Jumbo Rates More Affordable

In and ever changing market and areas like Destin Real Estate, higher priced properties become even more expensive with higher interest rates! There does seem to be a narrowing of the gap as per the message below. On www.InvestSmarter.com we have taken the time to put together calculators that make it a little easier to find what you are looking for from a price stand point. Many consumers today are simply looking at the cost per month instead of the total cost paid.

Daily Real Estate News June 19, 2008

Jumbo-Conforming Rate Spread Narrows

Interest rates on certain types of jumbo loans are finally dropping out of the stratosphere.Rates on jumbo-conforming loans, which were approved by Congress in February for use through the end of 2008, are currently 6.59 percent, according to HSH Associates in Pompton Plains, N.J., compared to an average of 6.46 percent for similar loans with smaller balances. Non-conforming jumbos are averaging 7.4 percent.At J.P. Morgan Chase & Co., the volume of jumbo-conforming applications has doubled since prices began to fall in early May. For some California lenders, jumbo-conforming loans now account for as much as 25 percent of applications, says Pete Ogilvie, president of the California Association of Mortgage Brokers."Most of the activity is in purchases, which is nice because it opens up the market for entry-level homes," Ogilvie says.Source: The Wall Street Journal, Ruth Simon (06/19/2008)

For more information on Destin Real Estate please visit www.Destin-Florida-MLS.com to see what is available and find that perfect second home, condo, or full time residence today.

Destin Real Estate Blog Launch and New VA limits potentially increased

The Destin Real Estate market has to be one of the most exciting areas in the country. Sure it has seen it's ups and downs but compared to other areas prices are still very reasonable for what you are able to acquire. That being said rates have begun to creep once again and many have been weary of what to do. Destin Real Estate buyers are a good mix of people from different backgrounds. One of the interesting demographics that most people don't realize is the retired military or previous service members. With bases like Eglin Air Force Base, Hurlburt Field, Panama City Naval, Pensacola Naval and Tyndall Air Force Base, and don't forget Fort Rucker all within a 15 minute-2 hour drive there is a surplus number of service members here. The VA loan limits have been a little low for what was needed in our area, but it looks like there is some thought to increasing those limits as in the article below...let's cross our fingers!

Daily Real Estate News June 6, 2008

Making VA Loans Relevant Again

U.S. Rep. Bob Filner (D-Calif.), chairman of the House Veterans Affairs Committee, is pushing a proposal to raise the ceiling on loan amounts to $730,000. Meanwhile, Sen. Daniel Akaka (D-Hawaii), chairman of the Senate veterans' affairs committee, has proposed a bill that would lower the equity requirement for a veteran to refinance a mortgage with a VA loan from 10 percent down to 5 percent; and Rep. Steve Buyer (R-Ind.) wants the maximum for VA-backed loans for refinancing to be at least $417,000. The lack of competitiveness of VA-guaranteed loans has resulted in their nationwide decline from a recent peak of nearly 500,000 in 2003 to just 133,000 last year, Filner says. Meanwhile, the Department of Veterans Affairs says its loan counselors have assisted 74,000 home owners since 2000, including half of all VA loans in serious default last year, and have helped save the government nearly $1.5 billion.

Source: Stars and Stripes, Tom Philpott (06/06/08)

This would be a wonderful asset for our friends in the service so they could at least afford to purchase in this market if they had the capital to invest. Obviously many of our veterans are severely under paid but we should always bend over backwards whether in the Destin Real Estate market or anywhere in the country!