Good News For Jumbo Mortgages!

By Guest Contributor Owen Munton
MS Mortgage Production Manager & Vice President at Hancock Bank in Hattiesburg

Borrowing more than $417,000 on a jumbo mortgage has become easier than ever before.  The continuing improvement in the economy has allowed many lenders to re-enter the jumbo mortgage markets with more confidence.  That confidence means potential homebuyers are now able to borrow more than the conventional $417,000 loan limit without costly rate mark ups or large down payments and without overbearing underwriting restrictions. 

There is a wide variety of jumbo loans to choose from with historically low interest rates.  Everything from a five, seven or ten year adjustable rate to a 10, 15, 20 or 30 year fixed rate. These rates can vary daily, so it is best to talk with your trusted mortgage lender for an accurate rate quote.  Jumbo loans can be used to purchase, construct, renovate or refinance a home.

Owen Munton is the MS Mortgage Production Manager and Vice President at Hancock Bank in Hattiesburg. To contact Munton, you can e-mail owen.munton@hancockbank.com or call 601-818-6225.

Hattiesburg Area Housing Statistics: September 2013 vs. September 2014

 As we shared in the last Sigma Realty e-newsletter, the realty market in the Pinebelt area improved in August based on last year’s statistics.   For those wanting to join us in following the progression of the real estate market in our area, here is some specific data from the Multiple Listing Service (MLS) for September.  These statistics are based on residential homes only and does not include land, multi-family or commercial properties.

 

ALL MLS	09/01/13-09/30/13	09/01/14-09/30/14	01/01/13-09/30/13	01/01/14-09/30/14
Homes Sold	110	138	1172	1181
Days on Market	97	109	98	101
Med. Sold Price	$130,000	$147,450	$135,000	$141,000
Avg. Sold Price	$149,977	$166,893	$146,345	$158,022

 

Forrest/Lamar Co. MLS	09/01/13-09/30/13	09/01/14-09/30/14	01/01/13-09/30/13	01/01/14-09/30/14
Homes Sold	88	107	915	909
Days on Market	97	107	98	97
Med. Sold Price	$136,500	$162,000	$143,000	$149,900
Avg. Sold Price	$165,587	$186,105	$159,545	$171,248

 

ALL MLS	09/30/13	09/30/14
Homes Actively for Sale	1,105	1,134
Forrest/Lamar Co. MLS	09/30/13	09/30/14
Homes Actively for Sale	789	810

 

The number of houses sold during September 2014 has increased over September 2013.  Both the median and average sold prices have risen locally in the Forrest/Lamar county areas and in the broader MLS area as well.

 

For monthly updates on local realty statistics and other related topics, please join our blog spot by submitting your e-mail address at the bottom of the page.

 

Looking for a fantastic home for a large family in the “A” rated Oak Grove school district? Here’s a beauty you need to see!  Featuring 5 bedrooms, 4 baths, great room, formal dining room, huge separate play/media room, home office, walk-in attic storage, and much more!  View 92 Highpointe by clicking here.

Annual Rattler Ramble 5K Trail Run and Movie Night at Lake Thoreau Environmental Center Set For October 17

Looking for some family fun this Friday, October 17, while enjoying the wonderful outdoors? The annual Rattler Ramble 5K Trail Run and Movie Night will be held at Lake Thoreau Environmental Center.

"It's going to be great!" states Dr. Mike Davis, Director of the center. "We'll start off with the Rattler Ramble, scavenger hunt and fun run and then a 'spooky' family movie". This event is one of the biggest fundraisers of the year with the proceeds going towards summer camps and other educational opportunities. 

The Lake Thoreau Environmental Center is a vital part of the University of Southern Mississippi.  Located a few miles west of campus and connected by the Longleaf Trace, its primary goals involve education, research, recreation, and conservation.  In addition to the Rattler Ramble, there are other wonderful opportunities to enjoy the great outdoors specifically geared toward children and families, adults, teachers, and scouts.  Recreational opportunities open to the public include hiking, running, cycling, fishing, boating, birding, interpretive trails and wildlife viewing.  There is also an outreach program in which center staff can bring a program to you and their new facility is also available for hosting a party, workshop, or meeting.

To register for the October 17 Rattler Ramble 5K Trail Run event, visit www.usm.edu/thoreau or e-mail marks.mcwhorter@usm.edu.  To learn more about the Lake Thoreau Environment Center's events, you can follow them on Facebook at https://www.facebook.com/LakeThoreau.

 

 

 

 

 

 

 

USDA Loans: Down Payments Can Be Optional

By Guest Contributor Owen Munton

Mortgage Production Manager -MS & Vice President at Hancock Bank in Hattiesburg

Buying a home does not always require a large down payment.  The United States Department of Agriculture (USDA) offers loan guarantees to banks and mortgage lenders that eliminate the need for down payments for those wishing to buy a personal residence.   Through the USDA’s Section 502 Guaranteed Housing Loan Program, a person may finance the full price of a home over 30 years with a low, fixed interest rate.

 

Potential homeowners will be asked to document their income and will need to stay within the USDA’s income limits to be eligible for the program.  Those limits are based on the number of people who will occupy the home and the county in which the home is located.   The maximum income limits for most counties in Mississippi are $74,750 for 1-4 person households and $98,650 for 5-8 person households. 

 

The loan program is only available in certain rural areas of each county.  A map of the eligible areas can be found at http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do. The full street address will need to be used when checking for eligibility to ensure accurate results. 

The USDA Rural Housing program is offered through your bank or mortgage lender.  They will ensure that all program requirements are met, will set interest rates and discuss monthly payments. 

 

Owen Munton is Mortgage Production Manager – MS and Vice President at Hancock Bank in Hattiesburg. To contact Munton, you can e-mail  owen.munton@hancockbank.com or call 601-818-6225.

Hattiesburg Area Housing Statistics: 2013 vs. 2014

Over the past several years, the shift in the economy has impacted financial concerns and decisions both on individual basis as well as our community as a whole.  Like most markets, real estate took a hit but current reports and economic forecast have begun to exhibit streaks of positive news.  Here is some specific data from the Multiple Listing Service (MLS) to give a better idea of how the positive turn-around is being seen here at home.  These statistics are based on residential homes only and does not include land, multi-family or commercial properties.

 

All MLS	08/01/13- 08/31/13	08/01/14- 08/31/14	01/01/13- 08/31/13	01/01/14- 08/31/14
Homes Sold	122	123	1051	1037
Days on Market	104	108	98	100
Med. Sold Price	$139,900	$154,000	$135,700	$139,000
Avg. Sold Price	$162,271	$163,543	$146,450	$157,092

 

Forrest/Lamar Co. MLS	08/01/13- 08/31/13	08/01/14- 08/31/14	01/01/13- 08/31/13	01/01/14- 08/31/14
Homes Sold	90	97	820	798
Days on Market	101	104	98	96
Med. Sold Price	$140,500	$160,000	$144,239	$148,750
Avg. Sold Price	$178,112	$174,615	$159,234	$169,448

                                           

All MLS	08/31/13	08/31/14	Forrest/Lamar Co. MLS	08/31/13	08/31/14
Homes Actively for Sale	1085	1148		786	820

In addition to the majority of median sold prices and average sold prices increasing from 2013 to 2014, another indicator of forward change is the rise in the number of homes actively for sale in 2014.  The larger number of homes for sale is mirrored in the broader MLS market as well as specifically here in the Forrest/Lamar county areas.