Latest news with #NASE
Yahoo
12-05-2025
- General
- Yahoo
Northampton teachers halt work for unpaid labor protest
NORTHAMPTON, Mass. (WWLP) – Teachers in Northampton Public Schools are fighting for better contracts. Northampton Board of Health bans nitrous oxide sales to curb teen drug use Members of the Northampton Association of School Employees (NASE) are going 'work to rule', meaning they're ending all voluntary work outside their contractual start and end times, until an agreement is reached NASE President Andrea Egitto says the mayor's allocation to the school budget is 'insufficient' and 'doesn't allow for a reasonable cost-of-living increase' for Northampton Public Schools employees. Now, they want to show how much of their labor goes unpaid. When you come to the parking lots at school, you'll see them full well before school starts, and they're still full way after school ends. Because teachers are putting in all that extra work, and we feel they should be paid fairly for it,' said Egitto. This means teachers will not be volunteering their time for after school tutoring, coming in early for lesson planning, or going on field trip that extend beyond their contractual hours. This comes ahead of several school trips, including a middle school trip to Washington, DC, a music competition, and a trip to Six Flags. The union wants the school committee to come back with a reasonable offer so they can settle their contracts and go back to their classrooms, which is where they say they want to did reach out to the mayor's office for comment, but have not yet heard back. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
01-05-2025
- Business
- CNBC
How to get a mortgage if you're self-employed
Applying for a mortgage can be difficult, especially for people with nontraditional income sources, like self-employed workers, small business owners, gig workers, freelancers and anyone else who doesn't receive a W2 from an employer. "The typical mortgage broker has a checklist," Keith Hall, president and director of the National Association for the Self-Employed (NASE), told CNBC Select. "They want to see how long you've been at your existing job, as well as two years' worth of pay stubs." When you're self-employed, "your income isn't as even as someone who gets a regular paycheck," Hall added. So, self-employed workers must "paint a story" of their business and its future, he said, to assure lenders that they're creditworthy. Sole proprietors, independent contractors, partners in a business, gig workers or those who own a business part-time are all considered self-employed, according to the Internal Revenue Service. Generally, anyone who brings in income by doing work that's not documented on a W2, is considered self-employed. Most borrowers want to see that you've been self-employed for at least two years before they consider you for a mortgage. In addition to the documents that everyone needs to apply for a mortgage, such as bank statements and identification, self-employed applicants will also need to provide additional documentation to potential lenders. You'll need to show how you earn your income. You can do this by getting a letter from a certified public accountant, showing your business license or proof of business insurance. If you're a freelancer, a letter from a professional organization verifying your membership or a letter from a client will also suffice. Lenders also want to know as much as they can about the state of your business. You should provide them with bank records, profit-and-loss reports and cash-flow statements from the past two years. Hall said you may also want to include documents from your accounting software, such as QuickBooks. Lenders will also need to see your tax returns for the past two years as well as tax forms, relating to your business type — Schedule C for most LLCs and some sole proprietorships, Form 1065 for general partnerships and Form 1120 for C Corporations or S Corporations. You'll make a stronger case if you can show that your business is expected to grow, Hall said. So bring your business plans for the next few years. You can reach out to a self-employment or small business expert through NASE, the Small Business Administration or the Internal Revenue Service to ensure you have everything you need for your mortgage application. If you're self-employed or have unpredictable income, you'll have a better chance of being approved for a non-qualifying mortgage (non-QM), home loans that have have more flexible terms and accept non-traditional income sources. Examples of non-QM loans for self-employed borrowers include: Bank statement loan: A bank will consider your mortgage application based on your bank statements for the past two years rather than your income tax forms, such as a W-2. Profit-and-loss loans: A bank will consider your mortgage application based on your business' profit-and-loss statements rather than your income tax forms, such as a W-2. Investor cash flow loans: Also known as a debt service coverage ratio (DSCR) loan, this type of mortgage is specifically for real estate investors. A bank will consider your mortgage based on your rental analysis, rather than income or even employment verification. CrossCountry Mortgage offers all three, as well as several down payment assistance programs. Fixed-rate and adjustable-rate available, apply online for rates. Conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, manufactured home loans Apply online for terms 620 for conventional loans, 500 to 580 for some government-insured loans 3% New American Funding also provides non-QM loans to self-employed applicants. Borrowers can qualify using bank statements, profit and loss statements or tax returns. Apply online for rates. Conventional, FHA, USDA, VA, jumbo, refinancing, home equity loan, reverse mortgage 10- and 30-year fixed-rate terms