FHA Georgia County Loan Limits 2011

County Name

Single Family

Duplex

Tri-plex

Four-plex

---

APPLING

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

ATKINSON

$271,050

$347,000

$419,425

$521,250

DOUGLAS, GA (MICRO)

---

BACON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

BAKER

$271,050

$347,000

$419,425

$521,250

ALBANY, GA (MSA)

---

BALDWIN

$271,050

$347,000

$419,425

$521,250

MILLEDGEVILLE, GA (MICRO)

---

BANKS

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

BARROW

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

BARTOW

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

BEN HILL

$271,050

$347,000

$419,425

$521,250

FITZGERALD, GA (MICRO)

---

BERRIEN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

BIBB

$271,050

$347,000

$419,425

$521,250

MACON, GA (MSA)

---

BLECKLEY

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

BRANTLEY

$276,250

$353,650

$427,450

$531,250

BRUNSWICK, GA (MSA)

---

BROOKS

$271,050

$347,000

$419,425

$521,250

VALDOSTA, GA (MSA)

---

BRYAN

$271,050

$347,000

$419,425

$521,250

SAVANNAH, GA (MSA)

---

BULLOCH

$271,050

$347,000

$419,425

$521,250

STATESBORO, GA (MICRO)

---

BURKE

$271,050

$347,000

$419,425

$521,250

AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)

---

BUTTS

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

CALHOUN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

CAMDEN

$271,050

$347,000

$419,425

$521,250

ST. MARYS, GA (MICRO)

---

CANDLER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

CARROLL

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

CATOOSA

$271,050

$347,000

$419,425

$521,250

CHATTANOOGA, TN-GA (MSA)

---

CHARLTON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

CHATHAM

$271,050

$347,000

$419,425

$521,250

SAVANNAH, GA (MSA)

---

CHATTAHOOCHEE

$289,800

$371,000

$448,450

$557,300

COLUMBUS, GA-AL (MSA)

---

CHATTOOGA

$271,050

$347,000

$419,425

$521,250

SUMMERVILLE, GA (MICRO)

---

CHEROKEE

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

CLARKE

$298,750

$382,450

$462,300

$574,500

ATHENS-CLARKE COUNTY, GA (MSA)

---

CLAY

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

CLAYTON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

CLINCH

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

COBB

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

COFFEE

$271,050

$347,000

$419,425

$521,250

DOUGLAS, GA (MICRO)

---

COLQUITT

$271,050

$347,000

$419,425

$521,250

MOULTRIE, GA (MICRO)

---

COLUMBIA

$271,050

$347,000

$419,425

$521,250

AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)

---

COOK

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

COWETA

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

CRAWFORD

$271,050

$347,000

$419,425

$521,250

MACON, GA (MSA)

---

CRISP

$271,050

$347,000

$419,425

$521,250

CORDELE, GA (MICRO)

---

DADE

$271,050

$347,000

$419,425

$521,250

CHATTANOOGA, TN-GA (MSA)

---

DAWSON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

DECATUR

$271,050

$347,000

$419,425

$521,250

BAINBRIDGE, GA (MICRO)

---

DEKALB

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

DODGE

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

DOOLY

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

DOUGHERTY

$271,050

$347,000

$419,425

$521,250

ALBANY, GA (MSA)

---

DOUGLAS

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

EARLY

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

ECHOLS

$271,050

$347,000

$419,425

$521,250

VALDOSTA, GA (MSA)

---

EFFINGHAM

$271,050

$347,000

$419,425

$521,250

SAVANNAH, GA (MSA)

---

ELBERT

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

EMANUEL

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

EVANS

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

FANNIN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

FAYETTE

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

FLOYD

$271,050

$347,000

$419,425

$521,250

ROME, GA (MSA)

---

FORSYTH

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

FRANKLIN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

FULTON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

GILMER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

GLASCOCK

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

GLYNN

$276,250

$353,650

$427,450

$531,250

BRUNSWICK, GA (MSA)

---

GORDON

$271,050

$347,000

$419,425

$521,250

CALHOUN, GA (MICRO)

---

GRADY

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

GREENE

$662,500

$848,100

$1,025,200

$1,274,050

NON-METRO

---

GWINNETT

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

HABERSHAM

$271,050

$347,000

$419,425

$521,250

CORNELIA, GA (MICRO)

---

HALL

$271,050

$347,000

$419,425

$521,250

GAINESVILLE, GA (MSA)

---

HANCOCK

$271,050

$347,000

$419,425

$521,250

MILLEDGEVILLE, GA (MICRO)

---

HARALSON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

HARRIS

$289,800

$371,000

$448,450

$557,300

COLUMBUS, GA-AL (MSA)

---

HART

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

HEARD

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

HENRY

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

HOUSTON

$271,050

$347,000

$419,425

$521,250

WARNER ROBINS, GA (MSA)

---

IRWIN

$271,050

$347,000

$419,425

$521,250

FITZGERALD, GA (MICRO)

---

JACKSON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

JASPER

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

JEFF DAVIS

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

JEFFERSON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

JENKINS

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

JOHNSON

$271,050

$347,000

$419,425

$521,250

DUBLIN, GA (MICRO)

---

JONES

$271,050

$347,000

$419,425

$521,250

MACON, GA (MSA)

---

LAMAR

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

LANIER

$271,050

$347,000

$419,425

$521,250

VALDOSTA, GA (MSA)

