J C's (firsthome) Blog

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Mortgage and Lending
RECENT BLOG POSTS
This is an article Posted by Rona Fischman Remember that promise that Shaun Donovan, HUD Secretary made at the Realtor mid-year meeting on Monday? The one about that the $8000 tax credit being made available for down payments? Well, the promise is broken. I got this notice from NAEBA headquarters...
05/15/2009
In a move that the NAR has been lobbying for, FHA today announced that it would begin allowing its lenders to let first time home buyers use the $8000 tax credit as a down payment on a home. HUD Secretary Shaun Donovan made the announcement during his address at the 2009 REALTORS(r) Mid-Year Legi...
05/12/2009
h1 class="adr">3030 Buckingham Road Los Angeles, CA 90016 Price: $289,00 This is a possible listing for the neighborhood stabilization program. More listings at http://neighborhoodstabilizationprogramlistings.wordpress.com/ reo*bank owned*foreclosure!! back on market, sold for over $300k, great p...
05/08/2009
3500 Somerset Dr Los Angeles CA 90016 Price: $269,00 This is a possible listing for the neighborhood stabilization program. More listings at http://neighborhoodstabilizationprogramlistings.wordpress.com/ ***SOLD FOR $615,000.00 IN 2007! BANK & OWN this deal! 3 BED / 2 BA HOME WITH 2 CAR DETACHED ...
05/08/2009
3022 Chesapeake Ave Los Angeles CA 90016 Price: $269,900 This is a possible listing for the neighborhood stabilization program. More listings at http://neighborhoodstabilizationprogramlistings.wordpress.com/ Perfect starter home!! newer windows and charming 2 bedroom 1 bath spanish gem with gener...
05/08/2009
The City of Los Angeles Housing Department (LAHD) has started to offer a purchase assistance financing to eligible low- and moderate- income homebuyers seeking to purchase a foreclosed home in a NSP Priority Area in the City of Los Angeles. The first step should be a buyer to get pre-qualified b...
04/30/2009
For all 2nd home and investment property transactions (purchase, r/t, or cash-out), the borrower is required to have: 2 months PITI reserves for a second home purchase 6 months PITI reserves for a non-owner purchase PLUS 2 months PITI for each additional financed property that is a 2nd home or no...
04/28/2009
If you are on the fence for locking or not I would hedge myself and lock my loan today due to the volatility coming. Tomorrow is going to be a pretty interesting day. We have the possibility of seeing plenty of volatility in the markets and therefore, mortgage rates also. The first event is the r...
04/28/2009
The Mortgage rates rallied today as Mortgage Backed Securities (MBS) saw a strong demand and reprices for the better were seen. I would have to say rates will open better than today, but it is a volatile time and can see a reversal fairly quickly. The rates were seen at about 4.5 with a little ov...
04/27/2009
Starting May 1,2009 the mortgage landscape will change. This is for loans sold to Fannie Mae and Freddie Mac not FHA. The new Home Valuation Code of Conduct (HVCC) will be enforced. Effective May 1, appraisals must be ordered by "the lender or any third party specifically authorized by the lender...
04/27/2009
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