Hernando, MS Real Estate News

By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
***The map changes have been postponed until 03/27/2013***   As many of you may know, there will be an adjustment to the USDA eligibility maps effective 10/01/2012. The effective date will be based upon fully executed sales contracts (signed by both buyer and seller) dated no later than 09/30/2012.  Contracts written on 10/01/2012 or later, will not be honored by USDA. The map changes will not be available online until after 10/01/2012.  Here is the link to the USDA eligibility map - click HERE.   Then, click on Property Eligibility, Single Family Housing (located on left side).  Click Accept and that will take you to the map. Enter the address and you will be able to determine if an address is eligible or ineligible.     If you are interested in finding out more about the USDA Guarante...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
New and Improved USDA Refinance Pilot Program is available for the following States: AL, AZ, CA, FL, GA, IL, IN, KY, MI, MS, NV, NJ, NM, NC, OH, OR, RI, SC and TN. A few days ago interest rates hit the lowest level in recorded history – and because of this, many homeowners may be able to reduce their interest rate by 1% or more and reduce their current monthly mortgage payment!  Below is a list of program benefits and qualifying criteria.    PROGRAM BENEFITS: ·         Lower 30 year fixed interest rates ·         Reduced documentation requirement          o   Income verified for “household income limits” only          o   Employment verified only          o   NO assets required ·         NO appraisal required ·         NO out-of-pocket expenses – closing costs can NOW be financed into t...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
                                                               After attending the "second" Fairway Mortgage BOOT CAMP in Kansas City, I am proud to annouce that I have earned the MMS - Military Mortgage Specialist designation. The objective of Fairway Independent Mortgage Corp in offering the designation of Military Mortgage Specialist™ is to provide a platform whereby our loan professionals can be thoroughly trained, equipped and certified to handle with excellence the mortgage loan needs of our active and former military clients. Our mission is to "serve those who serve!" As a Veteran myself, I am very PROUD that our company took the initiative to recognize the housing needs of our Active Duty Servicemembers, Veterans and their families!         Fairway Independent Mortgage Corporati...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
  Earning the CMHS - Certified Military Housing Specialist designation indicates a significant knowledge base that active duty service members and Veterans can rely upon for prompt and accurate service of their housing needs. Certified Housing Professionals also adhere to specific Standards of Practice, representing a commitment to provide quality service to military borrowers.     About USA Cares USA Cares is a nonprofit 501(c)3 organization that helps post 9/11 military families bear the burdens of service with financial and advocacy support. Its mission: To help with basic needs during financial crisis, to assist combat injured Veterans and their families and to prevent private military home foreclosures and evictions. In eight years, USA Cares has received over 31,000 requests and ...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
As you may know by now,  FHA mortgages are about to get a bit more expensive. In its announcement, the FHA said it would increase its annual mortgage insurance premium by 0.10 of a percentage point for loans under $625,500, which would now cost 1.25 percent of the loan amount, up from 1.15 percent. That change takes effect on April 1. The agency also said it planned to raise another fee, known as the upfront mortgage premium, by 0.75 of a percentage point, bringing the premium to 1.75 percent of the loan amount, which can be rolled into the mortgage. Here is how the new increases will look to the borrower:     Disclaimer:  HUD has not officially published a HUD Mortgagee Letter reflecting these new policy changes.   For more information please contact DOUG CAPPS at (662) 429-5100 ext. 1...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
If you are interested in purchasing a new home, then don't forget about the Home Loan Plus Grant!  The MS Home Corp Home Loan Plus provides grants up to $14,999.00 to qualified low income individuals to purchase homes. Currently, there is over $3.4million available for grants.  Restrictions and household income limits do apply. Here is the website for more information:  www.mshc.com/hlp       For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.   Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.   Know your mortgage options!
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
    The MS Home Corp Home Saver program assists homeowners by making mortgage payments who have lost their job or experienced a reduction in income through no fault of their own due to the economy and are at risk of default or losing their home to  foreclosure.  Restrictions apply.   Click the following link for more information:  www.mshomesaver.com.       For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.   Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines.   Know your mortgage options!