---

LAURENS

$271,050

$347,000

$419,425

$521,250

DUBLIN, GA (MICRO)

---

LEE

$271,050

$347,000

$419,425

$521,250

ALBANY, GA (MSA)

---

LIBERTY

$271,050

$347,000

$419,425

$521,250

HINESVILLE-FORT STEWART, GA (MSA)

---

LINCOLN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

LONG

$271,050

$347,000

$419,425

$521,250

HINESVILLE-FORT STEWART, GA (MSA)

---

LOWNDES

$271,050

$347,000

$419,425

$521,250

VALDOSTA, GA (MSA)

---

LUMPKIN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

MACON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

MADISON

$298,750

$382,450

$462,300

$574,500

ATHENS-CLARKE COUNTY, GA (MSA)

---

MARION

$289,800

$371,000

$448,450

$557,300

COLUMBUS, GA-AL (MSA)

---

MCDUFFIE

$271,050

$347,000

$419,425

$521,250

AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)

---

MCINTOSH

$276,250

$353,650

$427,450

$531,250

BRUNSWICK, GA (MSA)

---

MERIWETHER

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

MILLER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

MITCHELL

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

MONROE

$271,050

$347,000

$419,425

$521,250

MACON, GA (MSA)

---

MONTGOMERY

$271,050

$347,000

$419,425

$521,250

VIDALIA, GA (MICRO)

---

MORGAN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

MURRAY

$271,050

$347,000

$419,425

$521,250

DALTON, GA (MSA)

---

MUSCOGEE

$289,800

$371,000

$448,450

$557,300

COLUMBUS, GA-AL (MSA)

---

NEWTON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

OCONEE

$298,750

$382,450

$462,300

$574,500

ATHENS-CLARKE COUNTY, GA (MSA)

---

OGLETHORPE

$298,750

$382,450

$462,300

$574,500

ATHENS-CLARKE COUNTY, GA (MSA)

---

PAULDING

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

PEACH

$271,050

$347,000

$419,425

$521,250

FORT VALLEY, GA (MICRO)

---

PICKENS

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

PIERCE

$271,050

$347,000

$419,425

$521,250

WAYCROSS, GA (MICRO)

---

PIKE

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

POLK

$271,050

$347,000

$419,425

$521,250

CEDARTOWN, GA (MICRO)

---

PULASKI

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

PUTNAM

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

QUITMAN

$271,050

$347,000

$419,425

$521,250

EUFAULA, AL-GA (MICRO)

---

RABUN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

RANDOLPH

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

RICHMOND

$271,050

$347,000

$419,425

$521,250

AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)

---

ROCKDALE

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

SCHLEY

$271,050

$347,000

$419,425

$521,250

AMERICUS, GA (MICRO)

---

SCREVEN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

SEMINOLE

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

SPALDING

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

STEPHENS

$271,050

$347,000

$419,425

$521,250

TOCCOA, GA (MICRO)

---

STEWART

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

SUMTER

$271,050

$347,000

$419,425

$521,250

AMERICUS, GA (MICRO)

---

TALBOT

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TALIAFERRO

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TATTNALL

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TAYLOR

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TELFAIR

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TERRELL

$271,050

$347,000

$419,425

$521,250

ALBANY, GA (MSA)

---

THOMAS

$271,050

$347,000

$419,425

$521,250

THOMASVILLE, GA (MICRO)

---

TIFT

$271,050

$347,000

$419,425

$521,250

TIFTON, GA (MICRO)

---

TOOMBS

$271,050

$347,000

$419,425

$521,250

VIDALIA, GA (MICRO)

---

TOWNS

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TREUTLEN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TROUP

$271,050

$347,000

$419,425

$521,250

LAGRANGE, GA (MICRO)

---

TURNER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

TWIGGS

$271,050

$347,000

$419,425

$521,250

MACON, GA (MSA)

---

UNION

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

UPSON

$271,050

$347,000

$419,425

$521,250

THOMASTON, GA (MICRO)

---

WALKER

$271,050

$347,000

$419,425

$521,250

CHATTANOOGA, TN-GA (MSA)

---

WALTON

$346,250

$443,250

$535,800

$665,850

ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)

---

WARE

$271,050

$347,000

$419,425

$521,250

WAYCROSS, GA (MICRO)

---

WARREN

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WASHINGTON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WAYNE

$271,050

$347,000

$419,425

$521,250

JESUP, GA (MICRO)

---

WEBSTER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WHEELER

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WHITE

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WHITFIELD

$271,050

$347,000

$419,425

$521,250

DALTON, GA (MSA)

---

WILCOX

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WILKES

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WILKINSON

$271,050

$347,000

$419,425

$521,250

NON-METRO

---

WORTH

$271,050

$347,000

$419,425

$521,250

ALBANY, GA (MSA)

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Keeping you informed....

A week ahead for the mortgage rates of June 27 2010

Fifteen years of hard work, countless hours of practice, parents shuffling their young stars from field to field, from city to city, sisters complaining that they are bored, summers full of sweat, dirt, sunflower seeds, and Gatorade all coming to an end in the next week. Believe it or not, it’s that time of year already. Eight teams made the trek from their college campus to Omaha, Nebraska last Saturday for the College World Series. Only one will leave a champion. For many of the young men competing, it will mark the end of their baseball days. These young men will be turning their attention to their chosen profession, softball, beer, and wings. For the lucky ones, baseball will be their profession as they go on to star in the Big Leagues. The rest of us are treated to two weeks of some of the most exciting baseball being played this summer.

