They have done it again! Renaissance Corporation has teamed up with Mississippi's leading financial, public, and business minds and have come up with a program to help a broad range of individuals and families achieve their dream of homeownership. We are proud of them and thank them for their hard work. Here are some highlights of the program:
MyHome MyCoast was launched in April 2009 by the Gulf Coast Renaissance Corporation as a perpetual fund to assist thousands of residents and potential residents of Mississippi's six coastal counties. The long-term, stimulus-style housing program will provide homeownership opportunities to private individuals, focusing on those who have been negatively impacted by the devastation of Hurricane Katrina and/or the recent national credit crisis. Through it's initial goal to bridge the gap in affordable workforce housing in the area, MyHome MyCoast - which is a partnership developed by Renaissance with Mississippi's largest financial lenders, the Gulf Coast Business Council, Enterprise Corporation of the Delta, Mississippi Development Authority, Gulf Coast Housing Director Gerald Blessey and several community-based organizations - also provides many benefits to South Mississippi, including stimulating the private real estate market.
Who can participate in MyHome MyCoast?What type of support is made available to applicants of the MyHome MyCoast program?
An individual who is not a current homeowner in any of the six eligible counties.
A renter interested in becoming a homeowner (cannot have owned a home in the preceding six months)
A person displaced or affected by Hurricane Katrina who wishes to purchase a home in the six coastal counties.
A new resident to the six coastal counties.
An individual whose household income is not greater than 120 percent of the AMI based on the most-recent HUD income limits
Homeownership Counseling Partners will administer the NeighborWorks model for homeownership education and counseling, which includes:
Orientation and assessment of the participant's readiness for homeownership
Enrollment in the NeighborWorks Achieving the American Dream program, an eight-hour homeownership education course
One-on-one counseling tailored to the individual needs of the participant for credit repair.
Post-purchase counseling to prevent foreclosure required prior to closing on new home.
What are the financial benefits to participants of the MyHome MyCoast program?
The program leverages local lenders' mortgages and offers a zero-percent interest on a second mortgage funded by Community Development Block Grant funds. The mortgages, which are 30-year, fixed-rate, have a loan-to-value position of 40/60 percent, with a graduating scale based upon household AMI.
Flexibility in lending as the local financial lenders will not be burdened with selling loans in the secondary mortgage marketplace.
A down-payment-assistance grant based on the AMI, ranging from $14,300 to $25,000.
Up to $3,500 grant funds toward closing costs.
Taxes and insurance will be escrowed by the lending institution.
No origination fee
How do I get started? Call the MyHome MyCoast toll-free number: 1-888-49-COAST(1-888-492-6278)
GULFPORT -- The Port of Gulfport has big plans for expansion, but even at its current size and with a slumping economy, the port already has put itself in a position to be the benefactor of a future business boom.
A shift in trade patterns began several years ago when many Gulf Coast ports tweaked operations and drifted away from a specific type of cargo, choosing instead to handle mostly containerized and break-bulk cargo - goods that can be boxed or fastened to a pallet and usually need to be lifted from a vessel by crane.
Meantime, industry executives say another method of shipping is slowly being squeezed out and a few smaller ports along the Gulf are seizing the opportunity.
Some ports, such as Houston and Tampa, still handle a variety of cargo types, but many major ports are decreasing their capacity for "ro-ro" cargo (goods that can be rolled on and rolled off a vessel). This has allowed smaller ports, such as Gulfport and Galveston, to put a heavy emphasis on that trade.
"One of the things that maritime shipping companies look for when they look at ports is what type of cargo a port can handle," said Don Allee, executive director of the Port of Gulfport. "We are at a great advantage because we can do both."
Before Hurricane Katrina the Port of New Orleans handled several ro-ro vessels, including several calls a month from Wallenius Wilhelmsen Logistics and National Shipping Company of Saudi Arabia.
WWL has since consolidated its services at Galveston and NSCSA has moved its ro-ro services to Atlantic ports. Matt Gresham, a spokesman for the Port of New Orleans, said his port hopes to eventually bring ro-ro vessels back.
On the other side of Gulfport, the Port of Mobile still handles ro-ro cargo on occasion; port spokeswoman Judy Adams said Alabama still markets its port as being capable of handling all types of cargo.
"(Mobile) can handle ro-ro cargo without adversely impacting capacity or capability of handling break-bulk or containers," she said. "If a ro-ro opportunity presents itself, we accommodate."
Millions of containers enter the United States every year through terminals in California, but port congestion and labor shortages in recent years have forced cargo ships to wait in long lines at major West Coast ports. Many vessels small enough to fit through the Panama Canal have been diverted to ports in the Gulf of Mexico.
Experts believe the planned expansion of the Panama Canal, which would allow next-generation megaships to cross into the Gulf, will drastically increase business at Gulf Coast ports.
The U.S. Department of Housing and Urban Development (HUD) has accepted the State of Mississippi's revised plan to restore the Port of Gulfport, which was heavily damaged by Hurricane Katrina.
As part of the work, the port wiill be elevated to 25 feet above sea level to better protect it from storm surge, according to a press release from the Mississippi Development Authority.
