FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: Delaware FHA Loans, FHA Loans, FHA MIP, FHA Mortgage Insurance

FHA Mortgage Insurance Premium Dropping January 26, 2015

FHA Mortgage Insurance Premium being lowered on all new FHA Case Numbers assigned on or after January 26, 2015, as announced by HUD Secretary Julian Castro on January 8, 2015, per an executive order by President Obama. FHA will reduce the annual mortgage insurance that borrowers will pay by 0.5%. FHA made this official with the publication of the Mortgagee Letter 2015-01. Call 302-703-0727 to Apply for an FHA Loan or APPLY ONLINE

Below is a table that shows the changes to the annual mortgage insurance premiums for FHA Loans: Keep Reading...

Mortgage Insurance Tax Deductible for 2014

John Thomas December 26, 2014 Tags: MI Tax Deductible, Mortgage Insurance

Mortgage Insurance Tax Deductible for 2014 for all homeowners who make less than $109,000 effective with the passage of the Tax Increase Prevention Act of 2014 on December 16, 2014, by the U.S. Senate. The House of Representatives passed the bill on December 3, 2014.

The passage of this bill means homeowners can claim the MI Tax Deduction retroactive to January 1, 2014, allowing eligible borrowers with adjusted gross income of less than $109,000 to deduct the eligible amount of their 2014 mortgage insurance premiums when they file their 2014 Federal Tax Returns. We recommend that you consult a tax adviser to determine if you are eligible to claim the mortgage insurance deduction. Keep Reading...

Mortgage Debt Forgiveness Act of 2014 Passed

John Thomas December 23, 2014 Tags: HR 5771, mortgage debt foregiveness, Tax Increase Prevention Act of 2014

Mortgage Debt Forgiveness Act of 2014 was passed by the U.S. Congress in the last minute session as part of a larger bill called the Tax Increase Prevention Act of 2014 which was House Bill H.R. 5771 which passed the U.S. Senate on December 16, 2014, by a vote of 76-16. The bill had already passed the House of Representatives on December 3, 2014. The bill was sent to President Obama for signature into law after the Senate passed the bill.

The Bill provides Mortgage Debt forgiveness for people that s0ld their home in 2014 as a short sale or for people that were foreclosed on in 2014. Without the passage of this bill, the difference between what was owed by the borrower and what was paid to the lender would be counted as income on their Federal Income Taxes for 2014. This is termed “forgiveness” of debt by the creditor and the IRS views this as income. This extension of the mortgage debt forgiveness act allows taxpayers to exclude the forgiven debt from their federal tax returns. Keep Reading...

Fannie Mae 97% Conventional Mortgage Loan is Back

John Thomas December 14, 2014 Tags: 97% LTV Loans, 97% Mortgage Loans, Conventional 97% Loan, Fannie Mae 97%

Fannie Mae 97% Conventional Mortgage Loan is back for qualified first time home buyers as announced by Fannie Mae on December 8, 2014. This new loan option for qualified first-time homebuyers that will allow for a down payment as low as three percent or for limited cash-out refinance of homeowners who currently have a Fannie Mae loan. The lower down payment is to help qualified borrowers to access credit that may not have the resources for a larger down payment.

These 97% Conventional loans do require mortgage insurance as the borrower is financing more than 80% of the value of the home. The mortgage insurance can be paid on a monthly basis or paid as a one-time single premium at closing. Keep Reading...

FHA Property Flipping Waiver Expires December 31, 2014

John Thomas December 11, 2014 Tags: Delaware FHA Loans, FHA Property Flipping waiver

FHA Property Flipping Temporary Waiver on the 90 Day Rule will expire on December 31, 2014, and will not be extended as announced by the Federal Housing Authority on December 11, 2014. This is important news for investors and home buyers to be aware of starting January 1, 2015, as investors will need to wait 91 days before they can execute a sales contract on a flip for a buyer using FHA financing to purchase the property.

If you have questions or would like to apply for an FHA Loan to purchase or refinance a home in Delaware, please call 302-703-0727 or you can APPLY ONLINE
Keep Reading...

Delaware FHA Loan Limits for 2015

John Thomas December 6, 2014 Tags: Delaware FHA Loan Limits 2015, Delaware FHA Loans

Delaware FHA Loan Limits for 2015 Announced by Federal Housing Administration on December 5, 2014, in the mortgage letter 2014-25. The mortgage loan limits published in this mortgage letter go into effect for FHA case numbers assigned on or after January 1, 2015, and will remain in effect through December 31, 2015.

The FHA Loan Limits are based on which county the property is located. The maximum mortgage loan limit per county in Delaware for 2015 is as follows:

New Castle County $379,500 Keep Reading...

Dover Delaware First Time Home Buyer Seminar December 6, 2014

John Thomas November 16, 2014 Tags: delaware home buyer class, delaware home buyer seminar, delaware home buyer workshop, Dover Delaware first time home buyer seminar, Dover Delaware home buyer seminar

Delaware First Time Home Buyer Seminar on Saturday, December 6, 2014, at 10 AM in Dover, Delaware. The seminar will last about 2 hours and each participant will be able to receive a copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. You will be able to get pre-approved at the seminar by a Delaware Mortgage Company. Keep Reading...

Fannie Mae Homepath Loan Program Discountinued October 6, 2014

John Thomas September 19, 2014 Tags: Fannie Mae, Fannie Mae Homepath, Homepath Loan Program, Homepath Renovation Loan

Fannie Mae Homepath Mortgage Loan Program will no longer be eligible for use by home buyers effective October 6, 2014. Fannie Mae designed the Homepath loan program to be used to purchase specifically targeted homes in their inventory of homes for sale. The Homepath loan is a special loan program that allows a home to be purchased with no appraisal and no mortgage insurance with only putting down 5% of the purchase price as a down payment. The original program only required 3% down payment but that was increased to 5% down payment effective November 1, 2013.

The highlights of Fannie Mae Homepath Loans are as follows: Keep Reading...