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
    54th Annual Hernando Christmas Parade   DATE: 12/5/2011 (Postponed until 12/12/11) TIME: 6:30 PM to 8:30 PM Join us for the Hernando, MS 54th Annual Christmas Parade, which will feature more than 100 entries with floats, cars, marching bands, horses, fire trucks and of course, Santa! This year's parade theme is "Christmas through a Child's Eyes."  This seasonal community favorite offers lots of fun for the entire family. The parade begins at the corner of Mt Pleasant Extended and Commerce Street and travels down Commerce Street, around the Courthouse Square and ends at Hernando Baptist Church on East Center Street.       For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.   Fairway Independent Mortgage Corporation, 22...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
Finally some good news for Veterans! On November 21, 2011, the President signed HR 674 which reduces the VA Funding Fees associated with VA Home Loans. This new fee structure will be in effect for loans closing after 11/22/2011 until 09/30/2016. This will help reduce costs for Veterans purchasing a home. Some good news! Keep in mind that the VA Funding Fee is waived for Veterans that are receiving at least 10% VA disability. Click this link for the funding fee chart.       For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.   Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance ...
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By Doug Capps, MMS, CLO, CRMS
(Guaranty Bank & Trust Co)
It's official! Hernando, Mississippi ranked 79th in the CNN Money Top 100 "Best Places To Live."  Money's list of America's best small towns. Congratulations to Hernando - a great place to live and work!    For more information about mortgage financing, please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160. Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company."  NMLS ID #2289. An Equal Housing Lender.  All loans are subject to credit approval and compliance with investor guidelines. Know your mortgage options!  
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - March 2011 Currently, there are 238 homes available for sale in the Hernando MS area: low price $29,900 high price $995,000 median price $189,900 These 238 homes mean that Hernando MS has an 11.7 month supply of homes.  Approximately 9.7% of the available homes are foreclosures. There were 24 homes that sold in Hernando MS in March with an average sales price of $187,024 and an average days on the market of 151.  Here are some comparisons to last month and March of last year: February 2011sales:  23     Avg $:  163,200     Avg DOM:  127 March 2010sales:  27    Avg $:  179,729     Avg DOM:  90 Here is how the Hernando MS March sales break down by type (non-distress, foreclosures and short sales) as well as price range: ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - February 2011 Hernando MS continues to see its sales volume increasing.  There were 23 sales in February with an average sales price of $163,200 and an average days on the market of 127.  Here are the comparisons for sales from last month and the same time last year: January 2011sales:  15     Avg $155,466     Avg DOM  99 February 2010sales:  25     Avg $180,968     Avg DOM  74 Sales in Hernando can be broken down into sales by type and sales by price. Hernando MS sales by type: Hernando MS sales by price: Currently, there are 170 residential properties for sale in Hernando MS which represents an 8 month supply of inventory.  Approximately 8.2% of the available homes for sale are foreclosures. lowest price $49,900 highest price $995,000 median pri...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - January 2011 Currently, there are 223 homes available for sale in the Hernando MS area: low price $40,000 high price $995,000 median price $194,900 These 223 homes mean that Hernando MS has a 10.5 month supply of homes.  Approximately 8% of the available homes are foreclosures. Weather may have played a factor in the downturn in the number of home sales for the month of January.  Hernando MS saw an unusual amount of winter weather precipitation and cold temperatures in January and early February. There were 15 homes that sold in Hernando MS in January with an average sales price of $155,466 and an average days on the market of 99.  Here are some comparisons to last month and January of last year: December 2010sales:  25     Avg $:  168,527     Avg...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - December 2010  Currently, there are 220 homes for sale in Hernando MS. Low list price $40,000 High list price $995,000 Median list price $192,000 Based on the sales figures for the last quarter of 2010, there is a 9.2 month supply of homes for sale in Hernando MS.  Absorption rates have remained fairly steady for the last 9 months after falling sharply after the first quarter of 2010.  Foreclosures make up about 8.2% of the available homes for sale.   December sales up slightly from the previous month in Hernando MS to 25 homes with an average sales price of $168,527 and an average days on the market of 200.  