Not even Omaha could escape the rain this year. Even though this week marked the first day of summer, the soggy weather continued. Many people across the country are worried about their homes and being caught up in the devastating flooding that has plagued many parts of the U.S..

While many are worried about the roof over their head, Congress and the President continue their fight over the debt ceiling. If an agreement is not reached by August 2nd, the government may not meet their obligations to holders of U.S. Treasury debt. The Republicans, led by House Majority Leader John Boehner, insist that deep spending cuts be made. The President and leading Democrats are asking for tax hikes in addition to the spending cuts. Boehner maintains that tax hikes are unacceptable. Apparently, Boehner and the President didn't come to an agreement while on the links the previous week-end.

While the debt ceiling has received a lot of attention this week, there was a lot of news coming from the markets as well. Home sales were released on Tuesday. Sales of existing homes and condos fell 3.8%. Despite slumping prices and low mortgage rates, buyers are still sidelined by tight credit conditions. In addition, inventory keeps increasing as foreclosures remain at historically high levels.

On Wednesday, the Fed kept its key interest rate at a range of 0% - 0.25%. The FOMC said the moderate pace of growth & the labor market was unexpected. Fed Chairmen, Ben Bernanke, said that they didn't have a 'precise read' on why the U.S. economy is slowing down. But don't you worry -- he feels that by 2013, things should get better. I'm sure anyone that is unemployed was happy to hear that. The Fed revised its growth forecast. They now forecast the GDP down to 2.8% from 3.2%. They see unemployment between 8.6% - 8.9%. Currently, unemployment was 9.1% in May. They feel that higher gas prices and food prices as well as disruption in the manufacturing sector from the earthquake in Japan earlier this year have led to the slow-down.

In addition to keeping the Prime Rate at a near-zero rate, the Federal Reserve Bank of New York bought $4.58 billion in Treasury debt on Monday. As a result, the yields on 10-year notes rose 1 basis point to 2.96%.

The Fed's monetary policy seemed right on target as Jobless Claims rose unexpectedly to 429,000 last week. Many expected the number to come in around 415,000.

About the only good news on the home front was that Durable Goods orders rose 1.9% in May. Fueling the increase were stronger orders for airplanes. Durable Goods orders are up 9.7% for the year. Without the increase in transportation, orders were up 0.6% in May. Orders for non-defense capital equipment goods excluding aircraft were up 1.6% in May. This is considered the best gauge of capital spending by businesses. Shipments of core capital goods rose 1% in May.

The markets were focused heavily on the situation in Greece. The Prime Minister, George Papandreou won a key no-confidence vote on Tuesday. Greece will have more austerity measures in order to receive another round of European aid.

In equities this week, analysts for Citibank cut the earning estimates for Goldman Sachs and Morgan Stanley. They feel that the nation's largest investment banks will be hit hard by weaker commodity prices and slower equity trading. Citibank didn't stop there; they also cut the estimates for J.P. Morgan Chase & Co. and Bank of America Corp. However, both companies are likely to meet or beat expectations largely due to credit results.

Also in the news, PNC purchased all of Royal Bank of Canada's U.S. retail Operations. PNC investors did not see this as a good thing, as their stock price dropped 2% after the news. Caterpillar and Boeing both announced an increase in sales.

Looking ahead to next week we have the following reports:

·      Monday - Personal Incomes, Consumer Spending, and Core PCE Price Index

·      Tuesday - Case-Shiller Home Prices and Consumer Confidence

·      Wednesday - Pending Home Sales

·      Thursday - Jobless Claims and Chicago PMI

·      Friday - Consumer Sentiment, Construction Spending, and Motor Vehicle Sales

Remember to watch Florida and South Carolina in the finals of the NCAA College Baseball World Series. Games will be Monday, Tuesday, and Wednesday (if a third game is necessary.)

What's Ahead For Mortgage Rates This Week : June 27, 2011

Mortgage markets in Georgia  improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt.
Conforming mortgage rates across Atlanta  and Georgia fell last week and now hover near the all-time lows set last November.
Adjustable-rate mortgages are especially low.
There were three big stories last week that will carry forward into this week.
First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was not expected.
Mortgage rates dipped on the news.
Second, Greece moved closer to avoiding insolvency. The nation-state's parliament must now pass a package of spending cuts and tax increases to appease Eurozone leaders and the IMF. Without passage, though, bankruptcy may be unavoidable.
Worries about Greece's fate sparked a bond market flight-to-quality. This, too, helped mortgage rates ease.
And, lastly, Thursday, the U.S. and other members of the International Energy Agency chose to release 60 million barrels of oil to the market over the next month. You've likely experienced the impact as the gas pump already -- gas prices are way down nationwide.
Lower gas prices means fewer inflationary pressures and inflation is the enemy of mortgage rates.

 Less inflation EQUALS lower mortgage rates, but not much more.


This week, mortgage rates may reverse.
There isn't much new data due for release -- inflation data due Monday, housing data due Wednesday, and a series of confidence reports throughout the week -- but there are 3 scheduled treasury auctions that could pull rates up or down.

• Monday : 2-Year Treasury Note auction
• Tuesday : 5-Year Treasury Note auction
• Wednesday : 7-Year Treasury Note auction

If demand is high at any/all of the auctions, mortgage rates should drop. If demand is weak, mortgage rates should rise. And when not if they rise it will look like a rocket ship!