and various adjustable-rate terms 620 0% for VA or USDA loans, 3% for conventional, 3.5% for FHA If you're worried a lender will take one look at your financials and reject your application, there are steps you can take to increase your chances. Local banks are much more likely to provide loans to local small business owners, Hall said. "The smaller community banks are more involved in the community," he said. "If you're operating a plumbing operation or a small restaurant, there's a reasonable chance that a banker has been to your restaurant. They're more familiar with the community." Lenders consider an applicant a safer bet if they make a larger down payment and have more savings in reserve. This shows lenders you have steady income and a lot of cash savings. The average down payment for first-time homebuyers is 9%. If you don't have a lot saved, consider down payment assistance programs. You can also make yourself a more attractive applicant by raising your credit score. Most lenders require a credit score of 620 for a conventional mortgage, but borrowers with a score of 760 or higher typically get the best rates. All three credit bureaus — Experian, Equifax and TransUnion — consider payment history, debt repayment and your credit utilization rate when determining your rate. By making on-time payments, paying off debts in full, catching errors on your credit report and keeping your credit utilization under 10%, you can significantly improve your credit score in a short amount of time. Separate your work and personal life — that goes for your finances, too. This makes it simpler for lenders to assess your business income and your personal finances. According to the Small Business Administration, you can do this by opening a business bank account, getting a Data Universal Numbering System number (which allows you to build credit for your business) and getting a business credit card. If all else fails, you may want to ask a loved one to cosign a loan with you. This means they promise to pay the lender if you fail to make the payment. Being a co-signer is risky and consequential. A cosigner is responsible for repayment but does not own a portion of the house. It also impacts the cosigner's credit score. Yes, but it will require additional paperwork, including financial documents, tax documents and future business plans. Typically, you should be able to show two years of steady work or self-employed income to be considered for a mortgage. Yes, getting a home loan as a self-employed person can be more difficult. However, there are banks that provide non-qualifying mortgages that don't require W2s. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
CBS News
27-02-2025
- Business
- CBS News
Tax refunds in 2025 so far about one-third lower than last year. Here's why.
With tax season well underway, early data on the average tax refund shows that Americans are receiving about one-third less than they did a year earlier. The average refund check in 2025 stood at $2,169 as of Feb. 14, about 32% below the average $3,207 refund issued at the same time last year, the IRS said in its most recent tax update. The agency began accepting tax returns on Jan. 27 and will continue to do so until April 15 except for taxpayers who request an extension. Those numbers don't necessarily mean that individual taxpayers will get a smaller refund, experts note. Refunds are typically smaller at the start of the tax season because low- and middle-income workers with simpler tax returns are often the first to file, while higher-income Americans or people with more complicated taxes tend to wait until closer to the April 15 deadline to file their returns. "Many employees, all they have is a W2 — they have smaller refunds or smaller amounts to pay because they have withholding through their jobs," Keith Hall, CEO of the National Association for the Self-Employed (NASE) and a certified CPA, told CBS MoneyWatch. At the same time, Hall said some small business owners are reporting receiving financial tax forms, such as dividend or brokerage account statements, later than in past years. That often leads businesses to hold off on filing with the IRS until they've gathered all their tax documents. So far, fewer Americans have filed their taxes in the season's opening weeks when compared with 2024, the IRS data shows. About 33 million returns had been submitted through through Feb. 14, a 5% decline from the same period a year ago. The IRS also noted that tax data tends to "even out as more tax returns come in." In its most recent data release, the agency said it expects tax return filings to "level out in future weeks as the April filing deadline approaches." When will I get my tax refund? Taxpayers should file as soon as possible because that will enable them to get their refund faster, Hall said. Other tax experts are also urging consumers to file quickly because of concerns that IRS job cuts ordered by the Trump administration could add to challenges in getting tax returns processed this year. Most refunds are issued in fewer than 21 calendar days if you file your taxes electronically, according to the IRS. Taxes filed on paper require more time because human IRS agents must process those returns, which can add weeks to getting a refund. Taxpayers can monitor the status of their 2025 refund using the IRS' Where's My Refund? tool, with e-filers able to check on their return 24 hours after filing. People who file on paper won't be able to see their refund status for four weeks after they mail their return to the IRS, the agency says. About half of Americans intend to file their taxes by the end of February, with the other half planning to finish their returns in March and April, according to the National Retail Federation's annual tax return survey. About half of taxpayers say they expect a refund this year, it found.
