Many people are confused on how much and even if they can get a refund of the upfront mortgage insurance premium they paid to FHA when they obtained a FHA insured mortgage loan. The confusion comes because the date you obtained the mortgage determines what you are eligible for in terms of a refund. There…
Delaware FHA 203k Rehab Loans are used to repair or renovate properties all in one loan when you purchase a property. A typical question for a first time home buyer is if you can use one of the down payment assistance programs with an FHA 203k loan such as the Delaware State Bond Program. The…
What is a Delaware FHA 203k Streamline Loan? FHA 203(k) loans provide cost-effective, single close loans that enable borrowers to purchase a home that may need repairs or refinance their existing home for the purpose of remodeling. With the Delaware FHA 203k streamline loan you can borrow up to $35,000 into the mortgage to make…
The following is a very common mistake that Delaware First Time Home Buyers make when searching for a home to buy: Mistake #1 – Timing Problems – Any first time home buyer who is currently renting should try to time their purchase at the end of their lease so they don’t incur any penalties. If…
Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough…
Common Mistakes made by Delaware First Time Home Buyers 1) They don’t ask enough questions of their realtor and end up missing out on the best deal. 2) They don’t act quickly enough to make a decision and someone else buys the house. 3) They don’t find the right agent who is willing to help…
New Castle County Delaware has Two First Time Home Buyer Programs: New Castle County Down Payment Settlement Program (DPS) The New Castle County Down Payment Settlement Program is a Delaware first time home buyer program that gives first time home buyers deferred payment loans for up to $5,000 to cover customary settlement costs and required…
Delaware Bond Program for First Time Home Buyers Delaware First Time Home Buyers have several options for first time home buyer programs. The State of Delaware has several programs available for home buyers in all 3 counties (New Castle, Kent, and Sussex) of Delaware. The Delaware Bond program is governed by The Delaware State Housing…
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