Delaware USDA Rural Housing Loan Income Limits for 2013

John Thomas August 28, 2013 Tags: Delaware 100% Financing, Delaware USDA income limits, Delaware USDA Loan, USDA Rural Housing Loans

Delaware USDA Rural Housing Loan

Income Limits for 2013 are based on the county and the number of people in the household. If you have questions about USDA Rural housing Loans or would like to Apply for a USDA Rural Housing Loan, call 302-703-0727 or APPLY ONLINE. The following table shows the income limits for each county in the State of Delaware:

New Castle County Delaware Income Limits for USDA Rural Housing Loans for 2013:

1-4 Person 5-8 Person
$0 – $93,450 $0 – $123,354

Kent County Delaware Income Limits for USDA Rural Housing Loans for 2013: Keep Reading...

FHA Back to Work Program Delaware FHA Loan Update

John Thomas August 21, 2013 Tags: Delaware FHA Loans, FHA Back to Work Program, FHA Update, Mortgagee Letter 2013-26

FHA Back to Work Program

Delaware FHA Loan Update Effect August 15, 2013

FHA Back to Work Loan Program – HUD released a new Mortgagee Letter 2013-26 and made it effective August 15, 2013, which was title FHA Back to Work – Extenuating Circumstances. The new guidelines allow borrowers who have experienced an Economic Event that resulted in a severe reduction in income that lead to a short sale, foreclosure, and/or bankruptcy to shorten the required wait time to a minimum of 12 months. The normal wait times are from 2 to 3 years from the derogatory event. If you would like to apply for the Back to Work Program you can call 302-703-0727 or apply online at Delaware FHA Mortgage Application Keep Reading...

Delaware FHA Good Neighbor Next Door Loan Program

John Thomas July 25, 2013 Tags: Delaware FHA Loan, FHA Firefighter Next Door Program, FHA Teacher Next Door Program, Good Neighbor Next Door Program, Officer Next Door Program

Delaware FHA Good Neighbor Next Door (GNND) is the new name for an old FHA Loan Program. Most of you may know it as the Delaware Teacher Next Door Program or Delaware Officer Next Door Program. In 2005 HUD changed the program to include firefighters and emergency medical technicians (EMTs).

If you would like to apply for the Good Neighbor Next Door Program, please give us a call at 302-703-0727 or apply online

Highlights of the Delaware Good Neighbor Next Door Program:

Specifically for designated HUD homes in revitalization areas
$100 down
50% discount (provided by HUD as a silent second mortgage)
Silent second mortgage released after buyer occupies as a primary residence for 36 months
Active Duty Military Deployment is not considered an occupancy violation
All equity/profit is a buyer’s after an initial 36-month period (Silent Second Mortgage Forgiven!)
HUD doesn’t pay closing costs, prepaids, or selling agent commission; however, ALL can be rolled into new FHA loan
Bid MUST be submitted by registered HUD Real Estate Agent

Eligible borrowers are:

Law enforcement officers with arrest powers not limited to geographic area (Example: Military police with arrest powers limited to a military base are not eligible.)
Pre-K through 12th-grade teachers
Firefighters and/or EMTs

Additional borrower criteria: Keep Reading...

FHA Update – FHA Announces Increase in MI Effective April 1, 2013

John Thomas February 2, 2013 Tags: Delaware FHA Loans, FHA Loans, FHA MIP, MIP

In Mortgage Letter dated 01/31/2013, HUD announced that the Federal Housing Administration (FHA) will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or by 0.10%, and FHA will increase premiums on jumbo mortgages ($625,000 or larger) by 5 basis points or 0.05%. It will also change the MIP from canceling at 78% LTV to being for the life of the loan on most FHA loans as of June 3, 2013. You can read the letter at http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Keep Reading...

CFPB Released New Rules on Foreclosures

John Thomas January 27, 2013 Tags: CFPB Foreclosure Rule, Consumer Financial Protection Bureau Rules, mortgage servicer rule for foreclosures

The Consumer Financial Protection Bureau (CFPB) released new guidelines for mortgage servicers on January 17, 2013, that set out to establish new, strong protections for struggling homeowners facing foreclosure. The CFPB is trying to help protect homeowners who may be facing foreclosure with these new rules that take effect in January 2014. The new rules were required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directed the CFPB to implement reforms for the mortgage servicing industry. Keep Reading...

Delaware Veteran Loan Streamline Refinance with VA IRRRL

John Thomas January 24, 2013 Tags: Delaware VA IRRRL Refinance, Delaware VA Loan, Delaware Veteran Loans, VA Home loans, VA Streamline refinance, Veteran Loans

Delaware Veteran Loan Streamline Refinance with VA IRRRL

Delaware Veteran Loan Streamline Refinance with VA IRRRL Refinance – Delaware Home Owners who currently have a Veterans Home Loan on their Primary Residence can refinance to record low mortgage interest rates with a VA Streamline Refinance called a VA IRRRL. The IRRRL is an Interest Rate Reduction Loan exclusively for Delaware veterans who currently have a VA home loan. Call Now for Free VA Refinance Loan Analysis at 302-703-0727 to speak to a local Loan Officer in Delaware or schedule an in-office appointment. You can also APPLY ONLINE for VA Refinance Keep Reading...

Federal Reserve Board Issued Final Rule on Appraisals for High Priced Mortgage Loans

John Thomas January 24, 2013 Tags: Final Rule on Appraisals, High Priced Mortgage Loans, HPML, HPML Appraisal

Final Rule on Appraisals for High Priced Mortgage Loans Released.

High Priced Mortgage Loan also called an HPML is a loan that is secured against a borrower’s primary residence and has an interest rate that is higher than the average prime offer rate. The Federal Reserve Board issued the Final Rule on Appraisals for HPML on January 18, 2013, which was mandated by provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).

The Final Rule requires lenders to use a certified or licensed appraiser who prepares a written appraisal report based on a physical inspection of the interior of the property. The rule also requires lenders to provide borrowers with a free copy of the appraisal report and to disclose the purpose of the appraisal report. In an effort to prevent fraudulent property flipping, the rule requires creditors to obtain an additional appraisal at no cost to the borrower if the property has been acquired: Keep Reading...

Allowed Seller Contribution Toward Closing Costs on Delaware Purchase Transactions

John Thomas December 26, 2012 Tags: Fannie Mae Seller Paid Closing Costs, FHA seller paid closing costs, Freddie Mac Seller Paid Closing costs, Seller Concessions, Seller Paid closing costs, USDA Seller Paid Closing Costs, VA Seller Paid Closing Costs

How much can the Sellers contribute toward Buyers closing costs and pre-paid items?

John R. Thomas with Primary Residential Mortgage in Newark, Delaware will answer how much the seller can pay toward closing costs and pre-paid items based on the loan program being used. If you have questions or would like to apply for a mortgage loan please call 302-703-0727 or you can APPLY ONLINE.

When a Buyer makes an offer to purchase a property, they can negotiate for the sellers to pay money toward closing costs and pre-paid items as long as it is written into the sales agreement. On the Delaware Real Estate Sales Agreement, this is typically written into section 32 of the sales contract. A seller is allowed to pay money towards closing costs, prepaid items, and reserves. The seller cannot, however, contribute toward the down payment. Keep Reading...