VA loans offer benefits like no down payment, no private mortgage insurance, and competitive interest rates.
Eligibility requirements for VA loans vary and are specific to veterans and active-duty military personnel.
VA loans can only be used for primary residences, subject to minimum property requirements.
Georgia housing market is expected to be a favorable environment for both buyers and sellers in 2024. The housing market in Georgia is expected to continue its growth trajectory into 2024.
Thomaston, Toccoa, Cedartown, Cornelia, and others are expected to experience significant increases in home prices by October 2024.
The minimum credit score needed to buy a house can be as low as 580 for some loans, but a score of 620 or higher is generally required. Different loan types have different credit score requirements. FHA loans accept scores as low as 500 with a 10% down payment, while conventional loans typically require a minimum score of 620. Other factors, such as your overall debts and down payment size, also play a role in mortgage eligibility. It's important to maintain a good credit history, pay bills on time, and reduce debt to improve your chances of getting a mortgage.
Georgia lawmakers discuss rent control amid statewide housing cost challenges.
A state representative highlights 37 states with existing rent control measures.
Legislators emphasize the widespread impact on working-class and middle-class residents.
Georgia is ranked as one of the most affordable states in the United States, with a Cost of Living Index of 88.8.
Key cost elements and their respective index scores in Georgia are as follows:
Groceries: 95.9
Housing: 74.4 (4th lowest in the nation)
Utilities: 90.5
Transportation: 92.6 (among the lowest in the country)
Health: 96.7
Miscellaneous: 97.1
A first mortgage is the primary loan used to buy a home, giving the lender the first claim on the property in case of foreclosure. It is easier to qualify for than a riskier second mortgage. First mortgages are typically used to finance the purchase of a home, with the lender having priority over any second mortgages. Second mortgages have higher interest rates and usually don't require private mortgage insurance. The interest on a first mortgage can be deducted at tax time, while a home equity loan or HELOC can only be deducted if used for home improvement or repair.
Real estate experts predict that in 2024, buyers who left the market due to high interest rates will re-enter, interest rates will eventually fall, it will be a good market for foreign buyers, inventory will increase, and the luxury market will continue to thrive. Additionally, prices may dip but will likely go up again, and fixer-uppers may become more attractive to buyers compared to turnkey properties.
Charleston, SC:
A growing East Coast city with beautiful beaches, evolving job market, and considerations for crime rates.
Savannah, GA:
The oldest city in Georgia, known for its historical charm, below-avg home prices, and a job market dominated by various industries.
82% of recent homebuyers were assured they could buy now and refinance later, according to a new survey.
84% plan on refinancing to a lower rate in the future.
43% are waiting for rates to drop between 5.5% and 6% to refinance.
Witnesses testify in Columbus on the importance of Georgia's low-income housing and historic rehabilitation tax credits.
The Joint Tax Credit Review Panel examines various tax incentives in the state, aiming to assess their impact on Georgia's economy.The Georgia Department of Community Affairs highlights the crucial role of the state's low-income housing tax credit in financing affordable housing units.
A recent research based on Google search data determined which states are most interested in investing in property.
Georgia ranks 6th in property investment interest, with 97 monthly searches/100K people.This data reflects the state's significant interest in property investment, showcasing its position among the top 10 states.
Americus:
A small town with historical charm and educational institutions, offering affordable homes at around $112K.
Macon:
A city in central Georgia with outdoor activities and job opportunities, featuring median home values of $127.4K.
Cordele:
A charming agricultural community known for affordability, with a median home price of approximately $141.7K.
↑ Demand for single-family rentals, in part due to remote work and migration to Atlanta and the Southeast.
Young renters opt for shared costs, while rising interest rates delay homebuyers.
Population growth and housing shortages attract investors to the Southeast's housing market.
A 15-year mortgage can offer lower interest rates compared to a 30-year loan, potentially saving significant money over time. However, this requires higher monthly payments. The wealthiest 10% have savings 124 times higher than the bottom 20%. Online banks can offer higher interest rates and lower fees, helping to grow savings. Emergency funds should be easily accessible, making CDs a risky choice. Lastly, switching from Bank of America to CIT could result in significantly higher earnings from savings accounts.
Median Sales Price ↑ 4% to $353,440.
New Listings ↓ 8% to 14,781 while Pending Sales ↓ 11% to 9,280.
Inventory levels ↓ 3% to 28,970 units.
At the Mortgage Bankers Association Annual meeting, the Fed announced no increase in interest rates, setting the tone for discussions on the struggling mortgage industry. Key topics included the need for affordable homeownership, the impact of Basel III regulations, and the role of Independent Mortgage Bankers. The meeting also featured discussions on the resilience of the economy, housing supply issues, and the future of appraisals in the face of technological advancements.
1. Reduce debt:
– Pay bills on time.
– Bring past-due accounts current.
– Reduce revolving debt balances.
– Consider a debt consolidation loan.
2. Increase credit limit:
– Request higher credit limits.
– Transfer balances.
– Become an authorized user.
3. Additional ways to improve credit score:
– Don’t close old credit accounts.
– Refrain from applying for new credit.
Tailoring your home’s location with personal preferences and needs is crucial for adapting in into your lifestyle.
Top urban picks that are expected to experience significant growth in economic condition:
Dallas
Las Vegas
Nashville
Family-friendly destinations with great outdoor amenities:
Watauga, TX
Somerville, MA
Virginia
NJ
Mortgage delinquencies decreased by 75% during the COVID-19 pandemic, thanks to financial assistance programs. This positive trend occurred between 2020 and 2021.
Savannah: Rich history, vibrant downtown, and affordable median home value.
Milton: Excellent schools, family-friendly communities, and golf/equestrian neighborhoods.
Athens: Southern charm, accessible housing market, and college town vibe.
In November 2023, the U.S housing market is becoming increasingly challenging for buyers due to high mortgage rates, steep home prices, and low levels of inventory. This situation is expected to remain the same in 2024, however, a drop in mortgage rates could spur the market for both buyers and sellers. Home prices, mortgage rates, and inventory levels will all shape housing affordability in the coming year.
TD Bank and Navy Federal Credit Union offer home equity loans with APRs lower than the national average of 89.99%. TD Bank's loan terms range from five to 30 years with a minimum amount of $10,000, while Navy Federal Credit Union allows borrowers to tap up to 100% of their home's equity after current debt is deducted. Both lenders require a high credit score to qualify, and Navy Federal Credit Union also has eligibility requirements as members must be active members of the armed forces, a veteran, an employee of the Department of Defense or a family member of someone in one of those categories.
Closing occurs in about 30–45 days post accepted offer.
Richmond County's median price: ↑3.9% MoM to $209K
Median home size: 1,600 sq ft
Price/ sq ft: ↓1.8% yearly to $128Median listings time: 45 days
New listings: ↓10.8% to ~232
