Delaware First-Time Home Buyer | Get FHA, VA, USDA Mortgage Rates and Tips

DSHA First State Home Loan DPA Program

John Thomas August 18, 2024 Tags: Delaware Down Payment Assistance, Delaware First Time Home Buyer

DSHA First State Home Loan Down Payment Assistance Program was formerly known as the Preferred Plus DPA Program. The First State Home Loan is a second mortgage loan to help Delaware home buyers with down payment and closing costs. The program is a 0% interest loan and requires no payments for 3% of the mortgage loan amount. The program can only be used in combination with a DSHA Welcome Home Mortgage Loan or a DSHA Home Again Mortgage Loan. Get Started by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE. Keep Reading...

DSHA Home Again Mortgage Loan

DSHA Home Again Mortgage Loan Program is for Delaware home buyers that do NOT meet the requirements for a DSHA Welcome Home Mortgage Loan. Delaware State Housing Authority Home Again Mortgage Program has a higher income limit and allows for non-first time home buyers to qualify for a home loan program. The program is available for anybody purchasing in the State of Delaware even out of state residents as long as purchasing in one of the three counties in Delaware. This program can be combined with any of the three down payment assistance programs offered by DSHA. Get Started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE. Keep Reading...

DSHA Welcome Home Mortgage Loan

John Thomas June 27, 2024 Tags: Delaware First Time Home Buyers, DSHA Welcome Home Mortgage Loan

DSHA Welcome Home Mortgage Loan Program provides Delaware first time home buyers with below market interest rates home loans to make purchasing your first home affordable. If you are looking to purchase your first home in Delaware and have not owned a home in the past 3 years then this first time home buyer loan program may be the perfect solution to get you into your first home. Get started today by calling 302-702-0727 or APPLY ONLINE

What are the Guidelines for the DSHA Welcome Home Mortgage?

In order to qualify for the Welcome Home Mortgage Program, potential Delaware home buyers must meet the following guidelines: Keep Reading...

PRMI Welcome Home Down Payment Assistance Program

John Thomas October 3, 2023 Tags: down payment assistance program, first time home buyers, Home Buyer Grant Programs

PRMI Welcome Home Down Payment Assistance Program provides up to 5% down payment and closing cost assistance to home buyers. You can get an FHA 101.5% financing by combing the PRMI FHA first mortgage with the 5% DPA Loan. This program is great for first time home buyers and repeat home buyers. Get Started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.

PRMI Welcome Home Down Payment Assistance Program Guidelines

The Guidelines for qualifying for the Welcome Home DPA Program are as follows:

Available with PRMI FHA Loan or PRMI USDA Loan
Minimum 620 Credit Score
No Income Restrictions except USDA Loan guidelines
Temporary Interest Rate Buy Down Options
Do NOT have to be a First Time Home Buyer
Available Nationwide except NY
Second Mortgage Loan for Down Payment & Closing Costs
Repayable and Forgivable Options for the DPA Loan

What are the Eligible Property Types for the Welcome Home Program?

The PRMI Welcome Home DPA Program allows borrowers to purchase properties that are on the eligible list. The following are eligible property types for the DPA program: Keep Reading...

How To Cancel Mortgage Insurance

John Thomas September 4, 2021 Tags: how long to pay mortgage insurance on fha loan, how to calculate monthly mortgage insurance on fha loans, how to cancel mortgage insurance on fha loan, how to cancel mortgage insurance premium (mip), how to cancel mortgage insurance premium mip loan, how to get rid of mortgage insurance on my fha loan, how to remove private mortgage insurance on fha loan

Private mortgage insurance might be one of the costs that you most hate to pay when you send in your mortgage payment each month. If you would like to learn more on how to cancel mortgage insurance, give the John Thomas team a call at 302-703-0727 or APPLY ONLINE

PMI stands for Private Mortgage Insurance and is a type of mortgage insurance that buyers are typically required to pay for on a Conventional Loan when they make a down payment that is less than 20% of the home’s purchase price. Mortgage Insurance on government backed loans is simply called MI for Mortgage insurance and is treated differently than PMI. Keep Reading...

How CAIVRS Report Can Prevent You From Getting A Loan

John Thomas August 26, 2020 Tags: CAIVRS report, Delaware FHA Loan, How to fix mistake in CAIVRS report, the importance of caivrs report in mortgage loan, what is caivrs report

If you’re applying for a mortgage backed by the government like an FHA loan or VA loan, your lender will run a CAIVRS check before approving your loan.

This little-known government database, called U.S. Department of Housing and Urban Development Credit Alert System (CAIVRS), checks for specific types of credit defaults that could affect your mortgage loan approval. If you want to get pre-approved for a Mortgage Loan program to purchase or refinance a home please call the John Thomas Team at 302-703-0727 or APPLY ONLINE.. Keep Reading...

DSHA Temporary Guideline Changes May 2020

John Thomas April 24, 2020 Tags: Delaware First Time Home Buyers, DSHA

DSHA announced temporary guideline changes to their home buyer assistance programs for home buyers in Delaware. Effective with new reservations for their Preferred Plus Down Payment Assistance Program and their Base Rate Program their will be stricter guidelines for qualifying for the program if you are getting a FHA Loan, VA Loans or a USDA Loan. If you have questions please call the John Thomas Team at 302-703-0727 or you can APPLY ONLINE

Anybody with a qualifying credit score below 700 will have a maximum Debt to Income Ratio (DTI) of 45% in order to be eligible for the program. The minimum credit score to apply for the Delaware State Housing Authority Program is still 620 but there are now restrictions to the maximum DTI if credit score is below 620 starting in May 2020. Keep Reading...

Dover Delaware First Start Down Payment Assistance Program

John Thomas October 13, 2019 Tags: City of Dover Down Payment Program, Delaware Down Payeent Assistance Program, Delaware Down Payment Program, Delaware first time home buyer program

Dover Delaware First Start Down Payment Assistance Program is a down payment and closing cost assistance program provided by the City of Dover to encourage home ownership within the city limits of Dover, Delaware. The program is designed to assist low income families and moderate income families purchase an eligible property in the City of Dover. Call 302-703-0727 to get more information or to Apply. You can also APPLY ONLINE.

How Do You Qualify for the Dover First Start Down Payment Program?

In order to be eligible to qualify for the City of Dover Delaware Down Payment Assistance Program you must NOT have owned a principal residence in the last 3 years. There is one exception for single parents who have not owned a home for at least one year except as part of a joint ownership. You must also meet the following qualifications: Keep Reading...