide you through essential mortgage options, useful tips, and tricks to make your home-buying journey in Ohio as smooth as possible.

Understanding the Ohio Real Estate Market

Before diving into mortgage options, it’s crucial to understand the current state of the Ohio real estate market. As of 2024, Ohio offers a range of affordable housing opportunities, with the median home price around $260,000. Compared to many other states across the U.S., this is really affordable.

State Median Home Price (in USD)
Ohio 348,900
Texas 257,700
California 818,100
Florida 403,000
New York 550,300

Compared to getting a mortgage in Columbus (OH), a Dallas mortgage (TX) would be significantly higher, with the median home price being around $350,000 in Texas. Even more so in New York City (NY) and in Los Angeles (CA).

1. Mortgage Options in Ohio

There are a wide range of mortgage options here. Here are some of the most common types of mortgages available to homebuyers in the State of Ohio:

Conventional Loans

Conventional loans are the most traditional form of home financing and are not backed by the government. They typically require a higher credit score and a down payment of at least 3% to 20%. These loans are ideal for buyers with good credit who can afford a larger down payment.

FHA Loans

FHA loans are government-backed loans designed to assist first-time homebuyers or those with lower credit scores. They require a lower down payment, sometimes as low as 3.5%, and are more lenient regarding credit history. These loans are an excellent option for those who may not qualify for conventional financing.

VA Loans

For veterans and active-duty military members, VA loans offer unique benefits, including no down payment and no private mortgage insurance (PMI) requirement. These loans are backed by the U.S. Department of Veterans Affairs and are an excellent choice for eligible borrowers looking to buy in Ohio.

Ohio Housing Finance Agency (OHFA) Loans

OHFA offers programs designed to assist first-time home buyers, and that includes helping with the down payment and affordable fixed-rate mortgage options. If you’re a beginner at this (you’re buying your first home), it’d be good to take advantage of this option. 

2. Tips for First-Time Homebuyers

Purchasing a home can be overwhelming, especially for first-time buyers. Here are some valuable tips to consider:

Get Pre-Approved for a Mortgage

Before you start house hunting, get pre-approved for a mortgage. This process will give you a better understanding of how much you can afford and will make you a more attractive buyer to sellers. Pre-approval involves a lender evaluating your financial situation and determining your eligibility for a loan.

Budget for Additional Costs

Beyond the mortgage payment, consider additional costs such as property taxes, homeowners insurance, and maintenance fees. These expenses can add up quickly, so it’s essential to factor them into your budget to avoid any surprises later on.

Research Neighborhoods

Ohio has a variety of cities and neighborhoods, each offering unique characteristics. Spend time researching different areas to find one that aligns with your lifestyle and needs. Consider factors such as schools, commuting options, amenities, and community culture when making your decision.

Work with a Real Estate Agent

Partnering with a knowledgeable real estate agent can simplify the home-buying process. An experienced agent can help you navigate the Ohio market, find suitable listings, and negotiate on your behalf. Look for an agent familiar with the neighborhoods you’re interested in to ensure you get the best possible guidance.

3. Tricks to Secure the Best Mortgage Rate

Securing a favorable mortgage rate can save you thousands of dollars over the life of your loan. Here are some tricks to help you get the best rate:

Improve Your Credit Score

Before applying for a mortgage, take steps to improve your credit score. Pay down debts, avoid opening new credit accounts, and ensure all bills are paid on time. A higher credit score can qualify you for lower interest rates.

Shop Around

Don’t settle for the first mortgage offer you receive. Shop around and compare rates from different lenders. Getting multiple quotes can help you find the most competitive interest rates and terms.

Consider the Loan Term

Choosing the right loan term is critical. While a 30-year mortgage is common, a 15-year mortgage often comes with lower interest rates. However, the monthly payments will be higher. Assess your financial situation to determine which term works best for you.