MDA has allocated $570 million to the project.
"Rebuilding the Port of Gulfport stronger than before is essential to not only the economy of the Gulf Coast but the entire state," Gov. Haley Barbour said. "Like the coastal community, HUD recognizes how much this restoration plan will boost each component of our storm recovery plan, including our efforts to ensure people have good jobs to complement the $4 billion we've allocated to housing recovery." Read more about this story in Saturday's Sun Herald.
GULFPORT -- Dolphin lovers at the Institute for Marine Mammal Studies are flipping over their new state-of-the-art museum and research facility expected to open in the next few weeks.
IMMS President Dr. Moby Solangi, a marine biologist who spent more than two decades working with dolphins at Marine Life Oceanarium, said the new 12-acre Center for Marine Education and Research will open as soon as Harrison County officials can pave the entrance along the Industrial Seaway, just off Cowan-Lorraine Road.
"This is all cutting-edge stuff that we're doing here," Solangi said. "And obviously we're very excited about opening our new facility."
With more than 750,000 gallons of tank space, and a veterinary hospital and surgery center, Solangi said the facility will be unmatched by any other marine mammal research center along the Gulf of Mexico.
IMMS, a nonprofit group established in 1984, will use the facility to study and treat injured animals. Those that cannot be released back into the wild could eventually be housed at the nearby oceanariums or a future aquarium on the Coast.
It will be the first facility completely devoted to dolphin rescue and rehabilitation in Mississippi, Louisiana and Alabama, and the only facility capable of caring for sick and injured marine mammals. In addition, IMMS will be able to rehabilitate sick and injured sea turtles.
The $7 million facility also includes a necropsy lab, a pump house for operating life-support systems, fish houses to store food and three pools capable of housing animals at any stage of rehabilitation.
In addition, the facility includes classrooms and laboratories, a museum and a 200-seat auditorium. IMMS officials hope to book numerous educational tours and school field trips.
Since 2006, IMMS has spread its message of conservation during more than 70 classroom visits to Coast schools and the institute also has rescued hundreds of stranded marine mammals and sea turtles in its 24-year history.
The institute's 2005 rescue of a pod of dolphins stranded in Mallini Bayou in Pass Christian made headlines.
However, that news was overshadowed a few months later when Katrina flattened the Marine Life Oceanarium, home to 17 bottlenose dolphins.
Eight trained dolphins were swept out to sea and after several days of unsuccessful searching, Solangi figured they were gone for good.
"Some of them had been born in captivity, so they had no idea how to find food," Solangi said. "It would be like someone dropping you in the jungle and telling you to survive on your own."
But on the morning of Sept. 10, 2005, the nation awoke to scenes playing out on most major television networks of the Coast dolphins splashing and playing in the Mississippi Sound. Biologists located the dolphins by performing aerial surveys from a NOAA Fisheries Service airplane.
The institute hopes to continue its rescue missions and research and educational work, but Solangi and the 17 staff members at the facility make no secret of what it will take to keep them going: Cash.
IMMS functions mostly off government grants, but a lot of its funding comes from individual donations.
The group is selling engraved bricks that will make up the front entrance to the new facility. Sponsorships of museum exhibits are for sale, along with T-shirts and other items sold at an online gift shop at IMMS.org.
In May state lawmakers approved a measure for IMMS license plates that features two dolphins flipping through the air, with a lighthouse in the background. At least $24 of the proceeds from each license plate will go directly to IMMS.
The facility will be a welcome addition to a city still knee-deep in Katrina recovery and to a Coast that has missed its sea lions and dolphins for more than three years.
BILOXI -- Atop the list of the 10 Hottest Housing Markets in the United States sits Biloxi.
Based in Destin, Fla., Housing Predictor provides independent real estate market forecasts for more than 250 cities across the country. Federal money to rebuild more than 1,000 houses at Keesler Air Force Base and the city's steady progress to rebuild from Hurricane Katrina are what landed Biloxi at the top of the list.
"Here in this sour real estate market we're the market that is seeing the best appreciation," said Eric Smith, a Realtor with Coldwell Banker United Realtor in Ocean Springs.
Although sales are significantly below last year, Smith said, "Our market is strong." He said credit is available for those with credit scores of 620 or better.
Biloxi Community Development Director Jerry Creel said the city was also just named one of the best places to raise a family, "which is going to make it favorable for housing development." The city is averaging $4 million each week in residential and commercial construction permits, and last week issued $15 million in permits, including permits for apartment complexes on Motsie Road and on Woolmarket Road.
"We have construction going on in just about every area of Biloxi," Creel said.
"An increase in construction will alleviate the supply problems that have kept prices rising in Biloxi since Katrina devastated the area," said Ken Fears, manager of regional economics for The National Association of Realtors. But building 1,000 homes doesn't ensure home prices will appreciate, and he said once the construction boom is over, many of those jobs will be lost.
"The main component for a healthy and steady housing market is demand," and he said people who have good jobs want to own a home. "So, once the construction boom is over - and it will end eventually - some industry will need to replace it."
