Justin Miller's (jbmortsvcs) Blog

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Mortgage and Lending - Primary Residential Mortgage, Inc.
FHFA officially announced the changes to the conforming loan limits for 2009. http://www.fhfa.gov/webfiles/1279/CLLarra022309_final.pdf For the official documentation supporting the "Homeowner Affordability" plan, check out the following links: http://www.treas.gov/initiatives/eesa/homeowner-affo...
The WSJ reported this morning that "Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision. The proposal woul...
Below is a great Blog on whether to float your interest rate or lock it in.  http://www.mortgagenewsdaily.com/mortgage_rates/blog/49123.aspx
Fannie Mae just published their guidelines on streamline loan modifications.  It is very interesting and smart.  They adjust your payment for a 3 month trial period.  The key highlights are on page 2 of the link below.  You have to set up a new escrow account and any shortage will be funded by th...
This is a must read article below from The Wall Street Journal.  Homes are more affordable and interest rates are low.  Now is the time to buy!!! "The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index....
This text is from a Director of Capital Markets and I have included the link for Fannie Mae with the exact details on the change.  "Fannie Mae has issued Announcement 09-02, "Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170." In w...
This was sent to me this morning from a Director of Capital Markets.  "Besides restoring the $729,750 loan limits in some areas, there is now a Republican amendment that would temporarily offer homebuyers a tax credit worth $15,000 or 10% of a home's purchase price, whichever is less, with the op...
That is a very good question and the answer is that it depends.  FHA is a great loan if you are looking to put the least amount down.  FHA requires 3.5% down and the maximum loan amount for Broward, Palm Beach, and Miami-Dade Counties is $345,000 starting January 1st, 2009.  The rates on FHA are ...
That is a great question and there is probably no correct answer.  Well, maybe once everything turns around all the experts will come out of nowhere and state that you should've bought.  They are great with hindsight.  I have commented on Warren Buffett's quote numerous times "Be greedy when peop...
If you are speaking with anyone in real estate business (mortgage broker, bank, realtor, etc.) and they log onto www.zillow.com to give you an estimated value for your home you better run away from that person as fast as you can.  It is not that it's a bad site but no professional in this busines...

Justin Miller

Residential Mortgage Banker
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