Mortgage Loans

Mortgage Loans

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. Keep Reading...

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: Keep Reading...

Delaware Real Estate Market Update for December 2013

John Thomas January 7, 2014 Tags: , , , ,
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Delaware Real Estate Market Update for December 2013

The monthly update on the local real estate market in Wilmington, Chester, Cecil County Areas from John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware.

New Castle County, Delaware

New Castle County recorded a 3% increase in homes sold year over year.  The median home price of homes sold increased from $185,000 to $198,000 which is a 7% increase.  The total number of homes that went under contract to be sold in the first eleven months of 2013 increased 4% from 2012.  This shows that the New Castle County Real Estate Market is a market that is experiencing an increase in home selling activity as well as increase in the value of homes sold. Keep Reading...

Delaware VA Loan Limits for 2014 for Delaware Veterans

John Thomas January 1, 2014 Tags: , ,
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Delaware VA Loan Limits for 2014 for Delaware Veterans

Delaware VA Loan Limits for 2014 were released by the Veterans Administration for all three counties of Delaware.  Please be advised that effective on or after January 1, 2014, the VA’s county loan limits of $417,000 must be used to calculate the Veteran Administration’s maximum guaranty amount for the following counties in Delaware:

County:                                        County Loan Limit:

Kent County                                  $417,000 Keep Reading...

Delaware FHA Loan Limits for 2014

John Thomas December 10, 2013 Tags: , ,
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Delaware FHA Loan Limits for 2014 will be going Lower for FHA case numbers assigned on or after January 1, 2014.  FHA mortgage maximum loan amounts vary by states and by regions based on the median home price in that region.  Currently FHA loan limits range from $271,050 up to $729,750.

Effect January 1, 2014, FHA is reducing the maximum loan amount from $729,750 to $625,500 and reducing maximum loan limits in most regions.  The lowest maximum loan limit will remain at $271,050.  The FHA loan limits in Delaware are being reduced in all three counties of Delaware as follows: Keep Reading...

Delaware Talent Cooperative DSHA Home Buyer Program for Teachers

John Thomas November 19, 2013 Tags: , , ,
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DSHA

Delaware Talent Cooperative DSHA Home Buyer Program for Teachers provides eligible Delaware teachers below market interest rate home loans for the purchase of a primary residence in Delaware.  Call 302-703-0727 to apply for the program with Primary Residential Mortgage or APPLY ONLINE.

Delaware State Housing Authority (DSHA) OFFERS REDUCED INTEREST RATE MORTGAGES FOR DELAWARE TALENT COOPERATIVE MEMBERS

DSHA proudly announces a new partnership with the Delaware Department of Education to retain the outstanding educators of the Delaware Talent Cooperative here in the First State by offering reduced interest rate mortgages! Keep Reading...

Primary Residential Mortgage Will Waive Tax Transcript Requirement During Government Shutdown to Avoid Closing Delays

John Thomas October 4, 2013 Tags: ,
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IRS Tax Transcript

Primary Residential Mortgage, Inc. will waive the Tax Transcript Requirements during the Government Shutdown to avoid delays in closing loans.

In response to the possibility of a prolonged government shutdown because of the budget impasse in Washington, D.C., the Primary Residential Mortgage Executive Team has made the following decision, effective immediately, in regards to helping our customers:

  • The requirement having two years’ validated tax transcripts in the loan file prior to closing will be waived. However, the file must include two years’ federal tax returns signed and dated by all borrowers prior to closing, and the 4506T must be completed in full and signed and dated by all borrowers
  • Underwriters must review these documents and will add condition #19 that states:
    • Due to the government shutdown we are unable to obtain the required 4506T transcripts. The following is in the file:
    1. Two years’ federal tax returns signed and dated by all borrowers.
    2. 4506T signed and dated by all borrowers.
    3. It is acceptable to close the loan without the transcripts during the government shutdown.

    If have questions or concerns about qualifying for a mortgage to purchase or refinance a home, please call me or my team at 302-703-0727 or you can apply online http://www.PRMIDelaware.com/loanapplication Keep Reading...

US Government Shutdown Will Cause Delays for Loan Closings

John Thomas October 1, 2013 Tags:
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US Government shut down midnight September 30, 2013 as the Democrats and Republicans couldn’t make any progress towards a compromise or agreement. Throughout history, government shutdowns have been more common than many may think.  Today marks the 18th occurrence since 1976, with the shortest being one day and the longest being 21 days.  The median shutdown is approximately 14 days.

Regardless of what type of financing your buyer is doing, a government shutdown will cause delays in the processing of the loan.   There are a few areas of concern that will have an immediate impact on your daily business. Keep Reading...