Mortgage Loans

Mortgage Loans

Delaware Conforming Loan Limits Remain the Same for 2013

John Thomas December 2, 2012 Tags: , , , , ,

The maximum loan limit for Freddie Mac and Fannie Mae loans in 2013 for loans made in Delaware will remain the same as it was in 2012. The Federal Housing Finance Agency (FHFA) announced on Thursday, November 29, 2012, that the baseline limit that will apply to most of the country will be $417,000 for one unit properties. Below is a chart showing the conforming loan limits for New Castle County, Delaware; Kent County, Delaware’ and Sussex County, Delaware:

Number of Units:  Max Delaware (Kent, New Castle, & Sussex Counties) Loan Limit 1 Unit $417,000 Keep Reading...

Delaware USDA Rural Housing Loan Guideline Updates October 1, 2012

John Thomas October 4, 2012 Tags: , , ,
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Delaware USDA Rural Housing Loan Guideline Updates that took effect October 1, 2012.

Delaware USDA Rural Housing Loan Guideline Updates from John R. Thomas with Primary Residential Mortgage

USDA Rural Housing Loan Program changed the monthly mortgage insurance premium charged on USDA mortgages from 0.3% to 0.4% effective on conditional commitments issued on October 1, 2012, and after. USDA also changed the Guarantee fee it charges for refinances. The guarantee fee on refinance transactions increased from 1.5% to 2.0% effective October 1, 2012. The Guarantee Fee on purchase transactions remains the same at 2.0%. Keep Reading...

FHA Update – Provisions for Condo Project Approval Process

John Thomas September 18, 2012 Tags: , , ,

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 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: , , ,

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 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 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: , , , , , , , ,

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...