About De Soto County, MS

Features of the Down Payment Assistance Program:

• (1st Mortgage) FHA, VA, or RD qualifying guidelines.
• (2nd Mortgage) Interest rate of 1st Mortgage, 10-year fixed rate, no prepayment penalty.
• Maximum down payment assistance is 3% of loan amount (not sales price).
• Sales price of property being purchased or built must be at or below $198,000.
• Down payment assistance can be used for down payment and closing costs (no pre-paid fees).

Who is Eligible:

• First-time homebuyers or applicants with low to moderate income not to exceed County Income Limits.
• NO first-time homebuyer requirement in TARGET areas - refer to DPA map.
• Applicants who meet the credit eligibility requirements as determined by FHA, VA or USDA guidelines.
• Acceptable credit profile.

Program Requirements:

• Household incomes do not exceed the program's income limits.
• Applicants with no more than $4,500 in liquid assets.
• Property must be owner occupied.
• Property must be primary residence.
• $200.00 reservation fee cannot be paid by the buyer

Property Requirements:

• Owner occupied.
• Single family detached.
• Single family attached.
• Approved townhomes or condominiums.
• Permanently affixed manufactured homes.

Know your mortgage options!!! 100% Financing is still alive and well through the USDA Guaranteed Rural Housing Program! Income limitations and property location restrictions DO apply.

For more information about the USDA Rural Housing Program, please contact DOUG CAPPS at (662) 429-5100. Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS is a "Mississippi Licensed Mortgage Company."

Hernando Mississippi Market Report
by Pam Simpson, Broker-Assoc.
Desoto-Tate County Real Estate

DESOTO COUNTY MISSISSIPPI
HERNANDO MISSISSIPPI

Hernando, Mississippi saw 29 residential properties sold in the month of August with an average sales price of $194,717. Here are the comparisons for current, last month, and last year solds.

August 2008: 29 sold Avg. Price $194,717
July 2008: 22 sold Avg. Price $189,969
August 2007: 51 sold Avg. Price $196,690

There are currently 272 Active Residential listings in Hernando which represents a 8.97 month supply. That number is down from last month which showed a 9.6 month supply. Foreclosures represent 3.7% of the Hernando market, which is up 1% from last month.

10 of the homes sold in August were new construction. The neighborhoods which saw the most activity were Forest Meadows, followed by Edgewater and Northwood Hills.

*Numbers from NWMAR MLS and believed accurate but not guaranteed.

Tate County Market Report

Northwest Mississippi Foreclosure Market Report

Pam Simpson, Broker-Assoc.
www.MShomeinfo.com

REAL ESTATE SENATOBIA - MARKET REPORT
REAL ESTATE HERNANDO - MARKET REPORT

These numbers were taken from the NWMAR MLS.

Senatobia:
16 units sold in May 2008 (7 were land) with average residential sales price of $136,942
26 units sold in April 2008 (13 were land) with average residential sales price of $137,515
45 units sold in May 2007 (14 wree land) with average residential sales price of $136,289

Hernando:
40 units sold in May 2008 (3 were land) with average residential sales price of $211,848
39 units sold in April 2008 (3 were land) with average residential sales price of $184,138
56 units sold in May 2007 (4 were land) with average residential sales price of $191,118

Absorption Rate (includes Tate County, Desoto County, Marshall County, and Panaola County)
42 weeks of inventory

*Accuracy believed to be correct but cannot be guaranteed.

Southaven, MS

Market Report

The Southaven real estate market is not experiencing as much of a decline as many areas of the country are at present. However, the numbers are not as good as we all would like to see them. Through April 30, 2008 Southaven recorded 221 residential home sales compared to 377 for the same time frame in 2007. This is slightly more than a 41% decrease in units sold in just one year. The average list price of a home in April 2008, was $161,998 compared to $163,557 in April 2007. That means that, in general, Southaven homeowners are listing their homes about 1% lower in 2008 than in 2007. Furthermore, the average sales price in April 2008 was $158,646 compared to $160,995 in April 2007. This is only a 1.5% decrease in sales price from 2007 to 2008.

Although these numbers are not what any of us would like to see, the fact remains that Southaven is experiencing less of a hit to its market than are many communities across the nation. And remember this, if you are a homeowner looking to move to a larger and more expensive home, there will never be a better time to buy. Why? Let's look at some numbers. If you live in a home that would normally bring $150,000 on the market and you apply the 1.5% decrease in sales price mentioned above, then you would lose $2,250 ($150,000 x 1.5%) by selling in the current market. However, if you are looking to buy a home that would normally sell for $200,000 then buying now would save you $3,000 ($200,000 x 1.5%) by buying now. So, when the market turns around, and the market ALWAYS turns around, then you would actually realize a $750 ($3,000 - $2,250) gain on your home investments.

And, of course, if you are a first-time homebuyer, then this is the perfect time to purchase a home in Southaven. The prices are low, the inventory plenteous, and the mortgage rates will most likely never be better.