Delaware FHA Loans can be used for purchasing or refinancing a home in Delaware. FHA loans will lend up to 96.5% LTV for a purchase and 97.75% for a rate & term refinance.
FHA Commissioner David Stevens announced that FHA will be making changes effective April 2010 for all new FHA loans. The changes are being implemented to ensure that FHA can keep a capital reserve of 2.0%. The changes are as follows; 1) FHA upfront mortgage insurance premium will increase from 1.75% to 2.25%. It can still…
Some congressmen are becoming more concerned about the Federal Housing Administration’s financial plight and they want to increase FHA’s downpayment requirement to 5%. Rep. Ed Royce, R-Calif., said FHA is operating at the same dangerous leverage ratios that led to the takeover of Fannie Mae and Freddie Mac. Rep. Scott Garrett, R-N.J., said he has…
The increase in foreclosures has increased the number of houses listed for sale in Delaware that are owned by banks. The banks have taken the homes by foreclosing. The banks list the properties for sale in “as is” condition. This makes it tough for qualified buyers to purchase some of these homes because traditional FHA…
Effective April 1, 2009, Delaware homeowners looking to take cash out on their homes, will have a tougher time. According to a letter issued by the Federal Housing Authority (FHA), FHA plans to make it tougher for borrowers to secure a cash-out refinance mortgage. Until now homeowners only needed to have 5% equity in their…
FHA loans will currently let you take cash out of your home up to a maximum of 95% loan to value. The guideline changed on January 1, 2009, to require you to have two appraisals for cash-out above 85% loan to value. Now the guidelines will change again on April 1, 2009, so that the…
The American Recovery and Reinvestment Act of 2009 was passed last Tuesday and part of the bill reinstated the higher Delaware FHA loan limits of 2008. The Delaware FHA loan limits for 2009 were raised as follows; New Castle County $420,000 Previous – ($376,000) Kent County $417,000 Previous – ($271,050) Sussex County $417,000 Previous –…
If you are looking to purchase a home or refinance a home and have a FICO score below 580, 99% of lenders will not even be able to help you. Wells Fargo and Chase just made their minimum credit score 620 for all loan programs. Sun Trust just made their minimum FICO score 640 for…
In response to the passing of HR 3221, this update announces FHA’s new Mortgage Insurance Premiums for the period of October 1st, 2008 through September 30th, 2009. FHA’s Risk-Based Premiums that went into effect on July 14th, 2008 will be on hold until October 1st, 2009. Here are the 6 things you need to know…
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