Delaware First Time Home Buyers are going to find it a lot harder to buy a home with little or no money because Fannie Mae is Changing their guidelines on the popular My Community Loan Program.  The My Community Loan program is very popular because it offers 100% financing with one loan with reduced mortgage insurance and until now would allow the seller to pay up 6% of the sales price towards closing costs. This is usually more than enough to cover all of the closing costs when buying a home in Delaware.

Starting December 1st Fannie Mae has changed the guidelines to only allow the seller to pay up to 3% of the sales price towards the buyers closing costs. 3% is typically not enough to cover all of the closing costs associated with buying a home in Delaware. This means Delaware First Time Home Buyers will have to come up with more money at the closing table in order to buy a home.

For more information on the My Community loan program or other Delaware First Time Home Buyer Programs, please feel free to call me at 302-368-7132 or register to attend one of our free educational seminars.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713