Biden Administration To Cut Payments on Government-Backed Loans

The COVID-19 pandemic has hurt our economy and the well-being of our country tremendously. July 2021 the administration announced that there will be new loan modification options for those who have government-backed home loans. Biden's administration wants to give borrowers the opportunity to catch up or keep paying their mortgage payments due to the struggles the pandemic has caused.

The Federal Housing Administration (FHA) insured mortgages will be eligible to receive up to a 25% reduction on their principal and interest. You do have to be impacted by COVID-19 in order to receive help. In exchange, borrowers will have the life of their loan extended in order to be able to make lower monthly payments.

Those who have a loan back from the Department of Agriculture will receive up to a 20% reduction on their principal and interest. Ways borrowers can do this is to have an interest rate reduction, term extension and a mortgage recovery advance. Again, borrowers will need to be reviewed to make sure they qualify.

For VA loans there is a new COVID-19 Refund Modification which will have many tools that can help borrowers to obtain up to a 20% savings on their monthly principal and interest.

If you are in the market for a home, now is a good time to purchase. Find a professional Realtor in your area. For more information on any relief, assistance visit consumerfinance.gov/housing.

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A Dozen Must Haves For Today's Buyers

By now everyone has reshaped the way they see a home. The COVID pandemic pushed city dwellers to the suburbs and prices took a sharp turn up with the supply and demand. One thing that has not changed is location. Zillow reports that buyers look for a safe neighborhood, walkable neighborhood, close to shopping, short commute to school and work, sense of community, close to friends and family and preferred school district. Here are the top 12 amenities buyers are still looking for.

1. Updated Kitchens and Baths

These two areas of a home are where homeowners spend a lot of time. In a survey conducted by the Metropolitan Regional Information Systems Inc., 81% of those who were surveyed said that updated kitchens and bathrooms were the most important feature in a home. That means that the majority of buyers who are looking for a home will make a decision based on the kitchen and bathroom conditions.

2. Open Floor Plans

Especially after the stay-at-home orders, an open floor plan is a must-have feature. Open floor plans are less confining and are more versatile. Now that we can all get together again, an open floorplan is great for entertaining because it allows for mingling and a great party flow. If a homeowner is still working from home, an open floor plan can allow for a great space to create a temporary workspace.

3. Air Conditioning

Every region in the county has some sort of change of season whether you live in a warm climate or cold climate. Central systems are a great way to keep your home at a comfortable temperature. Air conditioning is a great way to maintain humidity in your home's environment.

4. Energy Efficiency

Over the last several years this has become a very important feature in a home. As they say,  the green movement is here to stay. Buyers are looking for homes with energy-efficient windows, insulation, heating systems or solar panels. These are a few features that can help with not only your energy cost but with the planet as well.

5. Low Maintenance Features

Low maintenance and energy efficiency complement one another. These features keep the cost down on a home, especially for a first-time home buyer who is having a hard enough time coming up with a down payment. Every penny counts!

6. Technology

New York City is a place that is very technically savvy but when it comes to living there, people are moving out because of the poor Wi-Fi connections and good cell service. Buyers are looking for more tech-friendly homes nowadays. A strong dependable Wi-Fi connection and good cell service are a must.

7. Curb Appeal

A buyer's first impression is when they drive up to a home. The wow factor has to be there to catch their attention. A good way to accentuate the curb appeal of your home is to add plants, a new front door, new stonework, a new portico or outdoor lighting. You want to do everything you can to enhance your home from the view of the street.

8. Bringing the Outdoors In

Buyers want to be able to enjoy nature and have outdoor spaces. During the pandemic being stuck at home meant you had to have a space outdoors to be able to get outside every once in a while. Buyers are looking for porches where they can sit and eat or have a cocktail party. Stone patios with outdoor kitchens and outdoor furniture have become very popular.

9. Laundry Rooms

Laundry is always piling up, especially with busy lives. A laundry room is a great addition because you can close the door and hide your dirty laundry so to speak. In this day in age, it is very rare anyone has time to do the laundry every day so a place to store it is a must. A laundry room closer to the bedrooms is a plus.

10. Garage Area That Can Work as Storage

Buyers are always looking for storage space. If you have storage space in the garage, this is a bonus. Houses can get cluttered very quickly so having a place in the garage to store items is a very handy must-have.

11. Walk-In Pantry

Most families buy in bulk at stores such as Bj's or Costco, so they need a place to store the large quantities. Buyers want a walk-in pantry. Even if buyers do not shop in bulk, most do not shop on a weekly basis, so they need a place to stock up.

12. General Suitability

A buyer does not want to walk into a house that has bright pink walls in the bedroom or ugly bold colors in the kitchen. Buyers tend to be attracted to homes with neutral coloring, high ceilings for airflow and lots of natural light.

Every home will not fit all a buyer's wants so you will want to prioritize what is most important. A realtor can help you prioritize and negotiate for you when purchasing a home.

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Seven Louisiana Towns To Escape to for a Weekend

 

When Louisianans think of a weekend getaway the Gulf Coast usually comes to mind but there are some perfect getaways throughout the rest of Louisiana. These charming small towns are great places to go for rest and relaxation. Here are seven small towns located in Louisiana that are perfect for nature lovers to main street shoppers.

1. Breaux Bridge

This is a perfect town for those who want to experience some Cajun food and take in some nature. Breaux Bridge has a population of about 8,300 so it is not too small but not too big. There are several local Cajun restaurants to enjoy and the stunning Lake Martin is located here. Nature lovers can spend all weekend exploring Lake Martin.

2. Covington

Located just north of the city of New Orleans, Covington is located in St. Tammany Parish. Downtown Covington has many shops and restaurants to try. On Columbia Street or Lee Lane, you will find local boutiques, antique stores, and restaurants. One of the oldest general stores in Louisiana, H.J. Smith and Sons is located in Covington. This small city has around 10,000 residents but feels like a small town.

3. Ville Platte

Definitely a place for a nature lover who wants a quiet relaxing place to stay. Described as a place to get away from it all where you can rent a waterfront cabin at Chicot State Park. The area offers nature trails, canoeing and the Louisiana State Arboretum. This is a state preservation area which is the first state-supported arboretum in the country.

4. Natchitoches

This is one of the larger cities on the list with around 18,000 residence. The downtown area gives you a small-town feel and is loaded with history. In fact, Natchitoches is the oldest city in Louisiana. For those who love to dive into the culture, the 33-block Historic District is the place to be.

5. St. Francisville

This is known to be a sleepy little Louisiana town but the area has a lot to offer for a weekend getaway. All around the town are rolling hills and beautiful ancient oaks. It is also home to one of the country's most haunted plantations called Myrtles Plantation.

6. Grand Isle

Everyone loves the beach and Grand Isle is a perfect beach getaway. There is 10 miles of public beaches on Louisiana's only inhabited barrier island. Visitors can even spend the night on the beach at Grand Isle State Park.

7. Abbeville

Close to Breaux Bridge, Abbeville is another town that is bigger in size but still has a small-town vibe. This is perfect for nature lovers to shoppers to all the in-between. Palmetto Island State Park is located here which has cabins to rent, RV hookups and primitive campsites.

Louisiana is a great place to both live and vacation. The warm climate makes it a nature lovers' dream and the culture throughout the state is like no other.

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