November 2010

Best places for the rich and single – Sandy Springs, GA!?

I found this interesting too – I did not know Sandy Springs was the affluent singles Mecca it is! Makes sense with the Northside hospital complex nearby. For you single gentlemen, I do know that nearby Vinings has a high population of single women homeowners – 3-4 times more than single men homeowners! Anyway, Money Magazine rated Sandy Springs, GA #4 out of 25 affluent cites where singles are abundant!

Money Magazines Description of Sandy Springs:

Charming Southern gentlemen and sweet Georgia peaches in this Atlanta suburb are making the rounds at one of three major hospitals in the area or running operations at a Fortune 500 company like United Parcel Service or Newell Rubbermaid. Thanks to the natural springs the city is named for and the Chattahoochee River that flows through it, Sandy Springs offers a tranquil and peaceful setting for romance to blossom. After taking a stroll along the riverbank, head to Buckhead, Atlanta’s vibrant uptown district, for a night on the town. –H.Y.

I agree – young doctors and interns will find Sandy Springs very convenient to the major hospital complexes at Northside, St Josephs, and Emory!

A few stats:

Population: 82,674
Single: 35.6% – (that’s a high ratio of singles)

Median family income: $115,171 (That ranks in the top 25 of all 100 Best Places Cites)

Median Home Price: $380,000

Whether you’re a Grey’s Anatomy type in the medical field, rich, middle income, single or married, I can help you get a superb deal on prime Sandy Springs, GA real estate – from $200,000 to $10,000,000 – just reach out to me at 678-585-9691!
Robert

And coming in at #76, it’s Roswell, GA!

Well it’s nice to have my town, Roswell, GA win a spot in Money Magazines 2010 “Top 100 Small Cities in America” the only Georgia city to rank in the top 100 Best Places to Live! As a Roswell resident for the past 4 years I can tell you it is an excellent place to live and my family loves it.

As a licensed GA real estate broker and 30 year resident of metro Atlanta, I can tell you there are other excellent places to live in North Atlanta as well, such as Marietta, East Cobb (the section of Roswell I live in) Alpharetta, Milton, Crabapple, and Johns Creek – these should have been on the list.

Money magazines description of Roswell:

Home to several plantation houses from the Civil War era, historically rich Roswell is committed to a family-friendly environment. It has some of the best public schools in the state, the lowest crime rate in the region, and a myriad of outdoor activities, making it easy to understand why families flock to this affluent Atlanta suburb. Residents love their many public events, including the monthly Alive after Five summer festival, with plenty of food, shopping, and live music. –J.S.

All true and here are a few stats to go along:

Median Family Income- $113,750 (ranked 24th highest income of the100 cities)

Median Home Price – $246,700 (the average of the 100 as $239,300)

Now as you know, Oprah Winfrey can afford to live anywhere on the planet, and I read a quote in a magazine article where she said Roswell, GA was one of the best places to live a few years ago – though I can’t recall which magazine, I agree with Oprah!

Oprah or anyone else wanting help on securing a fantastic deal on prime Roswell real estate, or a wonderful home anywhere in greater North Atlanta should call me immediately at 678-585-9691! Robert

FHA MIP Rates Recently Increased

FHA is still a good loan, and for many borrowers the only option, but some changes have occured which may make a conventional loan better in some cases – especially if you have very good credit – 720 FICO and above, and can put more money down on the home. Always consult with a good lender to explore the best loan options.

How FHA-Insured Mortgages Work

Most people forget — the FHA is not in the business of making loans to homeowners. Rather, the FHA insure loans that lenders make to borrowers. The FHA puts out a set of guidelines says to banks that “so long as your borrowers meets these requirements, we will insure the loans you make to them.”

Now, banks don’t expect their FHA-backed loans to go bad, but when their loans default, the FHA steps in and makes payment on them similar to how any insurance-type company would operate. And, to fund these claims, the FHA uses its insured borrowers’ own money.

Homeowners backed by the FHA pay into the FHA insurance fund in two ways:

1.With a one-time, upfront payment at closing called Upfront MIP
2.With an monthly, pro-rated annual payment called Annual MIP
Mortgage insurance premiums kick off a lot of money and the FHA has been self-funded for years without issue. However, as FHA home loan defaults have climbed recently, so have insurance payouts to lenders. It’s put a ginormous strain on the FHA’s solvency.

For example, in September 2008, the FHA held $19 billion in reserves. Today, that number is $3 billion.

In the FHA’s own words, the groups reserves are “perilously low”.

Summarizing The FHA Mortgage Insurance Changes

As a means to help refill its coffers, therefore, the FHA recently changed its upfront and annual mortgage insurance premium structure. It’s the second tweak of 2010 and the changes apply to FHA case numbers issued on or after October 4, 2010.

Under the updated mortgage insurance program, assuming a 30-year fixed rate FHA mortgage with at least 5 percent equity:

•Upfront MIP drops to 1.000% of the amount borrowed from 2.250%
•Annual MIP increases to 0.850% of the amount borrowed from 0.500%
For homeowners using an FHA-insured mortgage, the upfront cost of the loan will drop by a lot, but the long-term costs of the loan will grow.

Using a $200,000 mortgage as an example, upfront MIP falls to $3,000 from $7,750; monthly MIP jumps to $212.50 from $125.00. The FHA expects the change to yield an additional $300 million in premiums monthly.

Of course, Mortgage Insurance Premiums can be terminated once you have 20% equity in the home – the key is to stay in touch with the market and have your home appraised when you think you have built up sufficient equity. Always contact your lender about getting MIP removed before you pay for an appraiser.

In Summary:

•Previous MIP system : Big upfront costs, low long-term costs
•New MIP system after October 4, 2010 : Low upfront costs, big long-term costs – costs you less up front, but more in the long run – for as long as your home has less than 20% equity.

Contact me anytime at 678-585-9691 if you need a market analysis of your Atlanta homes value or a referral to a great Atlanata lender.