New Home Supplies Drop, And So Does Homebuilder Confidence

On paper, the market for newly-built, single-family homes looks healthy.

Last month, the number of new homes sold on an annualized, seasonally-adjusted basis tallied 319,000. The May reading is the second-highest of the year, and 6 percent above the current 12-month average.

These are strong numbers in isolation. However, after accounting for the dwindling supply of new homes for sale as well, the figures look even stronger.

In May, at the current pace of sales, the complete, national inventory of new homes for sale would have been sold in just 6.2 months. 

That's the quickest pace in a year and a 3-month improvement from a year ago.

To hear it from homebuilders, though, you'd think that sales were crashing.

Homebuilder confidence slipped to a 9-month low this month; builders report slowing foot traffic; and the prospects for the next 6 months appear weak. This is not the portrait painted by HUD's May New Home Sales report.

As a home buyer in Marietta , this dichotomy may work to your advantage.

Falling supplies and rising demand correlate to higher home prices. Yet, builders are pessimistic for their market. Therefore, despite the economics, psychology may help buyers experience more favorable negotiations, including complimentary upgrades and other builder concessions.

If you're a buyer in today's market, it's a reason to consider the new home market. There may be good value once you know where to look.

A Simple Explanation Of The Federal Reserve Statement (June 22, 2011 Edition)

Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.

The vote was 10-0 -- the fourth straight unanimous vote for the nation's Central Bank.

In its press release, the FOMC said that the economy is recovering, although "somewhat more slowly" than what was expected. Labor markets have been weaker than anticipated and the Fed believes that is, in part, a result of higher food and energy costs, and supply chain disruptions as a result of "tragic events in Japan".

Some economic bright spots identified by the Fed include expanding household spending, and increased business investment.

These comments were in-line with what Wall Street expected from Chairman Ben Bernanke and the members of the Federal Open Market Committee.

The Fed stayed on message with respect to inflation, too. It acknowledged inflationary pressures on the economy, but attributed them to rising commodity costs and the aforementioned supply-chain disruption. The Fed expects long-term inflation to be stable. 

And, lastly, the Federal Reserve re-affirmed its plan to end its $600 billion pledge to bond markets June 30, and to hold the Fed Funds Rate near zero percent "for an extended period" of time. 

Again, no surprise.

Mortgage market reaction to the FOMC statement has been even this afternoon. Mortgage rates in Kennesaw are unchanged and leaning lower. Note that sentiment can shift quickly, however. If today's mortgage rates fit your budget, consider locking in your rate.

The FOMC's next scheduled meeting is August 9, 2011.

Existing Homes Sales Slip In May

Home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February.

April's resales were revised lower, too.

Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports.

The association's Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in "pending" homes.

This month's Existing Home Sales, however, fell flat.

May's drop in home resales wasn't limited to a particular region or price point, either. All 4 geographic regions lag last May's results. Five of the 6 valuation ranges fell, too.

• $0-$100,000 : +6.7 percent annual change
• $100,000-$250,000 : -21.6 percent annual change
• $250,000-$500,000 : -16.0 percent annual change
• $500,000-$750,000 : -11.0 percent annual change
• $750,000-$1,000,000 : -20.7 percent annual change
• $1,000,000 or more : -11.0 percent annual change

The Existing Home Sales report wasn't all bad, however.

Although the months of housing stock rose to 9.3 in May, the number of homes for sale nationwide fell 1%. This suggests that there weren't as many buyers in May as compared to April -- a function of weather, jobs and the economy. Since April, the jobs market and the economy have shown steady, slow improvement and Mother Nature has been less destructive.

Home resales should rebound in June and July, therefore.

If you're a buyer in today's market, home supplies are higher and mortgage rates are lower. The combination makes for ample bargain-hunting. There's excellent "deals" to be found in Atlanta. Ask your real estate agent for help in finding them.

What's Ahead For Mortgage Rates : Week of June 20, 2011

Mortgage markets improved last week as Wall Street managed news on both sides of the economic coin. There were several instances of higher-than-expected inflation -- an event that tends to lead rates higher -- but weak domestic jobs data and a soft manufacturing report suppressed the damage.

Rates were also held low by ongoing issues in Greece.

In Greece, the government is currently struggling to meet its debt obligations -- despite a restructuring of existing debt negotiated in 2010.

Without a plan for its new debt, though, Greece will likely to default on what it owes.  Eurozone and international banking leaders have failed to reach consensus on the situation, and now the citizens of Greece are in a state of social unrest.

The uncertainly surrounding the nation-state spurred a bond market flight-to-quality last week. That, too, helped to keep rates low. 

Last week, mortgage rates fell for the sixth week out of nine, a streak that's dropped conforming mortgage rates in Atlanta to their lowest levels of the year.

This week, that could change.

Wednesday, the Federal Open Market Committee adjourns from a 2-day meeting and anytime the Fed meets, there's a good chance that mortgage rates will move. The FOMC makes the nation's monetary policy.

The meeting adjourns at 12:30 PM ET and Fed Chairman Ben Bernanke will follow with a press conference at 2:15 PM ET. The press conference is meant to give context to the FOMC's decision, and allow for back-and-forth with the press corps. Wall Street will watch closely, too, for signals of the Fed's next action(s).

In addition, this week will see the results of May's Existing Home Sales report and New Home Sales report. Both are considered important to the housing market, and to the economy overall.