Conclusion

Buying a home in the State of Ohio can be an exciting yet daunting experience. By implementing personal finance strategies and exploring your mortgage options, you can make the home-buying process smoother and more manageable. Remember, preparation is key, and with the right resources and guidance, you can find your dream home in this dynamic state.

Article written by Glenna Hobbs, glennahobbs1@gmail.com

November 2024 Stats for the Bondora Group

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November 2024 Stats for the Bondora Group

In November, our loan origination figures had impressive growth, totaling €24,8M in loans. This is mainly due to bolstering growth in Finland and Estonia. Investor numbers were constant once again, varying only slightly from the previous month.

Special shoutout: Bondora Group is one of just eight Estonian scale-ups to secure a spot on the Leading European Tech Scaleups (LETS) 2024 list — among 251 top-performing European companies. Check out the list here and the article from Invest in Estonia here.

Discover more about our final numbers and statistics for 2024, here:

November 2024 Stats for the Bondora Group

Monthly new investor stats

In November, 1,968 more people created investor accounts with us. We’re thrilled that more people are joining us to reach their financial goals.

Have you referred your friends yet? Once they’ve completed the easy signup process and started investing, you and your friend can each earn a cash bonus! Refer them using your unique code from your Dashboard, and you and your friends could each get an investment bonus.

Monthly new investor stats
Monthly new investor stats

Investments in November

In November, our investors added €26,327,965 to their Go & Grow accounts.

Do you still need to invest this year? Make the most of the last few weeks of 2024 and grow your investment. Every little bit helps get you closer to your goals!

Log in and add money to your Go & Grow now using the button below.

Investment made in November.
Investment made in November.

November: Returns earned by investors

Our investor community earned a total of €2,668,719 in returns in November. That’s compound interest working hard to help you get more out of your investment with less effort.

November: Returns earned by investors
November: Returns earned by investors.

Investor question of the month

‘I am away on vacation, but I cannot log in to my Bondora account. What should I do?’

If you’re traveling outside the EU and can’t access your Bondora account, don’t worry—this is a precaution to keep your account secure. Since we operate exclusively within the European Union, our system may limit access from other regions.

If you urgently need to log in, for example, to withdraw funds, simply contact our Customer Support team here. They’ll ask a few quick questions, such as where you’re vacationing, the purpose of your trip, and its duration.

With this information, we’ll do our best to help you access your account, if possible. Your security is always our top priority.

Loan origination stats

In November, Bondora AS, belonging to Bondora Group, originated €24,857,207 in loans. It’s a steady 8.8% growth rate from October’s statistics.

Loan origination stats
Loan origination stats

In Finland, loan customers originated €14,530,812 worth of loans, a strong 12.9% increase from October.

Although the Netherlands’ loan volume decreased by 5% from the previous month, €4,597,424 worth of loans were originated.

Estonia had the strongest growth in loan originations across all our markets. A total of €5,347,191 loans were originated, a 17.3% growth rate.

Latvian originations totaled €381,780. Although this is 34.4% lower than the previous month, it remains a sizeable amount for a young credit market.

See from which markets the most originations came in November:

🇫🇮 Finland remains the market with the largest share of loan originations, 58.5%.

🇪🇪 This month, Estonia rose to take 2nd place back with 21.5% of all originations

🇳🇱 The Netherlands traded places with our home market, coming in 3rd with an 18.5% share.

🇱🇻 Latvia remains in the 4th place with a share of 1.5%!

Are you following us on Instagram? If not, you’re missing out on updates, fun and educational content, exclusive behind-the-scenes moments, and more!

Thanks for your interest in our November statistics.

Stay tuned for more interesting numbers and stats coming in 2025!

Los Angeles Disability Claim Lawyer

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When someone becomes unable to work due to injury or illness and goes out on disability, there may be sources of income replacement available through the State that you live in and/or the federal government. Only a handful of states have a State Disability Insurance Program, and the Social Security Administration provides federally funded programs to assist disabled workers.

