This will increase on July 1, 2014 to a minimum exempt salary of $37,440 per year. By 2016, employees will need to earn at least $41,600 per year to meet the minimum salary test for exempt status. State minimum wage law will also impact the pay of commissioned inside sales employees.
USDA announces increase in the USDA guarantee or funding fee effective 10/1/2015 to 2.75%. For buyers, USDA mortgage loans are so popular (especially in NC, SC, and Virginia) because they allow first time or subsequent homebuyers to purchase a primary residence with no money down and with low monthly payments.
The VA Funding Fee ranges from 2.15% to 3.3% of the loan amount on purchases and .5% to 3.3% of the loan amount on refinances. The following table breaks down how the VA Funding Fee is determined.