About De Soto County, MS

If the USDA Rural Housing loan applys to your area, make sure you are working with a local lender who will offer this product to your client as a possible mortgage option.

Additional benefits with USDA Rural Housing:

• Can be used in conjunction with MSHC Homebuyer Advantage Grant
• Flexible credit guidelines
• Not subject to HVCC guidelines (FHA is adopting February 2010)
• No sales price limitation as with FHA
• No minimum down payment required
• Allows for repair escrow (must escrow 150% of cost - up to 110% of appraised value)
• Closing costs can be financed (with room between the purchase price and appraised value)

For more information regarding the USDA Guaranteed Rural Housing loan, please call DOUG CAPPS at 662-429-5100 Ext. 105.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is "A MS and TN Licensed Mortgage Company." An Equal Housing Lender.

Olive Branch MS Real Estate Market Report - December 2009

There were 46 home sales in Olive Branch MS in the month of December with an average sales price of $169,623 and an average days on the market of 131. Foreclosures made up 31% of these sales.

Here are the comparisons to last month and December 2008:

Nov 2009
sales: 67 Avg $161,186 Avg DOM 143

Dec 2008
sales: 47 Avg $158,168 Avg DOM 103

This chart shows the average sales price decrease in the past couple of years:

Currently, there are 420 homes for sale in Olive Branch MS

• Low list price $35,000
• High list price $995,000
• Median list price $195,000

Based on the sales of the last quarter of 2009, Olive Branch MS has a 6.8 month month supply of homes. Foreclosures make up about 10.2% of those available homes for sale.

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2010 by Pam Simpson. All rights reserved.

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

The USDA Guaranteed Rural Housing loan is one of the best mortgage options available to many borrowers. Unfortunately, many lenders do not offer or know enough about this program. Make sure your borrower is not missing out on this great loan program!

Here are (10) things you should know:

1. 100% Financing - NO down payment. Can go up to 102% with financing the 2% USDA Funding Fee.
2. Flexible Credit and Qualifying Guidelines - Fairway requires a 620 credit score for all borrowers.
3. Appraisal Requirements - Same appraisal standards as a conventional appraisal and yet, NOT subject to the new HVCC laws or stricter FHA appraisal guidelines.
4. NO Loan Limit - Unlike FHA or Down Payment Assistance programs, GRH loans have no maximum sales price limitation. The maximum sales price allowed is determined specifically by the borrower's financial situation (income limits do apply).
5. NO First-Time Home Buyer Requirement - You don't have to be a first-time home buyer to benefit from this program. Under certain circumstances, you can even own another home!
6. NO Monthly Mortgage Insurance. Compared to FHA mortgages, mortgage payments on USDA loans are less because of the lack of monthly mortgage insurance.
7. NO Limit to Seller Contributions - Most lenders/investors stick to the 6% rule.
8. NO Pools - Currently, USDA guidelines do not allow financing homes with in-ground pools without a waiver.
9. Finance Closing Costs - Borrower's closing costs/pre-paid items can be financed into the loan as long as there is room between the purchase price and the appraised value. NO other loan program allows for this!
10. Finance Required Repairs - Any lender required repairs can be financed into the loan, up to 10% of the purchase price. 150% of the repair amount is required. Of the 150%, 50% has to be from the borrower or the seller for any cost over-runs. Work has to be from licensed professionals. Upon completion, any money left over is returned.

For more information regarding the USDA Guaranteed Rural Housing loan, please call DOUG CAPPS at 662-429-5100 Ext. 105.

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is "A MS and TN Licensed Mortgage Company." An Equal Housing Lender.

Hernando MS Real Estate Market Report - December 2009

There were only 17 home sales in Hernando MS in the month of December which is down from the previous month. The average sales price was up to $183,355 and the average days on the market was 108.

Foreclosures made up 41% of the home sales.

Here are the comparisons to last month and December of last year:

Nov 2009
sales: 27 Avg $171,348 Avg DOM 121

Dec 2008
sales: 19 Avg $167,017 Avg DOM 89

This next chart shows the pricing decline in Hernando MS over the past 2 years:

Currently, there are 234 homes for sale in Hernando MS

• Low list price $49,900
• High list price $890,000
• Median list price $198,900

Based on the sales in Hernando MS over the last quarter of 2009, there is a 9.8 month supply of homes. Foreclosures make up 3.8% of the homes for sale in Hernando MS.

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2010 by Pam Simpson. All rights reserved.

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Southaven MS HUD Home For Sale

1128 Richland Dr.
Southaven, MS

$88,500

3 bedrooms, 2 bathrooms
Fireplace
Double Garage

offered with FHA insured financing with escrow repair

Bid Deadline: 1/17/2010

Possible $100 down for owner-occupants

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2010 by Pam Simpson. All rights reserved..

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.