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FHA program cuts mortgage rates
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FHA Streamline interest rate reduction programs have much to offer. Have an FHA mortgage already? If yes, then the streamlined mortgage may be just the answer if the value of your house or credit has ever been brought into question by a mortgage lender.
The Federal Housing Administration (FHA) was originally created by congress in 1934 because the housing market was in shambles, which coincidently shares some striking similarities to today’s slumping market.
Back then, a traditional mortgage was limited to 50 percent of what the property was worth, which limited homeownership to only four out of 10 people. This number escalated to more than seven out of 10 at the height of our current housing crisis.
In today’s environment, mainstream home values are rapidly declining due to the bubble that was created by deregulation of our credit markets. This is a major cause for concern for those who still own their home and want to take advantage of the lowest interest rates in 50 years. Even if a homeowner has perfect credit, the lack of equity could prevent them from taking advantage of the current rates.
The depreciation in home values may bode well for the opportunistic investors, but for the majority of people just looking to get a lower interest rate on their home loan, this is an ongoing problem. In terms of refinancing, now having perfect credit is only half of the battle in today’s slumping housing market.
However, even in spite of this time of limited credit availability, there  are some opportunities out there, if you know where to look.
Streamline refinancing has been around since the early 1980s. It was first introduced by FHA with the general purpose of allowing the homeowner to take advantage of lower rates with less red tape.
One of the three options available on the streamline program is that it allows a mortgage interest rate to be decreased without an appraisal being done. The caveat here is that the mortgage loan that is going to be refinanced must already be an FHA mortgage. If this is the case, and you already have an FHA mortgage, coupled with on-time mortgage payments, this program offers an excellent opportunity to take advantage of a lower interest rate. Additionally, because Bryan County is in a Military Impact Area or MIA, the 1 percent up-front fee is avoided. This will save the borrower money, regardless of their loan size.
The existence of this program can also be helpful when deciding what type of loan to obtain when purchasing on a new home. If a VA loan isn’t an option, then the conventional loan will most likely be the other loan alternative when buying a house. Although the conventional loan has something similar to the FHA Streamline, the federal program offers more range and flexibility, in terms of the guidelines.
In terms of a purchase, streamlining won’t offer up any instant, up-front benefits. However, it will give you an option in the future of reducing your rate if they happen to decrease at some point over the term of your mortgage.

Barr is a mortgage broker with First Carolina Mortgage of Richmond Hill. Visit fcmloan.com or email barrwes@gmail.com.

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Record April boosts Savannah's container trade at port
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The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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