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.
More On VA Funding Fee. VA loans require no down payment from the borrower. To help offset the costs to the taxpayers, the borrower must pay a VA funding fee. The VA funding fee is currently 2.15 percent of the loan for first-time buyers. For veterans that use this benefit a second time, the fee increases to 3.3 percent of the loan. To lower the fee, borrowers can put a down payment on the home.