Tag USDA Rural Housing Loans

Tag USDA Rural Housing Loans

Delaware USDA Rural Housing Loan Income Limits for 2013

John Thomas August 28, 2013 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2013 are based on the county and the number of people in the household.  If you have questions about USDA Rural housing Loans or would like to Apply for a USDA Rural Housing Loan, call 302-703-0727 or APPLY ONLINE.  The following table shows the income limits for each county in the State of Delaware:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2013:

1-4 Person                                     5-8 Person
$0 – $93,450                           $0 – $123,354 Keep Reading...

Delaware USDA Rural Housing Loan Guideline Updates October 1, 2012

John Thomas October 4, 2012 Tags: , , ,
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Delaware USDA Rural Housing Loan Guideline Updates that took effect October 1, 2012.

Delaware USDA Rural Housing Loan Guideline Updates from John R. Thomas with Primary Residential Mortgage

USDA Rural Housing Loan Program changed the monthly mortgage insurance premium charged on USDA mortgages from 0.3% to 0.4% effective on conditional commitments issued on October 1, 2012 and after.   USDA also changed the Gurantee fee it charges for refinances.  The guarantee fee on refinance transactions increased from 1.5% to 2.0% effective October 1, 2012.  The Guarantee Fee on purchase transactions remains the same at 2.0%. Keep Reading...

Delaware USDA Rural Housing Loan Income Limits for 2012

John Thomas May 23, 2012 Tags: , , , ,

Delaware USDA Rural Housing Loan Income Limits for 2012 are based on the county and the number of people in the household.  If you have questions about USDA Rural housing Loans or would like to Apply for a USDA Rural Housing Loan, call 302-703-0727 or APPLY ONLINE.  The following table shows the income limits for each county in the State of Delaware:

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

   1-4 Person                                     5-8 Person
$0 – $93,450                           $0 – $123,354 Keep Reading...

Delaware USDA Rural Housing Loans – Lapse in Funding October 1, 2011

John Thomas October 7, 2011 Tags: ,

Delaware USDA Rural Housing Loans are now subject to a lapse in funding as Rural Development is only issuing “Contingent Conditional Commitments,” subject to the “availability of commitment authority” as there are currently no more funds available for guaranting loans as of October 1, 2011. Therefore most lenders have ceased funding USDA Rural Housing Loans.
Primary Residential Mortgage is still originating and funding these loans with the contingent commitment and will do so until funding is restored. If you received a commitment from Rural Development prior to October 1st then you will be fine if not you will need to check to see if your lender will still fund the loan and won’t have any delays. If you cannot get your loan funded, please call us at 302-703-0727 and we can get your loan closed for you.  You can also APPLY ONLINE for a Delaware Mortgage. Keep Reading...

Delaware USDA Home Loans adds monthly mortgage insurance October 2011

John Thomas September 3, 2011 Tags: ,

Delaware USDA Rural Housing Loans will be adding a monthly mortgage insurance premium on all loans effective October 1, 2011.  The USDA announced this change in administrative notice AN 4551 which made the following changes to the Delaware Single Family Housing Guaranteed Loan Program:

1) Upfront Guarantee fee lowered from 3.5% to 2% on purchase transactions.

2) New annual fee of 0.3% added to purchase and refinances.

Overview of the new guarantee fee:

  • The annual fee will be required for all loans that receive a Conditional Commitment issued by USDA on or
    after October 1, 2011
  • The annual fee will be calculated based on the average unpaid principal balance (UPB) for the year
  • This fee will be collected monthly as part of the borrowers housing payment
  • The monthly amount must be escrowed (two months will be collected at closing)
  • The USDA Annual Guarantee Fee will be required for the life of the loan
  • The new fee would increase a borrower’s housing payment approximately $17/month for a $100,000
    purchase loan (as demonstrated in the table below) or approximately $25 per $100,000 for a refinance
  • Borrowers whose DTI is already at the maximum USDA allowance of 29/41 may be at risk of not
    qualifying if the USDA Conditional Commitment is received on or after October 1, 2011

Example:
Purchase transaction with the Up-front Guarantee Fee being financed (rolled into the loan)
Loan Amount: $100,000
Rate: 4.75% Keep Reading...

Middletown Delaware Real Estate – New Listing – 1 Hayley Court

John Thomas July 16, 2010 Tags: , ,
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New Listing for Middletown Delaware Real Estate – 1 Hayley Court, Middletown, DE 19709

100% Financing Available on this home through special government program with preferred lender.

1 Hayley Court, Middletown, DE 19709

  • Square Footage – 2100
  • Bedrooms – 4
  • Basths – 2.5
  • Property Taxes – $1,597 a year
  • MLS # – 5742676

Whoever designed this Middletown home put a lot of thought into it! Spacious rooms throughout.  This home offers you a formal living room and formal dining room, large kitchen with island, 1st floor family room w/gas fireplace. Sliders from the kitchen lead to deck and huge fenced yard.  The second floor has 4 very spacious bedrooms, laundry area.  The master bedroom gives you 2 walk in closets plus master bath w/jacuzzi style tub, separate shower and double vanity sink.  The basement is finished with a recreation room and extra room perfect for office, playroom or guest room. There is also a basement area w/workbench perfect for your workshop.  Keep Reading...

What is a USDA Rural Housing Home Loan?

John Thomas June 27, 2010 Tags: , ,

What is a USDA Rural Housing Home Loan?

USDA Stand for the United States Department of Agriculture.  The loan is designed to provide financing for borrowers in designated areas who wish to borrower up to 100% of the appraised value.  The loan is guaranteed by the government through the Rural Housing Division of the USDA.  The major benefits of the loan program are as follows:

  • 100% Loan to Value
  • Zero down payment and no minimum investment required
  • No limit on seller concessions or gift
  • No monthly mortgage insurance required
  • No reserves required
  • 30 year Fixed Rate
  • Low Interest Rates comparable to FHA
  • Flexible Credit Guidelines
  • Can be used for purchase or refinance
  • Can include repairs to the property in the Loan

There are income requirements and the property must be eligible by being located in a designated rural area.  The rural designation is not what everybody would consider rural.  You would be surprised at what areas qualify.  For more information or to apply for a USDA Rural housing Home loan call John R Thomas at 302-703-0727 or send an e-mail to jthomas@primeres.com.   You can APPLY ONLINE HERE. Keep Reading...

Delaware USDA Rural Housing Loans – Property Eligiblity

John Thomas June 26, 2010 Tags: , ,

Delaware USDA Rural Housing Loans – Property Eligibility

How do you determine if a property in Delaware is eligible for financing through the USDA Rural Housing Loan program?  You can enter the property address at the following website http://eligibility.sc.egov.usda.gov

The address will be displayed on the a map and it will state whether eligible or not just below the map.  You can view a map of each county here to see what areas of Delaware qualify.

If you would like to apply for a Delaware USDA Rural Housing Loan, you can call John Thomas at 302-703-0727, send an e-mail to DelawareMortgages@yahoo.com or APPLY ONLINE NOW. Keep Reading...