If you're still floating a mortgage rate, falling mortgage rates have helped you. There's not much room for rates to fall further, however. Consider calling your loan officer and locking something in. 

How To Clean Outdoor Furniture : Resin, Wood And Metal

This week marks the official start of Summer in Marietta. If your home's outdoor area has furniture in it, you'll want to make sure that your furniture is clean.

In this 4-minute video from Lowe's, you'll learn tricks to keep your outdoor furniture clean, and protected from the elements. All types of outdoor furniture are covered in the lesson including metal, resin-based, and wooden.

The offered tips include:

• Why you should never remove the "care tags" from a furniture pillow
• Choosing the proper pressure-washer tip for the job at-hand
• How to use car wax as a rust-preventative

Furthermore, the instructional video includes tips for cleaning fabrics and canopies; and for shampooing an outdoor rug.

There's lot of reasons to keep your outdoor furniture clean -- health reasons among them -- but it shouldn't be lost that clean furniture will have a longer useful life than furniture that's been neglected or ignored.

Clean your outdoor pieces at least twice annually and they'll give you years of good looks and comfort.

Housing Starts Climb Unexpectedly In May

The housing market received a jolt of good news Thursday. The Commerce Department reports that Single-Family Housing Starts improved in May.

As compared to April, last month's Single-Family Housing Starts rose 4 percent to a seasonally-adjusted, annualized rate of 419,000 units, a figure slightly better than the 6-month average and the highest tally since January.

A "housing start" is defined as a home on which new construction has started.

In addition, Building Permits saw a boost in May, too, climbing nearly 9 percent overall. Building Permits are a gauge of future construction activity with 89 percent of permits leading to new construction within 60 days.

For several reasons, the May data surprised Wall Street analysts. 

First, more homes being built suggests a healthier housing market, yet, earlier this week, the June homebuilder confidence report posted its lowest reading since September 2010.

Second, new home sales are only slightly higher than their all-time lowest annualized readings. Sales volume remains low in Kennesaw and nationwide.

And, lastly, home prices have yet to recover in full. By adding additional inventory, builders may suppress price growth through the remaining portions of 2011.

For home buyers in Georgia , though, the Housing Starts data may be a signal that the market is turning. The data can be used to your advantage.

Home prices are a function of supply and demand and -- based on the Housing Starts data plus the number of newly-issued Building Permits -- home supply is likely to rise. Demand, on the other hand, despite low mortgage rates, may not. At least not in the short run.

As a buyer, you can use this information to your advantage. If you're looking to buy new construction, ask your real estate agent about the current new homes supply. There are bargains to be found and May's Housing Starts data should support low prices for at least the next few weeks.

Mortgage Rates Surge On May Retail Sales Figures

The jobs market is recovering slower than expected, and so is housing. But neither condition has slowed U.S. consumers.

According to the Census Bureau, Retail Sales rose for the 11th straight month in May. Excluding cars and auto parts, sales receipts climbed to $322 billion last month. It's an all-time high and another example of the U.S. economy's resiliency.

Wall Street didn't expect such results. As a result, mortgage rates worsened Tuesday.

By a lot.

The connection between Retail Sales and mortgage rates can be fairly tight in a recovering economy. Retail Sales accounts for almost half of all U.S. consumer spending, and nearly one-third of the economy overall. The May report, therefore, showed the economy may be on more solid footing than economists expect.

Plus, lately, as the economy goes, so go mortgage rates in Marietta and nationwide. 

When the economy has shown signs of life, mortgage rates have increased. When the economy has shown signs of a slowdown, mortgage rates have dropped.

It's why mortgage markets reacted the way they did Tuesday; May's Retail Sales data was strong. The resultant surge in conforming mortgage rates -- from market open to market close -- turned into one of the year's fiercest, raising average mortgage rates well off their 7-month lows established earlier this week.

At today's rates, each 0.125 percent change in rates yields a payment difference of $7.50 per $100,000 borrowed. Yesterday, some product rates rose by as much as 0.250 percent. It put a dent in home affordability and household budgets.

With Retail Sales are up 8 percent from last year, therefore, and showing few signs of a slowdown, today may be a prudent date to lock a rate with your lender. As the economy continues to grow, rates are expected to rise.

Is This The Start Of A Refi Boom? Mortgage Rates Fall For 8 Straight Weeks.

Mortgage rates are falling, falling, falling.

On a wave of uncertainty about Greece and its debt; and weaker-than-expected economic data at home, conforming 30-year fixed rate mortgage rates have fallen to levels not seen since December 2, 2010.

Mortgage rates have dropped 8 weeks in a row. Not even last year's Refi Boom produced an 8-week winning streak. This season's streak is historic.

The 30-year fixed rate mortgage now averages 4.49% nationally, down 42 basis points, or 0.42%, since early-April. For every $100,000 borrowed, that equates to a monthly savings of $25.24.

Adjustable-rate mortgages have shed even more, giving back 50 basis points since the streak began.

Because of low rates, it's an excellent time to buy or refinance a home relative to just a few weeks ago. Note, though, that depending on where you live, you may find your quoted interest rates to be slightly higher or lower than what Freddie Mac reports in its survey. This is because the Freddie Mac figure is a national average.

