J C's (firsthome) Blog

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Mortgage and Lending
RECENT BLOG POSTS
Finally we have gotten details on the new programs to help so many homeowners. Lets take this in 2 sections. 1.Home Affordable Refinance Beginning in April, all 1,600 lenders and 29,000 mortgage brokers using Fannie Mae's Desktop Underwriter® platform will be able to process an application to ref...
03/09/2009
I will put a disclaimer on this post. We all know I am a Mortgage Consultant and see things from this side of the business. Now down to business. Rates - Rates are currently in the low 5% at historic lows. We are being pushed into lower rates thanks to the government "Federal Reserve MBS Purchase...
03/04/2009
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Hi All Here are a few bullet points for you to think about New Limits up to $729k New Fico's for FHA 620 will start in March Fannie Mae Home Path is now offered through Flagstar on the wholesale side New Tax Credit of $8k or 10% of purchase price whichever is lower (Basically 8k cash back not Loa...
02/26/2009
February 17, 2009 Just signed and sealed...a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II. Home owners and...
02/20/2009
Homeowner Affordability and Stability Plan Fact Sheet The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country. Millions of responsible families who make their monthly payments and fulfill their obliga...
02/18/2009
Recently the government has used all its power to help the consumer from lowering down rates and asking the lenders to modify the terms of loans that can not be refinanced. For those that couldn't be helped resulted in foreclosures that then became REO's. The wave in California is about to come. ...
01/27/2009
Hi All The mortgage world is starting to see more and more changes. One lender Just Mortgage sent the email below. I would advise any escrow you have with a broker to make sure Just Mortgage is not the lender. I would also suggest to work with a direct lender as it seems the broker world is chang...
01/22/2009
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  It is getting really rough on Condo owners to refi their property. Effective April 1, 2009, once again, Fannie Mae is raising its loan fees. Condo and co-op mortgages over 75% LTV : Add 0.750 percent to fee. This means that lenders will start to implement these increases right now since loans o...
01/19/2009
I have been advising my clients for the last few weeks to get at least a financial analysis done. We are in uncharted waters right now. I did an analysis for client just today who asked, just for kicks Juan why he should I refinance my 5.5% rate. We discussed his plans to stay in the property for...
01/10/2009
Hi All, I have been in the industry for 10 years and lets say it is rare to come across a situation new to me. In the 10 years in the mortgage industry I had seen the values go up resulting in new homeowners to pay a supplemental tax (the difference from old value vs. new value). The values have ...
01/08/2009
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