taurean said:Is Zillow a reasonable way to judge the value of your house? I'm about to close on a $60k short sale that Zillow thinks is worth $177k.
In a word, no. Zillow still uses 2007 values as comparables to determine the value of houses around those sales. If you happen to be in an area that never had a boom, the numbers might be more accurate. But I just checked some homes in Florida and the amounts were wildly off (by as much as 40%).

MBS prices are up +3/32, which is about 7/32 higher than yesterday at this time. Early investors may have priced at lower levels. This morning, third quarter Productivity increased 9.5%, far above the consensus forecast of 6.5%, and the fastest pace of growth in six years. The data confirmed that businesses are getting more work out of existing employees. There is a limit to how much farther this trend can continue, however, and eventually companies will need to hire additional workers. Separately, weekly Jobless Claims fell to 512K, a little lower than expected, and the lowest level since January 3. The four-week average fell to 524K. The Dow is up 100 points. No more economic data will be released today. The Senate has passed a bill extending the $8,000 first-time homebuyer tax credit, making it applicable to contracts entered into by April 30, 2010, and closing by June 30, 2010. In addition, the bill includes a new $6,500 tax credit applicable to homebuyers who have previously owned a home, subject to income limits and purchase price limits. Passage in the House is expected soon, and then the bill will go to the President.

MMNJ

What are the lenders out there that are providing jumbo loans with 85% LTV (or 90% LTV)?

I combed the thread and see a lot of rates listed for jumbo conforming, but wanted to see if anyone knows lenders/rates for jumbo loans with something less than 80% LTV.

I have excellent credit and the means to afford the monthly payment, but aggressively repaid all debt so the limiting factor is the down payment and reserve requirement.

Thanks for guidance and direction.

sparky3 said:Saph said:If you all don't mind chiming in...excellent credit, in Florida, currently at 6.5% with 25 yrs left, set to close on a FHA streamline refinance 4.875% 30 yr fixed 0 pts / 0 origination this coming Tuesday. The UFMIP + closing costs will roughly be 6k rolled in. Current principal is $142,497, zillow puts our home's value at $158,500. ~90% LTV. The new monthly payment will save us about $155 a month.

VA is an option for us, but I'm concerned with the appraisal process (repainting, etc..?) and I'm not sure if it's a possibility that it could come back too low for us to be able to refinance.

Should we stick with the FHA refinance as we have it or are there better options? Obviously, I'm not a fan of paying the UFMIP and the monthly MIP.

Thanks.

I don't know what UFMIP is, but to save your $155 per month you're adding 5 more years to the loan and paying 6k extra. I'd recommend doing a 20 year if you can.
UFMIP = Up front mortgage insurance premiums

MBS market went to +8/32, now down to +2/32

The volatility is amazing....

MMNJ

MortgageManNJ said:The 1st time homebuyer tax credit looks like it will be extended through June 2010. Basically, you need to be in contract as of 4/30/2010 and close on your house by 6/30/2010. Also, a key revision is that it is NOT just 1st time homebuyers anymore. If you have owned a home during the last 5 years you may get up to $6,500 -- which is awesome. I am not sure of any income restrictions, but from what I can see right now the credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Here is the link:

Homebuyer Tax Credit Extension 2010

Also, MBS market is +2/32 right now. And, more important, I now have some Philly Cheesesteaks for me and my staff coming my way next week courtesy of Bill @ Absolute since the Yanks won.....mushrooms and onions on mine baby!!!

MMNJ

It is finally official. The homebuyers' tax credit has been extended to April 30, 2010.

http://www.mortgagenewsdaily.com/11062009_obama_signs_home_buyer_tax_credit_extension_will_it_be_effective.asp

OK. 26-18 going into this weekend. Here are the MMNJ Locks.....--->

GREEN BAY -9, ATLANTA -10, GIANTS -3, PHILLY -3, SAN FRANCISCO -4, CINCINNATI +3.....and for Monday Night DENVER +3

Have a great weekend everyone!!

MMNJ

Navy Federal Credit Union if you are eligible.

Hey, even I am allowed 1 losing week.....that is the first sub-.500 week in 9 weeks since the start of the season (not too shabby). The Giants are like my 10 year old vacuum -- suck worse than ever. I would rather get a bad week out of my system now since I will be in Vegas 12/5-12/8 at a conference and will be parked at the Sportsbook from Sunday 12/6 10AM thru the evening (if you have never done this and you are a football fan, it is a must-do -- just so much fun) Giants play Dallas that day (I think), so should be fun.

MBS prices are up +3/32 - favorable repricing took place Friday. MBS prices began with modest losses and moved higher this morning. With no economic data until Thursday, Treasury auctions may be the biggest events during the first half of the week. The Dow is up 75 points. No economic data will be released today. There will be a 3-yr Treasury auction at 1:00 et.

MMNJ

hmmm.....I am pretty sure I did call....but it seems like you got a great rate so congrats!!!

MBS market finished up +5/32 but is selling off afterhours (which is why I have not gotten any positive repricings yet)

MMNJ