Mortgage rates and fees vary by region:

• Northeast : 4.49 with 0.6 points
• Southeast : 4.52 with 0.8 points
• North Central : 4.52 with 0.6 points
• Southeast : 4.52 with 0.6 points
• West : 4.45 with 0.8 points

You'll notice that, in the West Region, rates tend to be low and fees tend to be high; in the North Central Region, the opposite is true. You should expect Georgia to have its own pricing norm within this region, too.

Is there a particular rate-and-fee setup that suits you best? The good news is that you can ask for it -- no matter where you live.

If having the absolute lowest mortgage rate is more important to you than having the absolute lowest fees, ask your loan officer to structure your loan in the "West" style. Or, if low costs are more your style, ask for them.

Mortgage rates appears as if they're headed lower but don't forget how quickly markets can change. Once they do, mortgage rates in Atlanta should spike. Exploit today's market while you still can.

What's Ahead For Mortgage Rates This Week : June 13, 2011

Mortgage markets moved in feverish fashion last week, changing with extreme frequency, and eventually ending slightly worse on the week. Conforming mortgage rates fell to a 6-month low Wednesday but, by Friday, they had retreated higher.

Last week marked just the second time in 8 weeks that rates in Kennesaw increased. During that span, Freddie Mac reports that mortgage rates have dropped 42 basis points, or 0.42%.

That equates to a monthly savings of $25.24 per $100,000 borrowed.

One reason why mortgage rates have been dropping is that the economy is growing more slowly than projected. In a speech last week, Federal Reserve Chairman Ben Bernanke described the U.S. recovery as "frustratingly slow". In a separate speech, another Federal Reserve President, William Dudley, categorized the recovery as "subpar".

Economic weakness tends to promote a low mortgage rate environment as equity markets sell off and investors seek safety of principal. Indeed, the Dow Jones Industrial Average fell for the 6th straight week, its longest losing streak since 2002. 

Mortgage rates were also helped by ongoing uncertainty in Greece. The nation remains at-risk for default, and that's spurring a bond market to flight-to-quality which benefits the U.S. mortgage market, too.

This week, mortgage rates may reverse their recent slide. There isn't much data due for release, but the numbers that will hit the wires have the ability to move markets -- especially the inflation-linked figures.

• Tuesday : Producer Price Index, Retail Sales
• Wednesday : Consumer Price Index
• Thursday : Housing Starts
• Friday : Consumer Sentiment

If you've been looking at mortgage rates for a purchase or refinance, now may be a good time to lock. FHA and conforming rates are at their lowest levels since December 2010.

Going forward, rates have much more room to rise than to fall.

Do You Know What Questions To Ask Your Lender?

A mortgage comes with many moving pieces and understanding them is the key getting a great deal. Unfortunately, studies show that few Americans have a firm grasp of how mortgages work -- from mortgage types to mortgage fees.

In this back-to-basics interview on NBC's The Today Show, you'll learn some mortgage planning basics to help you get smarter with your next home loan in Marietta or anywhere else -- purchase or refinance.

Some of the topics covered include:

• The mortgage applicants for whom adjustable-rate mortgages are a better choice than fixed-rate mortgages
• Why you should include "How Good Is This Lender?"-type questions in the rate shopping process
• What a pre-approval letter is good for, and what it is not good for

There is also one of the most simple explanations of "discount points" ever offered on network television.

The video runs 4-and-a-half minutes. For first-time buyers and experienced ones, it's worth a watch. You'll pick up some tips to use on your next mortgage.

Moving To A New City? See How Much Your Cost Of Living Will Change.

It's a fact: It's more expensive to live in some cities than others. Beyond just the costs of buying a home, different cities also carry a different Cost of Living. For households relocating from Georgia and  across state lines, the change in "life costs" can be jarring.

Depending on where you live, everyday expenses -- from groceries to gasoline -- make a different-sized dent in a household budget. And now you can see in numbers by how much your expenses might change.

Visit Bankrate.com's Cost of Living Comparison Calculator. 

The Cost of Living Comparison calculator is as basic as it is thorough. The calculator asks just 3 questions --  (1) Where do you live now, (2) To what city are you moving, and (3) What is your salary -- and uses your answers to produce a detailed, 60-item cost comparison between the two towns.

The city-to-city cost comparisons include:

• Dry Cleaning Costs
• Total Energy Costs
• Beauty Salon Costs
• Movie Costs
• Dentist Visit Costs

The list also features a mortgage rate comparison, and a comparison of local home prices.

The Cost of Living calculator is based on data from the ACCRA. On the ACCRA website, a similar report sells for $5. At Bankrate.com, the information is free.

Temporary Conforming Loan Limits Expire September 30, 2011

If you live in a high-cost area, keep an eye on your calendar. Effective October 1, 2011, temporary conforming loan limits will be lowered nationwide. Perhaps by as much as 14 percent.

These limits range up to $729,750 currently.

"Temporary loan limits" were enacted as part of the government's 2008 economic stimulus package. At the time, the financial sector was entering its crisis and private mortgage lending had all but disappeared. Financing was scarce for both homeowners and home buyers for whom loan sizes exceeded Fannie Mae and Freddie Mac's national $417,000 limit -- even for those with excellent credit and income.

The issue was exacerbated in places like New York City where local home prices routinely topped $1 million. Buyers unable or unwilling to bring a substantial downpayment to closing (i.e. $600,000 or more) found themselves without financing.

The February 2008 package addressed this issue, using a math formula to change loan limits in Kennesaw and nationwide. The government assigned to each U.S. metropolitan area a temporary, new loan size limit equal to 25% greater than its respective median home sale price, not to fall below $417,000, and not to exceed $729,750.

