Mortgage Loans

Mortgage Loans

Middletown Delaware USDA Loans Update

John Thomas June 21, 2018 Tags:
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Middletown Delaware USDA Loans Update

Middletown Delaware USDA Loans Update – Effective June 4, 2018 Middletown Area in New Castle County Delaware is no longer eligible for USDA Financing. Rural Development bases the property eligibility for a USDA Loan on the population density in an area from the US Census data.  The area of Middletown, Delaware is over the population density limit and has been previously exempted to continue to allow Delaware USDA Rural Housing Loans to be used to purchase or refinance homes but as of June 4, 2018 that exemption is being removed.  If you would like more information or to get pre-approved for a USDA Mortgage Loan to purchase or refinance call us at 302-703-0727 or APPLY ONLINE
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John Thomas Ranked #1 Delaware VA Lender

John Thomas June 19, 2018 Tags:
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Ask a Lender Releases Rankings of The Top VA Mortgage Lenders by City and State

John Thomas has ranked #1 on Ask a Lender’s annual Best VA Lender list for #1 Delaware VA Lender and for #1 Newark, Delaware VA Lender for 2018. Visit our Delaware VA Loans page for more information on how we can get veterans into their dream homes or Call 302-703-0727 to get started today.

The John Thomas Team are Certified Military Lending Specialists and pride themselves on helping Veterans and their families with purchasing and refinancing their homes in Delaware, Maryland, Pennsylvania, New Jersey, and Virginia.  If you are a Delaware Veteran and looking for a local professional to help you understand the process and your VA benefits for a home loan, then give us a call and let us walk you through the process.  You can also APPLY ONLINE
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New Castle County Property Taxes Increase July 1 2018

John Thomas June 15, 2018 Tags:
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New Castle County Property Taxes Increase July 1, 2018

New Castle County Property Taxes are increasing July 1, 2018 after County Council passed a budget amendment to raise the county property taxes 15% to balance the budget.  There was a budget standoff in the county council over what to cut or raise in order to balance the budget.  In a 7-5 vote County Council passed a 15 percent property tax increase to end the budget standoff.  The budget shortfall was balanced on the backs on homeowners and home buyers by increasing the property tax as well as an increase to the Sewer Bill last month by 12 percent.  The passage of the bill funds County Executive Matt Meyer’s $325 Million operating and construction budget for the up coming fiscal year.
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Delaware VA Loan Update – VA Cracking Down on Predatory Lending

John Thomas June 10, 2018 Tags:
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Delaware VA Loan Update: Department of Veteran Affairs Cracking Down on Predatory Lending

Delaware Veterans & Lenders to Benefit from New VA Addendum that goes into Effect June 1, 2018.  Critical changes to the eligibility requirements for a Delaware VA loan and mortgages are on the horizon. If you have questions about the new guidelines or would like to apply for VA Loan call 302-703-0727 or APPLY ONLINE.  Ginnie Mae’s new implementation states that all VA refinance loans insured or guaranteed by the VA will only be eligible for government protection if it meets both of the following guidelines: Keep Reading...

Mortgage Rates Weekly Update [January 22 2018]

John Thomas January 22, 2018 Tags: ,
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Mortgage Rates Weekly Update for January 22, 2018

Mortgage Rates Update for January 22, 2018 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates.  John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates moved higher last week as mortgage bonds fell through floor of support and sold off as the stock market continued to rally.  If you look at the mortgage bond chart below you can see mortgage bonds broke beneath the floor of support and continued the trend for mortgage bonds to move lower which is moving mortgage interest rates higher.  We are recommending LOCKING Your mortgage rate until mortgage bonds can find a firm floor of support. Keep Reading...

What You Need to Know About the USDA Repair Escrow

John Thomas January 9, 2018 Tags:
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The USDA Repair Escrow Loan can Help You Close

Many home buyers find their dream home, but then hit a brick wall in the loan approval process: the appraiser says it does not meet USDA loan guidelines. The home of their dreams requires minor repairs to be completed or they will not be able to close. The seller won’t budge – they have a loan that requires all repairs to be completed before closing, but that’s impossible since the process can’t move forward without those repairs. It seems like a frustrating, impossible situation, but it can be rectified with a Delaware USDA Repair Escrow Loan.  The John Thomas Team can help you navigate the specifics of the Delaware USDA Repair Escrow  – give us a call today at 302.703.0727 or APPLY ONLINE. Keep Reading...

Delaware VA Loan Limits for 2018

John Thomas December 26, 2017 Tags:
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Delaware VA Loan Limits for 2018

The Department of Veteran Affairs announced the Delaware VA loan limits for 2018  100% financing are being increased effective January 1, 2018.  Eligible Delaware Veterans will be able to borrower up to $453,100 with a Delaware VA Loan for the purchase or refinance of a home in Delaware with an approved Delaware VA Lender.  Call 302-703-0727 to get more information or to get approved for a Delaware Veteran Loan or get started online at APPLY ONLINE

The Delaware VA loan limits for 2018 are increasing from the 2017 VA loan limit of $424,100 to $453,100 for 2018.  This is the amount that an eligible veteran can get a 100% financing.  So if Vet is purchasing a home for $453,100 then VA will allow the vet to borrower $453,100.  See example below: Keep Reading...

FHA Loan Limits for 2018

John Thomas December 8, 2017 Tags:
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FHA Loan Limits for 2018

The Federal Housing Administration announced FHA Loan Limits for 2018 effective with FHA case numbers assigned on or after January 1, 2018.  The Minimum maximum FHA loan limit is increasing from $275,665 to $294,515  which is a 6.8% increase in the floor loan limit for FHA loans.  Do you need to get approved for a FHA Loan?  Call 302-703-0727 or APPLY ONLINE

Consistent with the Federal Housing Finance Agency (FHFA) increases to their conventional loan limits for 2018, FHA increased the ceiling in high cost areas of the county to $679,650 from $636,150. Keep Reading...