The markets continued to advance during the midday with the Dow soaring 170 points to 8444 after Federal Reserve Chairman Ben Bernanke testified before Congress that the credit markets may be improving. Nasdaq climbed 8 points to 1490.
The markets continued to advance during the midday with the Dow soaring 170 points to 8444 after Federal Reserve Chairman Ben Bernanke testified before Congress that the credit markets may be improving. Nasdaq climbed 8 points to 1490.
On the upside
BB&T Capital Markets upgraded Chiquita Brands International (CQB).
Shares of Research in Motion (RIMM) climbed ahead of the release of its first touch screen BlackBerry Storm on Friday.
Third quarter earnings for Home Depot (HD) tumbled due to the weakening economy but the results topped analyst estimates.
On the downside
Microchip Technology (MCHP) and ON Semiconductor (ONNN) withdrew their unsolicited bid to acquire Atmel (ATML).
Saks Fifth Avenue (SKS) blamed the sluggish economy for posting a wider than expected loss for the third quarter.
Corning (GLW) lowered its outlook for the fourth quarter and withdrew its full year 2009 guidance as demand for glass used to make flat screen televisions and computers tumbled amidst the weakening economy.
In the broad market, advancing issues outpaced decliners by a slim margin on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 457.
Interest-rate movements are based on the simple concept of supply and demand. If the demand for credit (loans) increases, so do interest rates. This is because there are more buyers, so sellers can command a better price, i.e. higher rates. If the demand for credit reduces, then so do interest rates. This is because there are more sellers than buyers, so buyers can command a lower better price, i.e. lower rates. When the economy is expanding there is a higher demand for credit, so rates move higher, whereas when the economy is slowing the demand for credit decreases and so do interest rates.
This leads to a fundamental concept:
Bad news (a slowing economy) is good news for interest rates (lower rates).
Good news (a growing economy) is bad news for interest rates (higher rates).
A major factor driving interest rates is inflation. Higher inflation is associated with a growing economy. When the economy grows too strongly, the Federal Reserve increases interest rates to slow the economy down and reduce inflation. Inflation results from prices of goods and services increasing. When the economy is strong, there is more demand for goods and services, so the producers of those goods and services can increase prices. A strong economy therefore results in higher real-estate prices, higher rents on apartments and higher mortgage rates.
Mortgage rates tend to move in the same direction as interest rates. However, actual mortgage rates are also based on supply and demand for mortgages. The supply/demand equation for mortgage rates may be different from the supply/demand equation for interest rates. This might sometimes result in mortgage rates moving differently from other rates. For example, one lender may be forced to close additional mortgages to meet a commitment they have made. This results in them offering lower rates even though interest rates may have moved up!
There is an inverse relationship between bond prices and bond rates. This can be confusing. When bond prices move up, interest rates move down and vice versa. This is because bonds tend to have a fixed price at maturity.
This week's FOMC meeting has adjourned with an announcement of a half-point rate cut by the Fed in an effort to stimulate economic activity. The move was widely expected by market participants, but has still boosted stocks and hurt bonds. The Dow is currently up 218 points while the Nasdaq has gained 44 points. The bond market is currently down 17/32, which will likely push this afternoon's mortgage rates higher by approximately .250 of a discount point.
The post-meeting statement indicated that the Fed was still concerned about the economy and was expecting further weakness. This led to speculation that the Fed may lower short-term rates again in the future despite the fact that the Federal Funds rate is now at a record low of 1.00%. It has not been this low since June 2003 to June 2004. The fact that it appears the Fed has conceded more measures may be needed and is ready to act has helped drive stock prices higher during afternoon trading. This has made bonds less attractive to investors and is the reason we likely will see upward revisions to mortgage rates this afternoon.
The Commerce Department reported this morning that Durable Goods Orders for September rose 0.8% when they were expected to fall 1.0%. This means that manufacturing activity was stronger than expected, which is bad news for bonds and mortgage rates.
Tomorrow morning brings us the release of the preliminary reading of the 3rd Quarter Gross Domestic Product (GDP). The GDP is considered to be the benchmark measurement of economic growth because it is the sum of all goods and services produced in the U.S. and therefore is likely to have a major impact on the financial markets and mortgage pricing. There are three versions of this report, each a month apart. Tomorrow's release is the first and usually has the biggest impact on the markets. Current forecasts call for a decline of approximately 0.5% in the GDP. If this report shows a larger decline, I am expecting to see the bond market rally and mortgage rates to fall tomorrow.
What kinds of information will I need to gather to get started with the FHA?
The FHA will ask for a lot of information, which will go on your loan application. Be sure to ask your loan officer for a complete list of required data and give yourself plenty of time to gather the information. You will need to provide the FHA with a wide range of details; this includes all the addresses where you have lived in the previous two years, your employers name and addresses for the last two years, plus the amount of your Gross Monthly Salary. If you have had multiple jobs over the last twenty-four months, you will need your W2s for all of them. You will also need your income tax forms submitted for the last two years. If you don't have copies of your W2s, you should contact your employers for assistance. If you need replacement copies of your income tax returns, go to IRSs site and follow the instructions on how to order replacements. A tax transcript is free of charge, and copies of actual tax returns cost thirty-nine dollars.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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