(302) 703-0727

(302) 703-0727

Newark, Delaware Home Buyer Seminars – March 19th and April 16th

John Thomas March 19, 2016 Tags: , ,
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Upcoming Delaware Homebuyer Seminars

Totally free for attendees, our seminars have educated more than 10,000 Delaware and Maryland homebuyers.

Next Seminar Dates:

March 19, 2016 – 10:00am in Newark, Delaware March 26, 2016 – 10:00am in Dover, Delaware April 16, 2016 – 10:00am in Newark, Delaware

The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware.

Each participant will receive a free credit scoring handbook, free home buying handbook, and an opportunity to meet with a certified mortgage planner to be pre-approved to buy a home at the seminar.

You will also learn the following:

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Is the Limited FHA 203k Different from the Streamline 203k?

John Thomas March 11, 2016 Tags: , , ,
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FHA 203k Limited – How Is It Different from the Streamline 203k?

The Limited FHA 203k has arrived. In September of 2015 the staple of renovation financing – the Streamline 203k -got a facelift and was replaced by the new and improved Limited FHA 203k.

So, what changed with our favorite renovation loan and how will it affect Delaware borrowers looking to employ FHA 203k financing?

Many of the changes were semantic – updating disclosures, forms and worksheets – and will have little affect on how you obtain renovation financing or the scope of work you are allowed to employ.

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Renovations NOT Allowed on FHA 203k Loans

John Thomas February 24, 2016
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What Repairs Can I NOT Do With a FHA 203k Loan?

FHA’s 203k program is flexible and allows a lot of leeway when it comes to the property you can buy and the repairs, renovations and upgrades you can complete as part of the loan.

You can finance everything from second story additions, to finished basements, new kitchens or that large master suite you always wanted.

There are, however, some repairs that you can not do as part of the 203k process. So, what are the improvements you absolutely can’t do with a 203k?

Outbuildings | Guesthouses | Non-Attached Structures

The property you want to purchase has a second structure; a rental cottage, pool house, guest house, detached converted garage, workshop or superlative storage shed. That structure is not in good condition and needs some work.

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Why You Should Prioritize Energy Efficiency When You Renovate

John Thomas February 18, 2016
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Why Energy Efficiency Must Be a Priority On Your Renovation

Instead of being an implicitly smart piece of modern society, energy efficiency and the whole green movement have been effectively politicized.

By flipping the script on the issue and turning it from financially wise to politicized, certain people have produced ignorance and apathy around embracing a more sustainable, energy efficient lifestyle.

Why? Why do people allow the narrative to constructed for them instead of shaping it themselves?

Let us have an educated discussion minus any tree hugging. let’s talk dollars and sense by focusing on the the personal economics of the issue.

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HomeStyle Renovation – Alternative to FHA 203k?

John Thomas February 9, 2016
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HomeStyle Renovation Loans – Alternative to FHA 203k?

HomeStyle Renovation financing is not new to the mortgage landscape. It is somewhat rare, however, with a limited amount of mortgage lenders carrying the product or possessing the skill-set to execute it when they do offer it.

Providing an alternative to the more common FHA 203k loan, the HomeStyle is, in many ways, a better renovation loan product.

What is the HomeStyle?

Offered by Fannie Mae, the HomeStyle Renovation mortgage is a single-close loan that allows you to finance the cost of renovations, improvements or appraiser required repairs right into the loan balance. The loan works much like its FHA cousin, the 203k.

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FHA 203k Streamline Now the “Limited 203k”

John Thomas February 9, 2016 Tags: , , , ,
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FHA 203k Limited (Streamline 203k)

FHA has offered the 203k loan for decades. They introduced the FHA 203k streamline a little later, but it is certainly not a new mortgage product. Recently, the 203k streamline was retitled the – Limited 203k – despite the fact that the guidelines saw little change.

Despite that, most lenders execute the loan in a substandard fashion. It is simply not a priority and that is evidenced by their general lack of education displayed by their loan officers.

Unfortunately, much of the information online reflects that lack of training. It’s either outdated or ill-informed. In fact, you’ll be hard-pressed to find another mortgage loan product with as much poor and inaccurate information surrounding it than the 203k.

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Mortgage Interest Rates Update January 18 2016

John Thomas January 17, 2016 Tags: , , , , ,
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Mortgage Interest Rates Weekly Update January 18 2016

Mortgage Interest Rates weekly update for the Week of January 18, 2016 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Interest Rates were able to move lower last week after a big sell off in Global Stock Markets.  If you look at the mortgage bond chart below you can see that mortgage bonds have been able to trade to the upper end of the trading range which has helped improve mortgage rates.  But with mortgage bonds not able to mount more than a 19 bps rally in the face of the DOW Stock Index dropping 390 points to end the day, we are recommending LOCKING your mortgage rate to start the week.  If stocks reverse, we will see the mortgage bonds sell off and move mortgage interest rates higher.

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Delaware Home Buyer Seminar Feb 20 2016

John Thomas January 17, 2016 Tags: , , , , ,
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Delaware Home Buyer Seminar

There will be a Delaware Home Buyer Seminar on Saturday February 20, 2016 at 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to receive a copy of their credit report. The seminar will cover all of the basics of buying a home in Delaware. The seminar will cover FHA loans, VA loans, USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the FHA 203k Rehab loans.

The Seminar is sponsored by The Neighborhood House so each participant will receive Delaware home buyer counseling credit toward the required HUD approved home buyer counseling required for Delaware First Time Home Buyer Programs such as Delaware State Housing Authority, New Castle County, City of Newark, City of Dover, and City of Wilmington.

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