It just got easier to get a jumbo mortgage

The bank is easing the lending requirements for its jumbo mortgages, which tend to be loans in excess of $417,000 in many markets and $625,500 in more expensive areas.

A potential buyer now only needs a credit score of 680 and a 15% down payment to qualify for a maximum loan amount of $3 million for a primary-residence home. Borrowers used to need a 740 score and put 20% down.

By easing its standards, the bank is hoping to gain more customers. "The performance we had on jumbo loans ... has been fantastic. We think we are able to make high-quality loans to high-quality customers," said Steve Hemperly, head of mortgage originations at JPMorgan Chase & Co.

he standards for second-home purchases requiring a jumbo loan have also eased to a 680 credit score and a 20% down payment. Buyers used to have to put down 30% to 50%.

The bank claims it's the only lender allowing a 680 credit score with smaller down payments for primary and second home jumbo mortgages.

Loose lending practices helped bring down the housing market in 2008. In the wake of the Great Recession, credit markets froze and the mortgage industry upped their loan requirements.

While the standards have started to loosen, mortgage availability remains relatively tight and first-time buyers have been noticeably absent.

However, jumbo loans have performed well in the recovery. Hemperly said there's been an increase in these large loans in California, the Northeast and Chicago.

Original Article

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

1.5 Million Homeowners Could Re-Enter Housing Market in Next Three Years

More than 1.5 million home buyers negatively impacted by the financial crisis could potentially re-enter the mortgage market in the next three years, according to a new study from TransUnion. This population of consumers negatively impacted by the financial crisis – commonly known as boomerang buyers – was defined by TransUnion as being 60+ days delinquent on a mortgage loan, having lost a mortgage through foreclosure, short sale or other non-satisfactory closure, or having a mortgage loan modification. TransUnion’s study found that approximately 700,000 boomerang buyers may be able to re-enter the housing market in 2015. Over the next five years, TransUnion anticipates 2.2 million boomerang buyers could re-enter the market. The study analyzed the overall U.S. credit-active population at the end of 2006 (the end of the mortgage Bubble), the end of 2009 (the end of the Burst) and in 2014 to determine consumers’ ability to re-enter the mortgage market. “Based on our study findings, the Burst had a significant and dramatic impact on many consumers’ ability to re-enter the mortgage market after suffering through the downturn,” says Joe Mellman, vice president and head of TransUnion’s mortgage group. “It’s been over seven years since the beginning of the mortgage crisis; this is significant because many derogatory items, such as foreclosures and short sales can prevent consumers from qualifying for a new mortgage for a period of time. The timing of that challenge can vary: for example, four years must pass after a short sale and seven years must pass after a foreclosure. As consumers responsibly manage their credit and pass these milestones, we anticipate a tide of newly mortgage-eligible consumers entering the market.” TransUnion analyzed, on a depersonalized basis, every consumer it could longitudinally track between 2006 and 2014, which came to 180 million consumers. During the mortgage Bubble in 2006, 43 percent of that population, or 78 million consumers, had a mortgage. Approximately 8 percent of these consumers had a negative impact on their mortgage – 60+ days delinquent, foreclosure, etc. – between the Bubble and Burst. TransUnion analyzed this impacted population of 7 million consumers to determine how many consumers had recovered to meet agency credit underwriting guidelines by the close of 2014. The study found that only 18 percent of consumers impacted had recovered by December 2014. However, the study found that 2.2 million of the remaining 5.7 million unrecovered consumers could meet agency underwriting guidelines over the next five years. According to TransUnion’s study, 42 percent of the recovered consumers currently have a mortgage, while 58 percent of the recovered consumers have not yet re-entered the mortgage market. “As boomerang buyers who experienced foreclosures or other negative impacts become eligible to re-enter the mortgage market, they may not immediately do so if they are not aware they are eligible again, or feel daunted by their prior experience,” Mellman says. “Lenders can help consumers ease this transition with credit education programs addressing consumer eligibility, and help them better understand their borrowing options.” Credit Score Impact The study also looked at how big of an impact the mortgage crisis had on consumer credit scores. Between the Bubble and the Burst, 39 million consumers dropped at least one credit score tier. As of 2014, 16 million of these consumers had recovered sufficiently to reach at least the risk tier they were in before the Burst. Despite the significant impact on consumer credit scores, a marked improvement in scores has also been observed for certain credit score risk tiers. The study found that 7 million more consumers have moved into prime or better risk categories (VantageScore® 3.0 credit score of 661 and above) between the Burst in 2009 and the close of 2014. Additionally, 8 million consumers left the subprime risk tier (VantageScore® 3.0 credit score of 600 or below) to enter higher risk tiers during the same timeframe. “An important question lenders face is when to re-engage with consumers who have been challenged managing credit in the past. Despite the negative impact of the mortgage crisis on many consumers, we’re seeing promising recovery as consumers shift to lower risk tiers,” says Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. “The pronounced decline in the number of subprime consumers indicates that time has diminished the impact of Burst-era derogatory items on consumer credit. While some lenders may be hesitant to offer loans to these impacted consumers, our data show these consumers are becoming better credit risks. Our study puts a framework around the re-engagement question relative to the mortgage crisis, and that’s good news for both lenders and consumers alike.” Original Article from RIS Media Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Email Me