Then, later that same year, the Housing and Recovery Act made "high-cost areas" permanent, but with a reduced 15% increase to median home prices, and loan sizes not to exceed $625,500.

These new limits take effect October 1, 2011 -- one day after the temporary limits expire.

If you live in a high-cost area, therefore, take note. Mortgage rates may be low, but the amount of loan for which you qualify may be less than you expect, and you may find yourself ineligible.

Whether you're planning a refinance or a purchase, keep an eye on the calendar.

The complete list of high-cost areas is available online.

"Homes Under Contract" Plunge 12 Percent In April

Hurt by foul weather and a soft market, the Pending Home Sales Index plunged 12 percent in April.

The monthly index is published by the National Association of REALTORS® and measures the number of homes on which new contracts have been written. 

It's the association's lone "forward-looking" report; meant to predict future, closed home sales. 80% of homes under contract close within 2 months.

Therefore, if the April Pending Home Sales Index is accurate, we should expect home sales to decline through June and July.

On a regional basis, "pending homes" varied. The Northeast Region posted growth. None others did.

• Northeast Region: +1.7% from March
• Midwest Region : -10.4% from March
• South Region : -17.2% from March
• West Region : -8.9% from March

But even regional data remains too broad to be useful to everyday buyers and sellers in the Atlanta market. Housing is local and that means that each block, of each street, in each city has its own market and economy. Grouping 9 states into a single "region" is neither helpful nor relevant.

That said, we can't ignore the data in its entirety.

Housing is believed to be a key component in the nation's economic recovery. Fewer home sales will retard growth, and slower growth leads mortgage rates down.

Home Affordability hit record-highs last quarter, and should do the same in this one. Homes now sell at discounts to prior prices and mortgage financing is cheap. Buyers tend to be drawn to favorable markets such as this, and that will pressure home prices higher.

If you're in the market for a home today, conditions look good. Talk to your real estate agent to gauge your options.

What's Ahead For Mortgage Rates This Week : June 6, 2011

Mortgage markets improved last week, carried by the same stories that have led markets better since April. Worries of a Eurozone sovereign debt default mounted, and the U.S. economy's revival showed itself to be slower than originally anticipated.

In Greece, the nation readied itself for its second bailout in two years. The austerity measures of last year have not worked as planned. There are concerns that a default would lead to contagion, delivering the Euro region into an economic tailspin.

These fears spurred a flight-to-quality in bond circles to the benefit of U.S. mortgage rate shoppers.

In addition, last week's U.S. jobs data fell short of expectations, giving another boost to mortgage markets.

There were 3 weak reports:

1. ADP showed 38,000 private-sector jobs created in May. Analysts expected 170,000.
2. The Department of Labor showed 422,000 Initial Jobless Claims. Analysts expected 415,000.
3. The Bureau of Labor Statistics showed 54,000 jobs created in May. Analysts expected 150,000.

Each of these data points underscores the fragile nature of the U.S. recovery, and the weaker-than-expected readings helped mortgage rates improve.

It's the sixth week of 7 that mortgage rates in Kennesaw have improved, setting the stage for a new wave of refinances.

This week, there is very little new data on which for mortgage bonds to trade. Therefore, expect the stories from recent weeks to continue to dominate headlines. If Greece's austerity and/or bailout plan is met with investor optimism, mortgage rates should rise. If the plan falls flat, mortgage rates should fall.

There will also be chatter about the U.S. debt ceiling, another potentially negative force on mortgage rates.

If you're floating a mortgage rate right now, consider locking in. There's a lot more room for rates to rise than to fall.

Case-Shiller Shows Home Values Rolling Back 9 Years

The March Case-Shiller Index was released this week and it corroborates the findings of the government's most recent Home Price Index -- home values are slipping nationwide.

According to the Case-Shiller Index's publisher, Standard & Poors, home values fell in March from the year prior.

The March report was among the worst Case-Shiller Index readings in 3 years. On a monthly basis, 18 of 20 tracked markets worsened. Only Seattle and Washington, D.C. showed improvement, rising 0.1% and 1.1%, respectively.

On an annual basis, price degradation was even worse.

Washington, D.C. is the only tracked market to post higher home values for March 2011 as compared to March 2010. The national index has now dropped to mid-2002 levels.

As a buyer in today's market, though, you can't take the Case-Shiller Index at face value. It's methodology is far too flawed to be the "final word" in home prices.

The first big Case-Shiller Index flaw is its relatively small sample size. S&P positions the Case-Shiller Index as a national index but its data comes from just 20 cities total. And they're not the 20 most populous cities, either. Notably missing from the Case-Shiller Index list are Houston (#4), Philadelphia (#5), San Antonio (#7) and San Jose (#10). 

Minneapolis (#48) and Tampa (#55) are included, by contrast.

A second Case-Shiller flaw is how it measures a change in home price. Because the index throws out all sales except for "repeat sales" of the same home, the Case-Shiller Index fails to capture the "complete" U.S. market. It also specifically excludes condominiums and multi-family homes. 

In some cities -- such as Chicago -- homes of these types can represent a large percentage of the market.

And, lastly, a third Case-Shiller Index flaw is that it's on a 2-month delay. It's June and we're only now getting home data from March. Today's market is similar -- but not the same -- to what buyers and sellers faced in March. The Case-Shiller Index is far less useful than real-time data of a city or neighborhood.

