FHA Streamline Refinance Fees are being lowered to help more people be able to take advantage of the FHA streamline refinance program, this was announced by President Obama on March 6, 2012, but won’t be effective until an FHA Mortgage Letter is released. The fees being lowered are the FHA Mortgage Insurance Premiums. The FHA streamline refinance program allows borrowers that have been current on their mortgage in the last 12 months to refinance without getting an appraisal or verifying income. This is a huge benefit to borrowers that may be underwater on their FHA mortgage. Call 302-703-0727 to take advantage of the FHA Streamline Refinance or APPLY ONLINE.
FHA Loans
FHA Announced Increase in MI Effective April 9, 2012
FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage. Call 302-703-0727 if you would like more information or apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.
New FHA Mortgage insurance Guidelines Effective April 9, 2012, by John R. Thomas from Primary Residential Mortgage
HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012:
FHA Wants to lower Allowable Seller Paid Closing Costs from 6% to 3%
John Thomas
February 25, 2012
Tags: Delaware FHA Loans, FHA Guidelines, FHA seller paid closing costs
HUD wants to lower allowable seller paid closing costs from 6% to 3% on ALL FHA loans. Only a 30-day window to comment so URGENT that you take action and make comments, see links below.
HUD/FHA Proposed to lower seller paid closing costs from 6% to 3%.
I highly encouraged everyone to take action IMMEDIATELY to submit your comments to the FHA regarding the reduction of the seller concessions to a maximum of 3% or $6,000 whichever is greater.
Please read the notice below to see HUD’s points regarding why they wish to reduce the maximum amount of seller concessions. Some good arguments are made by HUD to do so…However, in the grand scheme of things within the housing market today and the view that I see from the ground floor, now is NOT the time to move forward with this proposal.
Delaware FHA Loan Limits reset back to higher limits for 2012-2013
John Thomas
December 7, 2011
Tags: Delaware FHA Loans
Delaware FHA Loan Limits are changed back to higher limits with Mortgagee Letter 2011-39 announces changes to its mortgage limits with the passing of H.R. 2112 (The Consolidated and Further Continuing Appropriations Act of 2012), which reestablishes the previous higher FHA loan limits. Effective immediately with all new FHA case numbers until December 31, 2012, the loan limits are as follows:
New Castle County Limit- $420,000
Kent County Limit – $376,250
Sussex County Limit – $375,000
You can apply for a Delaware FHA Loan by calling 302-703-0727 or you can APPLY ONLINE.
Delaware FHA Loan Limits as of October 2011
John Thomas
September 15, 2011
Tags: FHA Loan Limits
Delaware FHA Loan Limits for 2011
Delaware FHA loan limits are set to change for the worse on October 1, 2011. The temporary increase in FHA loan limits expires October 1, 2011. The loan limits were raised in 2008 to help stimulate the housing industry that was reeling from a recession caused by the collapse of the mortgage market.
The new FHA loan limits in Delaware are based on the median home price for each county and are as follows:
New Castle County, DE – $379,500
Kent County, DE – $271,050
Sussex County, DE – $316,250
The biggest drop that will affect most home buyers is in Kent County which will see almost $100,000 drop in Delaware FHA loan limit effective for FHA case numbers assigned on or after October 1, 2011.
Delaware FHA Monthly Mortgage Insurance Premium Increasing Monday
John Thomas
April 14, 2011
Tags: Delaware FHA Loans, Mortgage Insurance
The monthly mortgage insurance premium for Delaware FHA loans will increase by 0.25% on all FHA case numbers pulled on or after April 18, 2011. So if you are under contract to purchase a home in Delaware and are using an FHA loan then you need to make sure your loan officer pulls your FHA case number by Friday, April 15, 2011 or if you are considering an FHA refinance then you should call to get your FHA case number pulled before the end of the day on Friday, April 15, 2011. If you need help please feel free to call 302-703-0727.
FHA Case Number – What is it?
FHA Case Number is required for every FHA loan. What is it? It is a unique number that is assigned when someone applies for an FHA Loan for either a refinance or purchase. The number is assigned when the mortgage lender or mortgage broker orders the FHA case number through the FHA website called FHA Connection. Questions on an FHA loan or need to apply for an FHA loan? Call us at 302-703-0727 or APPLY ONLINE TODAY
FHA Case Number When is it assigned and can it be transferred?
The Case Number is assigned to the borrower and the property. The FHA case number can be transferred from one borrower to another but cannot be transferred from the property. For example if you submit a purchase contract to buy property A and you apply for an FHA loan and are assigned an FHA case number, if you decide not to buy that property, then you would need to get a new FHA case number when you submit an offer to buy property B. If someone else wanted to purchase Property A then they would need to use the same FHA case number and have it transferred to their mortgage lender through FHA connection website.
Maryland FHA Loan Limits for 2011
John Thomas
November 2, 2010
Tags: Maryland FHA Loan Limits 2011, Maryland FHA Loans
The Maryland 2011 FHA loan limits by county are unchanged from 2010. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers.
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
John R. Thomas 410-412-3319 MD Office 302-703-0727 DE Office 610-906-3109 PA Office
| County Name | Single Family | Duplex | Tri-plex | Four-plex |
| ALLEGANY | $271,050 | $347,000 | $419,400 | $521,250 |
| CUMBERLAND, MD-WV (MSA) | ||||
| ANNE ARUNDEL | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| BALTIMORE | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| BALTIMORE CITY | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| CALVERT | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO | ||||
| CAROLINE | $271,050 | $347,000 | $419,400 | $521,250 |
| NON-METRO | ||||
| CARROLL | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| CECIL | $420,000 | $537,650 | $649,900 | $807,700 |
| WILMINGTON, DE-MD-NJ METROPOLITAN DIVISION | ||||
| CHARLES | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO | ||||
| DORCHESTER | $271,050 | $347,000 | $419,400 | $521,250 |
| CAMBRIDGE, MD (MICRO) | ||||
| FREDERICK | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| BETHESDA-GAITHERSBURG-FREDERICK, MD METR | ||||
| GARRETT | $437,500 | $560,050 | $677,000 | $841,350 |
| NON-METRO | ||||
| HARFORD | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| HOWARD | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| KENT | $343,750 | $440,050 | $531,900 | $661,050 |
| NON-METRO | ||||
| MONTGOMERY | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| BETHESDA-GAITHERSBURG-FREDERICK, MD METR | ||||
| PRINCE GEORGE’S | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO | ||||
| QUEEN ANNE’S | $560,000 | $716,900 | $866,550 | $1,076,950 |
| BALTIMORE-TOWSON, MD (MSA) | ||||
| SOMERSET | $328,750 | $420,850 | $508,700 | $632,200 |
| SALISBURY, MD (MSA) | ||||
| ST. MARY’S | $400,000 | $512,050 | $618,950 | $769,250 |
| LEXINGTON PARK, MD (MICRO) | ||||
| TALBOT | $443,750 | $568,050 | $686,650 | $853,350 |
| EASTON, MD (MICRO) | ||||
| WASHINGTON | $377,500 | $483,250 | $584,150 | $725,950 |
| HAGERSTOWN-MARTINSBURG, MD-WV (MSA) | ||||
| WICOMICO | $328,750 | $420,850 | $508,700 | $632,200 |
| SALISBURY, MD (MSA) | ||||
| WORCESTER | $437,500 | $560,050 | $677,000 | $841,350 |
APPLY ONLINE today to be pre-approved for a mortgage to buy or refinance a home in Delaware, Maryland, or Pennyslvania.
John R. Thomas – NMLS 38783
