John Thomas has ranked #1 Delaware FHA Lender on Ask a Lender’s annual list

Ask a Lender put John Thomas at #1 Delaware FHA Lender and at #1 Newark, Delaware FHA Lender for 2018. Visit our Delaware FHA Loan page for more information on how we can get you into your dream home today or Call 302-703-0727 to get started today.  GET STARTED ONLINE.  Ask a Lender surveyed all of the Delaware Loan Officers that originated FHA loans through data provided to the Scotsman Guide and determined that John Thomas was the Number 1 Delaware FHA Loan originator because of his affordable FHA mortgage loans and award-winning client service.

John and his team pride themselves on helping Delaware First Time Home Buyers achieve the dream of home ownership and in most cases the FHA loan is the best option with the following benefits:

• Low Down Payment of only 3.5%
• Credit Scores down to 500 FICO
• Can have Less than perfect credit and credit challenges
• Can have High Debt to Income Ratios
• Can have a non-occupying Co-borrower to help you qualify

What are the qualifications for a Delaware FHA Loan?

Delaware home buyers interested in buying a home with a Delaware FHA loan with the low down payment of only 3.5%, home buyers must apply with a Delaware FHA Lender and must be purchasing a home in Delaware.  In order to put only 3.5% down, the minimum credit score is 580 but if you can put down 10% then you can qualify with a FICO score down to 500.  FHA loans require you to occupant the property as your primary residence within 60 days of purchasing the home and must live in it as your primary residence for a minimum of 12 months after the loan closes.

Are FHA Loans for Delaware First Time Home Buyers Only?

FHA loans are available for all borrowers that meet the minimum qualifications so you DON’T have to be a first time home buyer to use a FHA loan with a low down payment of 3.5%.  The only guideline for someone who is not a first time home buyer is that you can only have one outstanding FHA Mortgage loan at a time unless you meet some very specific exceptions.  If you currently have a FHA loan and want to purchase a new home with a FHA loan, then give us a call so we can determine if you meet the exception for getting a second concurrent FHA loan.  Call 302-703-0727.

What is a Delaware FHA 203k Loan?

If you find a home for sale that doesn’t meet FHA minimum property standards and the seller is not willing to make any repairs then a Delaware FHA 203k Loan is a perfect solution.  The FHA 203k Rehab Loan allows you to purchase the home and borrower the money to fix it up all in one loan.  The work must be done by a licensed contractor and the work is completed after the purchase of the home.  This is a great product for bank owned homes or short sale properties in which seller doesn’t want to or can’t make any repairs.

Why Choose a Delaware FHA Loan?

FHA Loans are much easier to qualify for than Conventional Loans – they have lower rates and different underwriting standards. They also boast lower minimum down payments (at 3.5%). The John Thomas Team are Certified FHA Lending Specialists and pride themselves on helping families with purchasing and refinancing their homes in Delaware, Maryland, Pennsylvania, New Jersey, and Virginia.  If you are in Delaware and are looking for a local professional to help, give us a call at 302-703-0727,  we will walk you through the complete loan process step by step and for if for any reason you don’t qualify for .  You can also APPLY ONLINE.