State Disability Insurance Program (SDI)

Five states (California, Hawaii, New Jersey, New York, Rhode Island) and Puerto Rico, have State Disability Insurance (SDI) programs. These programs are designed to partially replace wages for workers who are very ill, injured off the job, and unable to work. If someone is disabled for less than one year, a state disability program may be the only source of disability benefits through a government entity.

In California, the Employment Development Department (EDD) provides short-term wage replacement benefits to eligible workers who have a loss of wages when they are unable to work due to a non-work-related illness, injury, or pregnancy.

The EDD will pay SDI for as long as you remain disabled, up to a maximum of 52 weeks.

Social Security Disability Income (SSDI)

Social Security Disability Insurance (SSDI) is a federal program administered by the Social Security Administration. This program will pay benefits to a disabled person and certain family members if they are “insured,” meaning they have worked long enough, and recently enough, and paid Social Security taxes on their earnings.

In order to satisfy the definition of disability under the Social Security Administration’s rules, the person claiming to be disabled must have a medical condition that makes it such that you cannot do the work that you did before because of a medical condition, and you cannot adjust to other work because of your medical condition. Furthermore, the disability must last or be expected to last for at least one year or to result in death.

A person’s financial status is not a factor in determining whether they qualify for SSDI. In other words, if a person satisfies all of Social Security’s criteria to receive SSDI benefits, the fact that they are financially secure does not play a factor in determining whether they are eligible for benefits.

Supplemental Security Income (SSI)

The Supplemental Security Income (SSI) program is also administered through the Social Security Administration. The SSI program provides monthly payments to adults and children with a disability or blindness, and who have income and resources below specified amounts. A person may be able to receive SSI if their resources have a value that is $2,000 or less. A couple may be able to receive SSI if they have resources worth $3,000 or less.

SSI payments can also be made to people 65 and older without disabilities who meet the financial requirements for these benefits.

The bottom line is that to qualify for SSDI, you must meet the Social Security Administration’s criteria for disability. Whether you qualify for SSI depends on your income and resources. A person does not necessarily need to be disabled to receive SSI.

Housebuilding subdued despite construction sector pick up: Glenigan – Mortgage Strategy

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Housebuilding subdued despite construction sector pick up: Glenigan – Mortgage Strategy

Housebuilding subdued despite construction sector pick up: Glenigan – Mortgage Strategy

There has been a pick-up in momentum in the construction sector as economic certainty starts to return.

This is according to Glenigan’s Construction Review of the industry which reports a 31% increase in project-starts year on year

The latest data paints a generally positive picture. Project-starts and main contract awards showed promising year-on-year growth, highlighting returning socioeconomic stability after an extended period of market uncertainty.

However, tempering these activity boosts, detailed planning approvals suffered a significant decline, indicating that persistent cost pressures and dented industry confidence continue to hinder sector-wide revival.

The review period was relatively stable for residential construction, with project-starts falling 1% against the preceding three months to stand 6% lower than a year ago.

Private housing construction-starts were largely responsible for the decline, falling by 3% against the preceding three months and by 1% compared with last year.

However, this was balanced out by social housing-starts which increased 4% during the three months to November, despite coming in 20% down on the year before.

Commenting on the December data,  Glenigan economic director Allan Wilen said: “There’s definitely work to be done and the latest figures show glimmers of recovery, with modest growth in project-starts and contract awards offering a degree of optimism.

“The Autumn Statement and some of the immediate actions taken by the Government to kickstart building in some verticals, particularly housebuilding will have helped. However, the sharp decline in detailed planning approvals highlights investors will be keeping their powder dry until more stability returns to the market, inspiring the confidence needed to turn on the development pipeline tap.

He added: “A sustained focus on public infrastructure, health, and housing projects will be critical to driving recovery in 2025 and beyond. The industry will be watching closely to see how these fiscal policies and investment commitments translate into on-the-ground activity.”

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