North Georgia Building Boom

North Georgia is seeing a boom in building compared to the last many years.  Both builders (spec homes) and private individuals are building as fast as the construction crews can put them up.  So far, not many subdivisions are in process, but my sources say single family homes are going up every where.  The homes range in price from $200k- $700k.
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Nat'l Real Estate Post:
Nationwide, rents are up 6%.  Because of a shortage  of rentals, rents will probably continue to rise.
Home prices are stagnate or dropping.
http://thenationalrealestatepost.com/fannie-mae-getting-gut-punched/?
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Share and take by Dieter Birr, Castle Neuschwanstein/Germany

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Nat'l Real Estate Post:
The CFPB has chosen several banks and credit unions to participate in the roll out of a program to put the closing documents online.  They have not, however, reduced the pile of paperwork the homebuyer must wade through.  The CFPB will complete access to all of the clients' personal information.  Who knows what the gov't will do with all that info.  The sky's the limit!
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Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 7, 2014. -- National Mortgage Professional
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Shared and taken by M. Friedrich, Das alte Gebäude

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4 reasons to support low downpayment home loans.  -- Jacob Gaffney in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/32014-reasons-mortgage-insurers-support-low-down-payment-home-loans
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On December 31st, legislation defining the maximum allowable amount of a VA home loan guaranty is scheduled to expire. Rather than a borrowing cap like other programs, VA limits reflect how much a buyer can purchase before having to factor in a down payment. In most parts of the country, a borrower can purchase up to $417,000 with no money down. In more expensive markets, VA limits are higher. Veterans and members of the military who live in high-cost areas would be most affected if Congress does not extend the program’s loan limits. A decrease in loan limits could potentially force Veterans to have to opt for different financing or be forced to put down a more significant down payment, possibly making home ownership out of reach. There are roughly 230 high-cost counties, including 70 with limits above $625,500, which would be the new maximum if Congress does not extend the provision. Buying above your county loan limit requires a down payment equal to 25% of the difference between that limit and the home’s purchase price. To put it in perspective, a modest home in a high-cost area could be $700,000. Through the end of the year, a borrower could potentially purchase this house for no money down. If the limit isn’t extended, that same buyer would have to come up with almost $19,000. The annual median income of veterans in 2013 was $36,381. -- Amy Cuculo

                               
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Shared and taken by Norbert Metz, Stave church on the tomp of Holmenko Ilen, Oslo Norway

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30 Year Fixed: 3.875%		APR 4.064%
15 Year Fixed: 3.125%		APR 3.313%
7/1 ARM: 3.000%		APR 3.406%
5/1 ARM: 2.750%		APR 3.340%
FHA 30 Year Fixed: 3.500%		APR 5.173%
Jumbo 30 Year Fixed: 3.750%		APR 3.927%
Jumbo 15 Year Fixed: 3.250%		APR 3.415%
Jumbo 7 year ARM: 3.125%		APR 3.526%
Jumbo 5 year ARM: 2.750%		APR 3.287%
VA: 3.625%		APR 5.869%

 

Sam Thompson for NorthPoint Mortgage
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In October, mortgage rates plummeted to the lowest levels since June 2013, below 4 percent. The dip was welcome news to buyers after a steady rise in rates for the past year. What's more, government regulators have recently proposed new rules to allow buyers to purchase homes with down payments as low as 3 percent, more welcome news for many buyers who have been sidelined by strict underwriting in recent years. -- Sam Thompson for NorthPoint Mortgage
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Shared and taken by Werner Polwein, Wallfahrtskirche Mariae Himmelfahrt, Hohenpeissenberg

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