www.KenKeegan.com

Click here for more information on Brunswick, County Real Estate

St. James Plantation

Closed St. James Sales Since 2004

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

Southport is named 'America's Happiest Seaside Town' by Coastal Living magazine

It’s official!

  

Southport pulled off a surprise victory Tuesday, beating out nine other coastal cities and towns in a day-long test of survival to be named “America’s Happiest Seaside Town.”

 

The annual contest, organized by editors of Coastal Living magazine, first announced to the city that it had been named a finalist in February.

Starting at 7 a.m. Tuesday, as each finalist town was counted down from 10 to one hour-by-hour on the magazine‘s website, Southport continued to survive and advance.

The announcement made at 3 p.m. prompted celebration among staff and volunteers at Fort Johnston’s Garrison House, home of the city’s museum, visitors center and tourism department.

“I’m in shock! I’m completely in shock!” department director Cindy Brochure exclaimed. “We brought it home, not only for Southport, but for the State of North Carolina, and this year for both Carolinas.”

From several different standpoints, the news is huge for the city as a major tourism draw, one of its largest industries.

“This is massive,” Brochure added. “I felt like we were on ‘Survivor’ all day long.”

Assistant tourism director Joni Schinske was busy cutting up signs promoting the contest, and the online voting that helped to propel it, making a new banner: “America’s Happiest Seaside Town.”

Southport beat out two Florida towns—Venice and Delray Beach which finished second and third—to capture the award. Other finalists were: Corona del Mar, California; Wellfleet, Massachusetts; Monterrey, California; Narragansett, Rhode Island; Ocean Springs, Mississippi; Portsmouth, New Hampshire; Tybee Island, Georgia.

Southport’s victory is a good old-fashioned underdog story, for each one of its nine competitors boasted a population larger than the just-over-3,000 people who reside here. For example, Delray Beach’s population exceeds 60,000. 

Through Brochure and Schinske, the city worked to promote the campaign—on land through banners, flyers and word-of-mouth—and online through social media and a Youtube video produced in February. 

Marketing executives told Brochure that Coastal Living was impressed with the department’s efforts, including the “If You Are Happy and You Know It” Youtube video, and a tweet-and-eat pizza party for teenagers held at the fire station. 

A impromptu reception was held Tuesday evening at American Fish Co. in the Yacht Basin to celebrate the victory.

What they said

Here’s what Coastal Living magazine had to say about its award-winner after posting the news on its website Tuesday afternoon:

“Putting proof to the dictum that ‘small is beautiful,’ this tiny (2.2-square-mile) harbor town at the outlet of the Cape Fear River with only 3,060 residents wins big on Southern beauty and charm. Everyone’s your neighbor here, and most of the town’s residents walk, bike or drive golf carts down Southport’s oak-tree-lined streets to enjoy a morning coffee at Port City Java, browse antique shops and galleries, and head to the waterfront for a table—and delicious fish tacos—on the pier of Fishy Fishy Café.

“One stroll through town (and perhaps a stop at Bull Frog Corner, with its barrels of penny candy) makes it easy to see why Southport has long been sought-after as a film location. Bright white cottages with red roofs, stately sea captains’ homes, two lighthouses, and water in seemingly every direction (what with the confluence of the river and the Intracoastal Waterway) create vistas at every bend in the road. It’s a vintage postcard sent from a halcyon past.

