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FHA loan limits will rise in Georgia – expect a sales spike in 2015

Hot first time buyer zip codes will likely see a 15-20% increase in sales in 2015, when FHA loan limits increase. Currently in Metro Atlanta and the  surrounding counties the FHA loan limit is $320,850.00 this will increase to $342,700.00.  This will include the following counties: Fulton, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding and Walton. For other counties in GA it should remain at $271,050.   FHA ANNOUNCES NEW LOAN LIMITS TO TAKE EFFECT JANUARY 1ST  2015 Loan limits for highest and lowest cost areas to remain unchanged WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's news schedule of loan limits for 2015. These loan limits are effective for case numbers assigned on or after January 1, 2015, and will remain in effect through the end of the … [Read more...]

Buying in Atlanta is 52% cheaper than renting

W Downtown at WET

Trulia's "Rent vs. Buy" index once again credits Atlanta as a healthy city for buying in lieu of renting. Dollar for dollar, it is 52% cheaper to own and maintain a residential property than it is to lease a similar residential property. Phenomenally, other leading RENT cities like Chicago and NYC have become cheaper BUY cities - it is 22% cheaper to own vs. rent in NYC, and 47% cheaper to buy in Chicago. Those numbers have changed a lot in the past few years. Atlanta's numbers have always screamed BUY! That's why so many REITS, hedge funds and corporate investors swallowed up most of the stagnant, dirt cheap, distressed inventory in Georgia during 2012 and 2013... These statistics have been consistent in Atlanta for decades. The entire city by city report, from Trulia's Chief Economist Jed Kolko, can be found at this link. Trulia is, in my opinion, the best consumer website on the internet - the kind of work that they do in this index is one of the reasons why I … [Read more...]