Here are comparisons to last month and December of last year: Nov 2010sales:  24          Avg $197,291          Avg DOM  116 Dec 2009sales: ...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando Real Estate Market Report - November 2010 Both the number of homes sold and the average sales price were up in Hernando in November.  There were 24 homes sold with an average sales price of $197,291 and an average days on market of 116.  Here are the comparisons to last month and same time last year: October 2010sold:  23          Avg $185,606          Avg DOM  85 November 2009sold:  28          Avg $173,443          Avg DOM  154 The price range that had the most sales in November was the $150,000-$170,000 range. Currently, there are 226 homes for sale in Hernando MS.  That represents an 8.9 month supply of inventory.  That number is down slightly from October.  low price $40,000 high price $1,050,000 median price $189,900 About 7.5% of the available homes for sale in Hernando ...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Sales Report - October 2010 The county seat for DeSoto County MS, Hernando saw a slight dip in the sales numbers for October.  There were 23 homes sold with an average sales price of $185,606 and an average days on the market (for homes sold) of 85.  Here are the comparisons for last month and last year: Sept. 2010sold:  25     Avg sales price:  $190,055     Avg DOM:  109 Oct. 2009sold:  29     Avg sales price:  $181,409     Avg DOM:  153 The price range with the most sales was the "$170,000 - $200,000" range: Foreclosures make up less than 7% of available homes for sale in Hernando and roughly 1/4 of all homes sold there last month were foreclosures. There are 242 homes for sale in Hernando: low price $50,000 high price $1,050,000 median price $188,900 Using the...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - September 2010 Hernando MS saw the number of sales in September decrease while the average sales price increased.  This is the exact opposite of what occurred last month.   There were 25 home sales in Hernando MS in August with the average sales price of $190,055 and an average days on the market for those 28 sales of 109.  Here are the numbers for last month as well as the same time last year: August 2010sales:  28     Avg. sale price $167,989     Avg. DOM:  116 Sept 2009sales:  33     Avg. sale price $203,874     Avg. DOM:  126 Year to date Hernando MS housing statistics: The Hernando MS homes sales for September can be broken down into type of sale (regular, foreclosure, short sale, and price range of sale): Currently, there are 249 homes avail...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - August 2010 Hernando MS saw mixed results for the month of August.  The number of sales increased while the average sales price saw a decrease. There were 28 home sales in Hernando MS in August with the average sales price of $167,989 and an average days on the market for those 28 sales of 116.  Here are the numbers for last month as well as the same time last year: July 2010sales:  27     Avg. sale price $170,018     Avg. DOM:  88 August 2009sales:  27     Avg. sale price $154,535     Avg. DOM:  180 Year to date Hernando MS housing statistics: The Hernando MS homes sales for August can be broken down into type of sale (regular, foreclosure, short sale, and price range of sale): Currently, there are 263 homes available for sale in Hernando MS: low...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - July 2010 Hernando MS saw a decrease in all of the numbers for the month of July.  The good news was that the average days on the market dropped below 100, the bad news is that the number of homes sold and the average sales price also fell. There were 27 homes sold in Hernando MS with an average sales price of $170,018 and an average days on the market of 88.  Here are the numbers for last month and July of last year: June 2010sales:  30     avg $182,980     avg DOM  157 July 2009sales:  41     avg $179,405     avg DOM  128 I have broken down these sales by price and by type (regular, foreclosure, short sale): As shown by the graph above, the two price ranges with the most sales were the $130,000-$150,000 range and the $170,000 to $200,000 range. ...
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By Pam Simpson, GRI, Broker-Assoc.
(Bob Leigh & Assoc., LLC)
Hernando MS Real Estate Market Report - June 2010 Hernando MS saw a slight increase in the number of homes sold for the month of June compared with the previous month.  There were 30 residential sales in Hernando MS with an average sales price of $182,980 and an average days on the market of 157. Here is how those numbers compare to the last month and the same time last year: May 2010sales:  33     avg $185,431     avg DOM  96 June 2009sales:  31     avg $165,633     avg DOM 183 The next charts show how the Hernando MS real estate sales for June break down by type (foreclosure, short sale, regular) and by price range: Currently, there are 249 available homes for sale in Hernando MS which represents a 7.4 month supply of inventory.  Foreclosures make up 2.4% of home in Hernando MS availa...
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