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FHA Update – Provisions for Condo Project Approval Process

John Thomas September 18, 2012 Tags: Delaware FHA Loans, Delaware mortgages, FHA Condo, FHA Loans

In order to address current housing market conditions, HUD has published Mortgagee Letter 2012-18, which highlights important changes to the current condominium guides.

Here are the 7 things you need to know about these changes
1. These changes are in effect from September 13, 2012, until August 31, 2014, unless extended.

2. Under construction is defined as (1) a new development in which construction has been started but is not yet completed or in which units are completed but are less than 1 year old (existing < 12 months old); or (2) gut rehabilitation conversions. The definition of “under construction” applies to legally phased developments. Keep Reading...

Delaware FHA Streamline Refinance Guidelines 2012

John Thomas August 13, 2012 Tags: Delaware FHA Loans, Delaware Home Loans, Delaware mortgages, Delaware Refinance, FHA Streamline Refinance, mortgage loans

Delaware FHA Streamline Refinance Guidelines 2012

If you currently have an FHA Loan then you are eligible to refinance your existing Delaware FHA loan using the streamline refinance guidelines. The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was delivered to FHA before June 1, 2009, then you can take advantage of the new refinance guidelines put into place by President Obama that took effect on June 11, 2012. If your loan was delivered to FHA after June 1, 2009, then you must use the FHA Streamline Refinance guidelines that took effect on April 9, 2012. Apply Now for an FHA Streamline Refinance by calling 302-703-0727 or APPLY ONLINE for Delaware FHA Streamline Refinance Keep Reading...

FHA Rescinds New Credit Guidelines for Collections Effective June 15 2012

John Thomas July 2, 2012 Tags: Delaware FHA Loans, Delaware Home Loans, FHA Update, mortgage loans

FHA Rescinds Select Credit Guides Effective June 15, 2012, with mortgage letter 2012-10

Mortgagee Letter 2012-10 rescinds guidelines regarding disputed accounts and collection accounts that were announced February 28, 2012, via Mortgagee Letter 2012-03.

Here are the 2 things YOU NEED TO KNOW about these changes:

1. Effective now, the FHA guides revert back to the previous guides regarding disputed accounts and collection accounts, meaning the DE underwriter has to make the decision whether disputed accounts and collection accounts must be paid as a condition of loan approval. Keep Reading...

Delaware Fannie Mae HomePath Program

John Thomas June 3, 2012 Tags: Delaware Fannie Mae Homepath Loans, Delaware Home Loans, Fannie Mae Homepath program, mortgage loans, primary residential mortgage

Delaware Fannie Mae HomePath Program Guidelines

Fannie Mae has a great loan program that’s available to homebuyers around in Delaware. When foreclosures occur on Fannie Mae-owned properties, Fannie Mae hopes to sell those properties quickly so the community isn’t impacted too greatly. These properties are known as HomePath properties, and there are some great incentives in purchasing them throughout the state of Delaware. Highlights include:

97% conventional financing
3% down payment can be gifted/grant funds
No appraisal (sale price = value)
No PMI
6% seller concession allowable over 90%
Investment property allows for higher LTVs

90% – 1 unit
80% – 2 unit
75% – 3-4 unit OR if financing properties 5-10
Renovation program allows for the same flexibility as a standard purchase program

The bottom line is that HomePath properties offer flexibility and opportunities to save some money. So, it may be worth your time to take a look at them. Keep Reading...

Delaware USDA Rural Housing Loan Income Limits for 2012

John Thomas May 23, 2012 Tags: Delaware USDA Rural Housing Loan Income Limits, Kent county Delaware USDA Income Limits, New Castle County Delaware USDA Income Limits, Sussex County Delaware USDA Income Limits, USDA Rural Housing Loans

Delaware USDA Rural Housing Loan Income Limits for 2012 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:

1-4 Person 5-8 Person

$0 – $93,450 $0 – $123,354

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

New Castle County will no longer Exempt Fannie Mae & Freddie Mac from Transfer Tax effective June 14 2012

John Thomas May 12, 2012 Tags: Delaware mortgages, Delaware Transfer Tax, Fannie Mae Transfer Tax, Freddie Mac Transfer Tax, john r thomas, mortgage loans, New Castle County Delaware, New Castle County transfer tax, Primary Residnetial Mortgage

New Castle County Delaware ruled that effective June 14, 2012, Fannie Mae and Freddie Mac will NO LONGER be exempt from transfer taxes on the sale of homes.

The New Castle County law department has recently ruled on transfer taxes on transactions involving Fannie Mae (Federal National Mortgage Company) or Freddie Mac (Federal Home Loan Mortgage Company). Historically, purchases from these entities have been treated as exempt from transfer tax as a conveyance from a governmental agency. In fact, Fannie Mae and Freddie Mac are NOT governmental agencies – they are federally chartered private corporations. New Castle County has decided to enforce that distinction starting on June 14, 2012. Keep Reading...

President Obama Announces Reduction in FHA Streamline Refinance Fees on March 6 2012

John Thomas March 6, 2012 Tags: Delaware FHA Loans, FHA Loans, FHA Streamline Refinances

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.
Keep Reading...

Do You Need a Buyer’s Agent When Buying New Construction From a Builder?

John Thomas March 3, 2012 Tags: Buyers Agent, Delaware Real Estate, New Construction

Do you need a buyer’s agent to represent you when buying a new construction home from a builder? John R. Thomas with Primary Residential Mortgage and Jeff Garvey with Keller Williams Realty will answer this question in the video.

Do You Need a Buyer’s Agent When Buying New Construction from a Builder? The answer is yes. The builder has a sales agent at the model but they represent the builder and not the home buyer. The sales agent is even required to be licensed as a real estate agent. The builder will pay your buyer’s agents’ commission. The Buyers Agent will negotiate with the builder to protect you and make sure you get the best deal possible. Keep Reading...