The Case-Shiller Index is more useful to economists and policy-makers than to everyday buyers and sellers in Atlanta. For better real estate data for your particular neighborhood, ask your real estate agent for help.

A real estate agent can tell you which homes have sold in the last 7 days, and at what prices. The Case-Shiller Index cannot.

Making A Rate-Lock Plan Before Friday's Jobs Report

Tomorrow morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its Non-Farm Payrolls report for May. If you're floating a mortgage rate right now -- or are in the process of shopping for a loan -- consider locking your rate sooner rather than later.

The Non-Farm Payrolls report can be a major market mover, causing large fluctuations in both conforming and FHA mortgage rates in Marietta. It's because of the report's insight into the U.S. economy.

More commonly called "the jobs report", Non-Farm Payrolls is issued monthly. Sector-by-sector, it details the U.S. workforce and unemployment rates. 

Jobs momentum has been strong. Through 7 consecutive months, the economy has added jobs, the government reports. Nearly 1 million new jobs have been created during that time. These are strong figures for a country that lost 7 million jobs in 2008 and 2009 combined.

However, Wednesday, a weaker-than-expected "preview" figure from payroll company ADP has Wall Street wondering whether this month is the month that the winning streak ends.

May's ADP data fell so far short of expectations that investors have had to re-assess their job growth predictions. Earlier this week, the consensus was that 185,000 new jobs were created in May. Today, those estimates are much lower.

The change is leading mortgage rates lower, too.

The connection between jobs and mortgage rates is somewhat straight-forward. Job growth influences mortgage rates because jobs matter to the economy. As job growth slows, so does the economic growth, and that puts downward pressure on mortgage rates.

The opposite is true, too. Strong job growth tends to lead mortgage rates higher.

So, with job growth estimates revising lower, Wall Street has adjusted its "bets" and that's benefiting rate shoppers across Georgia. Should the actual jobs figures not be so bad, though, expect a quick and sharp reversal; and much higher mortgage rates for everyone.

The safe move is to lock your rate today.

Mortgage Guidelines Start To Loosen At The Country's Biggest Banks

Another quarter, another sign that mortgage lending may be easing nationwide.

The Federal Reserve's quarterly survey of senior loan officers revealed that an overwhelming majority of U.S. banks have stopped tightening mortgage requirements for "prime borrowers".

A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio.

Of the 53 responding "big banks", 49 reported that mortgage guidelines were "basically unchanged" last quarter. Of the remaining four banks, two said mortgage guidelines had "eased somewhat", and the remaining banks said guidelines "tightened somewhat".

It's the second straight quarter in which fewer than 5 percent of banks tightened guidelines, and the first quarter in nearly 5 years in which the number of banks that loosened guidelines equaled the number of banks tightening them.

The easing in mortgage lending is a positive development for the housing market; and for buyers in Atlanta and nationwide. Looser lending standards means that more buyers will be approved for home loans, and that should spur home sales forward across the region.

However, don't confuse "looser standards" with "irresponsible standards". It's much more difficult to get financing today as compared to 2006. Delinquencies and defaults have altered how a bank reviews a loan application.

Today, underwriters are more conservative with respect to household income, total assets and overall credit scores. Even as compared to just 6 months ago:

• Minimum credit score requirements are higher
• Downpayment/equity requirements are larger
• Maximum allowable debt-to-income ratios are lower

If you can get approved, though, your reward is that mortgage rates are especially low. Since early-April, both conforming and FHA mortgage rates have been on a downward trajectory, and pricing is near a 6-month low.

Home affordability is at an all-time high, too.

Looser guidelines and lower rates should help fuel home demand through the summer months. If you're in the market to buy, your timing appears to be excellent.

Mortgage Guidelines Start To Loosen At The Country's Biggest Banks

Another quarter, another sign that mortgage lending may be easing nationwide.

The Federal Reserve's quarterly survey of senior loan officers revealed that an overwhelmingly majority of U.S. banks have stopped tightening mortgage requirements for "prime borrowers".

A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio.

Of the 53 responding "big banks", 49 reported that mortgage guidelines were "basically unchanged" last quarter. Of the remaining four banks, two said mortgage guidelines had "eased somewhat", and the remaining banks said guidelines "tightened somewhat".

It's the second straight quarter in which fewer than 5 percent of banks tightened guidelines, and the first quarter in nearly 5 years in which the number of banks that loosened guidelines equaled the number of banks tightening them.

The easing in mortgage lending is a positive development for the housing market; and for buyers in Marietta and nationwide. Looser lending standards means that more buyers will be approved for home loans, and that should spur home sales forward across the region.

However, don't confuse "looser standards" with "irresponsible standards". It's much more difficult to get financing today as compared to 2006. Delinquencies and defaults have altered how a bank reviews a loan application.

Today, underwriters are more conservative with respect to household income, total assets and overall credit scores. Even as compared to just 6 months ago:

• Minimum credit score requirements are higher
• Downpayment/equity requirements are larger
• Maximum allowable debt-to-income ratios are lower

If you can get approved, though, your reward is that mortgage rates are especially low. Since early-April, both conforming and FHA mortgage rates have been on a downward trajectory, and pricing is near a 6-month low.

Home affordability is at an all-time high, too.

Looser guidelines and lower rates should help fuel home demand through the summer months. If you're in the market to buy, your timing appears to be excellent.