Mortgage Loans

Mortgage Loans

USDA Rural Housing Loans Increasing Monthly Mortgage Insurance October 1, 2014

John Thomas September 7, 2014 Tags: , ,
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USDA Rural Housing Loans will be increasing the monthly mortgage insurance premium that is charged beginning on Guarantee Commitments assigned on or after October 1, 2014, as announced by Rural Development. The monthly premium charged is currently based on an annual premium of 0.4% of the principal balance of the outstanding loan. The annual premium is increasing to 0.5% effective with commitments issued on or after October 1, 2014.  It doesn’t matter if the loan application or the sales contract was dated prior to October 1, 2014. Keep Reading...

Maryland First Time Home Buyer Seminar June 28, 2014

John Thomas May 24, 2014 Tags: , , ,
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Maryland First Time Home Buyer Seminar

There will be a Maryland First Time Home Buyer Seminar on Saturday, June 28, 2014, at 10:00 AM till Noon. 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 Maryland. The seminar will cover Maryland FHA loans, Maryland VA loans, , Maryland USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Maryland FHA 203k Rehab loans. Each participant will receive a Credit Scoring Handbook, Home Buying Handbook, and an opportunity to meet with a certified mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.
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Delaware USDA Rural Housing Loan Property Eligibility Extended till 2020

John Thomas February 23, 2014 Tags: ,
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Delaware USDA Rural Housing Loan Program current eligible property areas have been extended until the 2020 Census data can be used to determine property eligibility with the passage of the 2014 Farm Bill H.R. 2642, the Agricultural Act of 2014. President Obama signed the bill into law during the first week of February 2014.

Over 900 communities across the country were at risk of losing access to USDA Rural housing loans on October 1, 2014, when the 2010 Census data was going to be required to be used to calculate eligible areas replacing the 2000 Census data currently being used. For Delaware home buyers this means that Middletown, Delaware, and Smyrna, Delaware will continue to be eligible areas for USDA financing until post-2020. Keep Reading...

Delaware USDA Rural Housing Loan Income Limits for 2014

John Thomas February 6, 2014 Tags: , , ,
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Delaware USDA Rural Housing Loan Income Limits for 2014 remained the same as 2013 for each county in Delaware. The income limits are based on the household income for the total number of people living in the home. If you have questions about USDA Loans for the purchase or refinance of a home, please call 302-703-0727 or you can APPLY ONLINE.

The income limits for New Castle County, Kent County, and Sussex County are displayed below:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2014:

1-4 Person         5-8 Person
Household        Household
$0 – $93,450    $0 – $123,354 Keep Reading...

Delaware Real Estate Market Update for December 2013

John Thomas January 7, 2014 Tags: , , , ,
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Delaware Real Estate Market Update for December 2013

The monthly update on the local real estate market in Wilmington, Chester, Cecil County Areas from John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware.

New Castle County, Delaware

New Castle County recorded a 3% increase in homes sold year over year.  The median home price of homes sold increased from $185,000 to $198,000 which is a 7% increase.  The total number of homes that went under contract to be sold in the first eleven months of 2013 increased by 4% from 2012.  This shows that the New Castle County Real Estate Market is a market that is experiencing an increase in home selling activity as well as an increase in the value of homes sold. Keep Reading...

Delaware VA Loan Limits for 2014 for Delaware Veterans

John Thomas January 1, 2014 Tags: , ,
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Delaware VA Loan Limits for 2014 for Delaware Veterans

Delaware VA Loan Limits for 2014 were released by the Veterans Administration for all three counties of Delaware.  Please be advised that effective on or after January 1, 2014, the VA’s county loan limits of $417,000 must be used to calculate the Veteran Administration’s maximum guaranty amount for the following counties in Delaware:

County:                                        County Loan Limit:

Kent County                                  $417,000 Keep Reading...

Delaware FHA Loan Limits for 2014

John Thomas December 10, 2013 Tags: , ,
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Delaware FHA Loan Limits for 2014 will be going Lower for FHA case numbers assigned on or after January 1, 2014. FHA mortgage maximum loan amounts vary by states and by regions based on the median home price in that region. Currently, FHA loan limits range from $271,050 up to $729,750.

Effect January 1, 2014, FHA is reducing the maximum loan amount from $729,750 to $625,500 and reducing maximum loan limits in most regions.  The lowest maximum loan limit will remain at $271,050. The FHA loan limits in Delaware are being reduced in all three counties of Delaware as follows: Keep Reading...

Delaware Talent Cooperative DSHA Home Buyer Program for Teachers

John Thomas November 19, 2013 Tags: , , ,
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DSHA

Delaware Talent Cooperative DSHA Home Buyer Program for Teachers provides eligible Delaware teachers below-market interest rate home loans for the purchase of a primary residence in Delaware. Call 302-703-0727 to apply for the program with Primary Residential Mortgage or APPLY ONLINE.

Delaware State Housing Authority (DSHA) OFFERS REDUCED INTEREST RATE MORTGAGES FOR DELAWARE TALENT COOPERATIVE MEMBERS

DSHA proudly announces a new partnership with the Delaware Department of Education to retain the outstanding educators of the Delaware Talent Cooperative here in the First State by offering reduced interest rate mortgages! Keep Reading...