Mortgage Loans

Mortgage Loans

FHA Property Flipping Waiver Expires December 31, 2014

John Thomas December 11, 2014 Tags: ,
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FHA Property Flipping Temporary Waiver on the 90 Day Rule will expire on December 31, 2014 and will not be extended as announced by the Federal Housing Authority on December 11, 2014.  This is important news for investors and home buyers to be aware of starting January 1, 2015 as investors will need to wait 91 days before they can executed a sales contract on a flip for a buyer using FHA financing to purchase the property.

If you have questions or would like to apply for a FHA Loan to purchase or refinance a home in Delaware, please call 302-703-0727 or you can APPLY ONLINE

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Delaware FHA Loan Limits for 2015

John Thomas December 6, 2014 Tags: ,
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Delaware FHA Loan Limits for 2015 Announced by Federal Housing Administration on December 5, 2014 in the mortgage letter 2014-25.  The mortgage loan limits published in this mortgage letter go into effect for FHA case numbers assigned on or after January 1, 2015 and will remain in effect through December 31, 2015.

The FHA Loan Limits are based on which county the property is located.  The maximum mortgage loan limit per county in Delaware for 2015 is as follows:

New Castle County                 $379,500

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Dover Delaware First Time Home Buyer Seminar December 6, 2014

John Thomas November 16, 2014 Tags: , , , ,
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Delaware First Time Home Buyer Seminar on Saturday December 6, 2014 at 10 AM in Dover, Delaware. The seminar will last about 2 hours and each participate will be able to receive a copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans. You will be able to get pre-approved at the seminar by a Delaware Mortgage Company.

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Fannie Mae Homepath Loan Program Discountinued October 6, 2014

John Thomas September 19, 2014 Tags: , , ,
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Fannie Mae Homepath Mortgage Loan Program will no longer be eligible for use by home buyers effective October 6, 2014.  Fannie Mae designed the Homepath loan program to be used to purchase specifically targeted homes in their inventory of homes for sale.  The Homepath loan is a special loan program that allows a home to be purchase with no appraisal and no mortgage insurance with only putting down 5% of the purchase price as a down payment.  The original program only required 3% down payment but that was increased to 5% down payment effective November 1, 2013.

The highlights of Fannie Mae Homepath Loans are as follows:

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USDA Rural Housing Loans Increasing Monthly Mortgage Insurance October 1, 2014

John Thomas September 7, 2014 Tags: , ,
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USDA Rural Housing Loans will be increasing the monthly mortgage insurance premium that is charged beginning on Guarantee Commitments assigned on or after October 1, 2014 as announced by Rural Development.  The monthly premium charged is currently based on an annual premium of 0.4% of the principle balance of the outstanding loan.  The annual premium is increasing to 0.5% effective with commitments issued on or after October 1, 2014.  It doesn’t matter if the loan application or the sales contract was dated prior to October 1, 2014.

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Maryland First Time Home Buyer Seminar June 28, 2014

John Thomas May 24, 2014 Tags: , , ,
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Maryland First Time Home Buyer Seminar – There will be a Maryland First Time Home Buyer Seminar on Saturday June 28, 2014 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 tri-merge credit report. The seminar will cover all of the basics of buying a new home in Maryland. The seminar will cover Maryland FHA loans, Maryland VA loans, ,Maryland USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Maryland FHA 203k Rehab loans. Each participate will receive a Credit Scoring Handbook, 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 importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

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Delaware USDA Rural Housing Loan Property Eligibility Extended till 2020

John Thomas February 23, 2014 Tags: ,
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Delaware USDA Rural Housing Loan Program current eligible property areas have been extended until the 2020 Census data can be used to determine property eligibility with the passage of the 2014 Farm Bill H.R. 2642, the Agricultural Act of 2014.  President Obama signed the bill into law during the first week of February 2014.

Over 900 communities across the country were at risk of losing access to USDA Rural housing loans on October 1, 2014 when the 2010 Census data was going to be required to be used to calculate eligible areas replacing the 2000 Census data currently being used.  For Delaware home buyers this means that Middletown, Delaware and Smyrna, Delaware will continue to be eligible areas for USDA financing until post 2020.

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Delaware USDA Rural Housing Loan Income Limits for 2014

John Thomas February 6, 2014 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2014 remained the same as 2013 for each county in Delaware.  The income limits are based on the household income for the total number of people living in the home.  If you have questions about USDA Loans for the purchase or refinance of a home, please call 302-703-0727 or you can APPLY ONLINE.

The income limits for New Castle County, Kent County, and Sussex County are displayed below:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2014:

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