Archive for March, 2009

Fannie & Freddie To Be Warehouse Lenders?

by Justin Miller on March 31, 2009 in General News with No comments

This is very interesting since Warehouse lending has been cut back.  According to The WSJ, the regulator of Fannie Mae and Freddie Mac is considering giving the government-backed mortgage companies another role: helping to finance small mortgage banks.  A spokeswoman for the regulator, the Federal Housing Finance Agency, said it is looking at ways that the two companies might help revive the market for so-called warehouse loans, which are loans made to mortgage banks. This possible role for Fannie and Freddie is the latest sign of how they are being used increasingly as instruments of government policy rather than corporations focused on shareholder returns.

http://online.wsj.com/article/SB123837208039067699.html#mod=todays_us_page_one

Housing Bottom?

by Justin Miller on March 31, 2009 in Economic News, General News with No comments

The Housing Affordability Index is at its lowest since 1970.  It is the most affordable time to buy a home.  NOW IS THE TIME TO BUY

http://www.realtor.org/research/research/housinginx

Be Careful of Foreclosure Scams

by Justin Miller on March 31, 2009 in Foreclosure, Loan Modification with No comments

This is a great article about how the government is going to be advertising in movie theaters.  If you need a trustworthy person please call me and I can put you in touch with someone. 

 

http://online.wsj.com/article/SB123810611159052151.html#mod=todays_us_page_one

Jumbos Loan Making A Comeback?

by Justin Miller on March 26, 2009 in Jumbo Mortgages with No comments

Jumbo loans may be getting easier.  I know I have incredible Jumbo rates. This could be good news for the high end market. 

 

http://finance.yahoo.com/loans/article/106802/Jumbo-Loans-Could-Make-a-Comeback

FHA Guideline Change

by Justin Miller on March 26, 2009 in FHA Loans, Guideline Changes with No comments

This is directly from FHA.  “Currently, all Federal Housing Administration (FHA) Roster Appraisers are required to report on housing trends in the Neighborhood section of the applicable property specific appraisal reporting form. The Uniform Standards of Professional Appraisal Practice (USPAP) mandate that an appraiser maintain documentation necessary to support all analyses, opinions and conclusions for each appraisal assignment in a work file.  In order to ensure greater transparency and accuracy of appraisals performed for FHA-insured financing, FHA will adopt the Market Conditions Addendum (Fannie Mae Form 1004MC/ Freddie Mac Form 71, released November 2008).  For all appraisals of properties that are to be security for FHA-insured mortgages and that are performed on or after April 1, 2009, the appraisal must include the Market Conditions Addendum…

 

To read this mortgagee letter and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.”

Home Prices Rose In January

by Justin Miller on March 26, 2009 in Economic News with No comments

Here is some good news about home prices increasing. 

http://online.wsj.com/article/SB123790736606125797.html#mod=todays_us_page_one

New Home Affordable Website

by Justin Miller on March 26, 2009 in Bailout, Foreclosure, Loan Modification, Refinance with No comments

Below is a new site for the Home Affordable program. 

http://makinghomeaffordable.gov/

Homebuyers Stir Hope In CA

by Justin Miller on March 23, 2009 in Conventional Loans, FHA Loans, General News with No comments

I think this article is very important to read.  You are going to start to see bidding wars and it will be harder to get the seller to contribute to closing costs.  Again, NOW is the time to buy. 

http://online.wsj.com/article/SB123759847274601481.html#mod=todays_us_page_one

Lower Your Property-Tax Bill

by Justin Miller on March 23, 2009 in Conventional Loans, FHA Loans, Property Taxes with No comments

Below is a great article about petitioning your tax bill

http://www.kiplinger.com/magazine/archives/2009/04/lower-your-property-tax-bill.html

Mortgage’s In Europe

by Justin Miller on March 21, 2009 in General News with No comments

I found this to be very interesting.  “Madeleine Schlosser needed more cash, so last year, at age 82, she sold her Paris home.  That may sound like a risky decision. But the sale terms allow Ms. Schlosser to live in her apartment until she dies. The two buyers paid her 18% of the property’s market value up front, and now pay her a monthly pension. With the money, Ms. Schlosser has financed costly dental work and says she can “live more properly.”  A troubling aspect is that buying a property like this amounts to betting that someone won’t live beyond a certain age. If they do, the buyer loses out. In one famous case, a Frenchwoman called Jeanne Calment, then age 90, sold her house in 1965 in a viager arrangement to a middle-age acquaintance. Thirty years later, he died; she turned 120. His children kept paying her monthly pension until she died, at age 122, believed to be the world’s oldest person.”

http://online.wsj.com/article/SB123751598610591713.html#mod=todays_us_page_one 

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