“In addition to the town’s harbor-front pleasures—the jaw-dropping views of massive container ships navigating toward the ocean from inland Wilmington, plus a narrow strand of sand along the water—Southport is also a quick ferry-boat ride out to Bald Head Island, boasting one of North Carolina’s most stunning beaches. Finally, there’s nothing small about the Independence Day party here: Southport swells with revelers who come to celebrate at the N.C. Fourth of July Festival—a truly all-American weekend.”

 

Original Article from State Port Pilot

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

New Listing: 2759 Long Bay Drive SE - St. James Plantation

 

This Barry Martin built​ Intracoastal Waterway home is constructed solidly on 40' deep pilings under all the concrete footings. The views of the ICW and harbor in the St. James marina are wonderful. There are crown moldings, great columns and granite galore. The layout is very open and perfect for entertaining. The master suite bath has a curbless wheelchair accessible shower. The home features two laundry rooms each with a washer and dryer. An elevator is in operation from the first floor to the third floor. Windows across the rear of the home take advantage from every angle of the waterway views. On the third floor balcony deck, you can relax in the bubbling hot tub and enjoy a beautiful sunset. A great deal of unheated storage is available on the first floor and in the attic. St. James Plantation is a gated community with amenities to include 81 holes of golf, tennis, full service marina on the ICW, private oceanfront beach club and more. Club membership is active.

 

For more details, call Ken Keegan at 910-523-0903

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

April Newsletter Stats

2015 YTD St. James Market Stats

• Average Single Family Home List Price: $399,829
• Average Single Family Home Sale Price: $358,711
• Average Single Family Home Days on Market: 170
• Average Lot List Price: $116,075
• Average Lot Sale Price: $92,107
• Average Lot Days on Market: 107

Stats Shown are Jan. 1 - Mar. 31 2015



Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation

Bald Head Island groups host forum on offshore energy production

By Lee Hinnant, Staff Writer

Although a majority of North Carolinians appear to support offshore drilling for oil and natural gas, they don’t live on the coast next to the 200-mile planning area, a university lecturer told a group of about 50 people at Bald Head Island on Monday.

Roger Shew, who has more than two decades of experience in the petroleum industry, outlined the pros and cons of drilling at a forum sponsored by Bald Head Association and Bald Head Island Conservancy. He said an Elon University poll found 66-percent of residents supported drilling, while a Harris poll put support at 71-percent.

“Coal is still the biggest source of North Carolina energy,” he said, and it is the worst for the environment. About 9.5-percent of North Carolina’s energy comes from renewable resources. State law mandates that 12.5-percent of energy come from renewable sources by 2021. Shew called that a “meager goal.”

Drilling would be restricted within 50 miles of the coast. Shew said even if rigs are built off the North Carolina coast, residents shouldn’t expect to see a lot of economic development.

“The Gulf (of Mexico) has all the infrastructure; there is none here,” Shew said. “Norfolk (Virginia) and Charleston (South Carolina) will see the most activity. We don’t have the deep water port with infrastructure.”

Eight companies currently want to survey off the North Carolina coast, he said. The best spots are 35 to 45 miles offshore along the slope of the Continental Shelf, he said. Under current rules, drilling could not happen before 2021 and it would be 2026 before production wells would be operational, he said.

He estimated there is the equivalent of five-billion barrels of oil in the North Carolina area under consideration.

Seismic testing will cause “incidental harassment” of marine mammals but will not injure or kill thousands, as some have claimed, Shew said.

The University of North Carolina at Wilmington lecturer took a moment to contrast drilling rigs with wind turbines.

A wind-energy turbine “would not bother me if it was next door,” Shew said, adding that they would visible perhaps 30-percent of the time at proposed locations. Some folks don’t want to see them at all, he acknowledged.

The state is asking that wind turbines be at least 24 miles offshore—a request that would effectively eliminate them from two proposed areas off Brunswick County.

Shew said large, modern turbines spin slowly and are designed to deter birds. There’s been no indication that they have caused harm in Europe, where they are widely used. “I actually think it would be a tourist attraction,” Shew said.

Original State Port Pilot Article

Ken Keegan Real Estate Broker
(910) 523-0903 mobileEmail Mewww.KenKeegan.com Click here for more information on Brunswick, County Real Estate St. James Plantation