Single-Family Home Construction Available on the Northshore

New Urbanism is alive and well in the Greater New Orleans area with Mixed-Use Developments being built where previously housing projects had stood.  Many developers are tapping into the multi-family construction industry, building apartment housing in popular neighborhoods.  Single-family home construction is taking a backseat to these types of developments as well as multi-family condo and townhome construction also in the city of New Orleans.  Because of this, people relocating to the New Orleans area as well as young people graduating from college and moving out are finding it harder and harder to find the traditional “first time home buyer home.”

Surprisingly, Millenials, according to the National Association of Home Builders, tend to want to live in single-family homes in the suburbs.  According to the NAHB’s survey, 75% want traditional new homes, and 66% prefer to live in the suburbs with only 10% choosing urban living, such as living in downtown New Orleans or the outlying areas.  While nationally this is a trend, the migration of Millenials may very well benefit the Northshore of the lake because in St. Tammany Parish, there are plenty of new homes for sale as well as lots for sale.

Since the Recession, home pricing has been somewhat unreliable, but now housing prices seem to have stabilized, so it is less difficult to acquire housing finance for new home buyers looking to buy their first, second, or even third home.  Another factor that may drive new home buyers to the north shore is the fact that inventory in popular, safe neighborhoods in New Orleans such as the Garden District, Bywater, Uptown, etc., is very scarce, prompting bidding wars among home buyers.  Young home buyers may get priced out of the market with competitive pricing being higher than normal.

Regardless of where the Millenials in the Greater New Orleans area choose to buy their new, single-family home, Bedico Creek Preserve is “ready” for any type of home buyer with 10 Neighborhoods from which to choose new homes for sale and lots for sale.  Lot pricing at Bedico Creek starts in the $40’s, and new home prices start in the $240’s.  If you are ready to view a lot for sale or new home for sale, Contact Bedico Creek at 985-845-4200 or E-mail Info@LiveBedico.com.

Click Here for the Source of the Information.

Housing Finance System to Get a Boost from Ginnie Mae

Federal Home Loan Banks (FHLBanks) are an important component of the housing finance system and were sanctioned by Congress to meet the credit needs of communities everywhere in all economic cycles by providing liquidity for mortgage lending. There are 11 regional FHLBanks which supply low-cost funding to upwards of 7,400 members that include community banks, credit unions, insurance companies and community development financial institutions throughout the United States. The Mortgage Partnership Finance (MPF) programs provide FHLBanks’ members resources to sell their mortgages to secondary market agencies which allow community banks to compete with mortgage loans and competitive pricing. These institutions in turn can provide housing finance for low rates to future homebuyers, better lending standards and community investment opportunities to the local markets.  This program will be a great benefit to departments such as the Department of Rural Development Loans which is committed to the future of rural communities – the role of which is to increase rural residents’ economic opportunities and improve their quality of life.

The FHLBanks have teamed up with Government National Mortgage Association (Ginnie Mae) and created a program that will lend a helping hand to improve liquidity in the mortgage markets, provide more competitive pricing for consumers and increase credit availability. MPF issued its first $5 million security guaranteed by Ginnie Mae which is made up of a mix of loans.  It includes over 50% in the RHS category, a majority of VA loans and the remainder FHA loans. The Federal Home Loan Bank of Chicago and Ginnie Mae already have a program set in place that helps FHLBank members to sell their Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and Rural Housing Services (RHS) loans into Ginnie Mae securities.

“This is an important milestone for the MPF program,” said Matt Feldman, president of the FLHBank of Chicago. “Ginnies are among the most liquid financial instruments in the world, and this new product allows us to enable FHLBank members to offer competitive FHA, VA and Government Guaranteed Native American and Rural Housing mortgages.”  Ginnie Mae President Ted Tozer said.
“Now they can connect directly to the capital markets, improving the home financing options they can offer to their customers without the burden of having to individually obtain and maintain Ginnie Mae approval,” he added. Now local community banks and local lenders can compete with national large banks and pass the savings and improved home loan financing options to their consumers.

Click Here for the Source of the Information.