Wow, the weather in Anchorage is cooling quickly! When I was at a showing on the Anchorage Hillside yesterday, my buyer mentioned how chilly and windy it felt compared to just a few days ago. This drastic change is not anything new to most Alaskans. I mean we can have rain one minute and sunshine the next minute.
With the oncoming coldness, I just wanted to remind my fellow Alaskans of what a beautiful summer we have had this year. It was a good one!
A report by Newsweek found that Anchorage, Alaska was THE Best Place to Start Over.
Statistics provided:
Companies planning to hire in next quarter: 28%
Best job prospects: Construction, Durable Goods Manufacturing, Nondurable Goods Manufacturing, Wholesale & Retail Trade, Information, Financial Activities, Professional & Business Services, Education & Health Services, Leisure & Hospitality, Other Services,
Government Population: 279,243
Average home price in January: $313,796
Unemployment rate: 8.1%
****Anchorage has been somewhat buffered from the recession, but it has been hit by low oil prices. The local economy benefits from the state's rich oil and natural gas supplies, tourism, and U.S. military presence. To find out more, Request a Free Relocation Packet Today.
ANCHORAGE REAL ESTATE NEWS
The lending industry has been going throug drastic changes in the last few months. The changes are intended to help buyers and consumers. A new regulation, HERA, which is an amendment to the Truth in Lending Act (implemented through Regulation Z), will be effective July 30, 2009.
In 2008 the Housing and Economic Recovery Act (HERA) and the Home Ownership and equity Protection Act (HOEPA) were passed by Congress. The Federal Reserve Board published the Acts under the Truth in Lending Act. These Acts were intended to provide transparency and fair regulation of the real estate industry. This was accomplished by adding additional steps to help in the prevention of deceptive lending practices and to protect buyers by making them more informed. Additionally, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC) in 2008 to reinforce appraiser independence, valuation protection, and to enhance the integrity of the valuation process.
Key Points to keep in Mind:
1. If a homebuyer is financing the property, these new regulatory guidelines could impact the closing date. The earliest a purchase transaction can close is seven business days after the homebuyer is issued his/her initial mortgage disclosures from the lender.
2. Upfront fees, except for the credit report fee, cannot be collected by the lender. Fees can be collected by the lender after the intial disclosures are received.
3. Homebuyer must be provided with a copy of the appraiser report three business days prior to closing.
4. Anc increase of more than .125% in the Annual Percentage Rate from the initial Truth in Lending Disclosure requires the Truth in Lending Disclosure to be revised and reissued to the homebuyer. The homebuyer must receive the new and revised Truth in Lending Disclosure at least three business days before closing.
Tips for Buyers
-In the initial disclosure packet you receive the impacts of the new regulations are outlined. Make sure to ask your lender any questions you may have.
-Keep in mind that these new regulations are put in place to keep you, the buyer, informed and it gives you time to consider the loan choices and the confidence in moving forward.
-Understand that a change in mortgage product can impact your APR (annual percentage rate) and therefore your estimated closing date.
Search for Homes on the Alaska MLS
Request a Free Relocation Packet
First Time Home Buyer Tax Credit
Sources: Wells Fargo Mortgage Co.
Happy Friday! Interest Rates are moving. Some have gone down such as the Conventional 15 Year Fixed, the FHA 30 Year Fixed, and the VA 30 Year Fixed. Some of the interest rates have inched up a tad such as the Alaska HousingFinance Corporation's (AHFC) 1st Time Home Buyer Tax-Exempt and the AHFC Veteran's Mortgage.
July 10,2009 TODAY'S RATES
Conventional 30 Year Fixed 5.125%
Conventional 15 Year Fixed 4.500%
5/1 Libor ARM 4.875%
FHA 30 Year Fixed 5.250%
FHA HUD 184 30 Year Fixed 5.375%
FHA 5/1 Hybrid ARM 4.375%
VA 30 Year Fixed 5.250%
VA 5/1 Hybrid ARM 4.375%
AK Housing Finance Corp. (AHFC)
1st Time Homebuyer Tax-Exempt 5.250%
1st Time Homebuyer Taxable 5.500%
Taxable 5.625%
Veteran's Mortgage (VMP) 5.375%
*Interest Rates Are Subject to Change. Source of interest rates http://www.homestatemtg.com. Additional dislocusures, fees, and rates can be found at http://www.homestatemtg.com
TODAY'S RATES*
Conventional 30 Year Fixed 5.125%
Conventional 15 Year Fixed 4.625%
5/1 Libor ARM 4.875%
FHA 30 Year Fixed 5.375%
FHA HUD 184 30 Year Fixed 5.375%
FHA 5/1 Hybrid ARM 4.375%
VA 30 Year Fixed 5.375%
VA 5/1 Hybrid ARM 4.375%
AK Housing Finance Corp. (AHFC)
1st Time Homebuyer Tax-Exempt 5.125%
1st Time Homebuyer Taxable 5.500%
Taxable 5.625%
Veteran's Mortgage (VMP) 5.250%
*Interest Rates are subject to change. Additional terms, fees, and disclosures can be found at Homestatemtg.com
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Helping people achieve their Real Estate Goals is what I do. Representing my clients and meeting their family's needs are the most important part of my business. Welcome HOME!
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