Mortgage Loans

Mortgage Loans

FHA Announces Increase in MI Effective April 9 2012

John Thomas March 2, 2012 Tags: , ,

FHA Announced Increase in MI Effective April 9, 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

New FHA Mortgage insurance Guidelines Effective April 9, 2012, by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012: Keep Reading...

FHA Wants to lower Allowable Seller Paid Closing Costs from 6% to 3%

John Thomas February 25, 2012 Tags: , ,

HUD wants to lower allowable seller paid closing costs from 6% to 3% on ALL FHA loans. Only a 30-day window to comment so URGENT that you take action and make comments, see links below.

HUD/FHA Proposed to lower seller paid closing costs from 6% to 3%.

I highly encouraged everyone to take action IMMEDIATELY to submit your comments to the FHA regarding the reduction of the seller concessions to a maximum of 3% or $6,000 whichever is greater.

Please read the notice below to see HUD’s points regarding why they wish to reduce the maximum amount of seller concessions. Some good arguments are made by HUD to do so…However, in the grand scheme of things within the housing market today and the view that I see from the ground floor, now is NOT the time to move forward with this proposal. Keep Reading...

Is Your Delaware Loan Officer Licensed?

John Thomas February 20, 2012 Tags: , , , , ,
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Is Your Delaware Loan Officer Licensed?

How can you check to see if your Delaware loan officer is licensed to do business as a loan originator and even if they are licensed to do business in Delaware?  It is real easy to check, every loan originator is required to have a loan originator license number with the National Mortgage Licensing System (NMLS).  You can look up anybody at the following website:

www.nmlsconsumeraccess.org

You should always check to see if a loan officer is licensed and they should always be able to provide you with their NMLS number.  For example, my NMLS is 38783 so you can look me up by name, John Richard Thomas or NMLS number, 38783.  Once you find me, it will tell you what company I work for, Primary Residential Mortgage, Inc., what states I am currently licensed to do business in and if my licensed is active or expired.  See below for picture from NMLS consumer website: Keep Reading...

Elsmere, Delaware – Repeals First Time Home Buyer Transfer Tax Credit – February 9, 2012

John Thomas February 19, 2012 Tags: , ,

Town of Elsmere Delaware repeals the first time home buyer transfer tax credit was repealed on February 9, 2012, by the Mayor of the town of Elsmere and the town council and is effective immediately.  The transfer tax in Delaware is 3% of the purchase price which is split equally between the state of Delaware and the county.  If the property is in a township, municipality, or city then the county portion of the transfer tax is collected by that entity. New Castle County, Kent County, and Sussex County all waive the transfer tax for first time home buyers if the property is in the county alone. The Town of Elsmere had been giving the waiver as well until Thursday, February 9, 2012. Keep Reading...

Primary Residential Mortgage – Introduction to the Best Delaware Mortgage Company

John Thomas February 16, 2012 Tags: , ,
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Best Delaware Mortgage Company – Primary Residential Mortgage, Inc.

Primary Residential Mortgage is the Best Delaware Mortgage Company and the only mortgage lender you should choose in the state of Delaware.  Primary Residential Mortgage is a mortgage banker that is located at 248 E Chestnut Hill Rd, Newark, DE 19713.  Call 302-703-0727 to schedule a free mortgage planning consultation for the purchase or refinance of a home in Delaware or you can APPLY ONLINE.

Introduction to Primary Residential Mortgage by John R. Thomas

What Does the Best Delaware Mortgage Company Do?

Primary Residential Mortgage Originates, Processes, Underwrites, and Funds all of their own loans.  PRMI provides all of the loan options available today in the market which include the following: Keep Reading...

Six Reasons Why Now is a Perfect Time to Buy a Home in Delaware

John Thomas February 9, 2012 Tags: ,

Six Reason Why Now is a Perfect Time to Buy a Home in Delaware by John R. Thomas from Primary Residential Mortgage and Jeff Garvey from Keller Williams Realty. Call 302-703-0727 to get qualified for a mortgage to purchase or refinance a home in Delaware. You can also APPLY ONLINE.

Six Reasons Why now is a Perfect Time to Buy a Home in Delaware

  1. Reason 1 -Homes have never been more affordable
  2. Reason 2 – Mortgage Rates are at all time historic lows
  3. Reason 3 – Sellers are motivated to sell their homes
  4. Reason 4 – Lenders are back in the game
  5. Reason 5 – Owning is Cheaper than Renting
  6. Reason 6 – Homeownership is still the American Dream

If you would like to apply for a mortgage to be pre-approved to purchase or refinance a home in Delaware call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas – NMLS 38783 Keep Reading...

Congress votes to increase Delaware mortgage rates through increased Guaranty Fee – 2012

John Thomas January 20, 2012 Tags: , ,

Delaware mortgage rates will be increasing in the first quarter of 2012 for all conventional loans backed by Fannie Mae and Freddie Mac because of the bill to extend payroll cut extension for two months. Two-month extension costs borrowers for the next 10 years! You need to act fast to avoid the interest rate increase, call now at 302-703-0727 or APPLY ONLINE to avoid paying this higher rate.

The U.S. Congress recently passed a two-month payroll tax cut extension. The $33 billion packages are funded by a 10-year increase in the Guaranty Fees that Fannie Mae (Fannie) and Freddie Mac (Freddie) charge lenders to guarantee home loans. Keep Reading...

Impact of Short Sales on New Castle County & Kent County Delaware for 2011

John Thomas January 15, 2012 Tags:
distressed properties

As of December 2011 close to one in four listings in New Castle County closed as a short sale or bank-owned property (REOs). As of December 2011, one in three in listings that sold in Kent County were short sales or bank-owned properties (REOs). In the pictures above we can see December 2011 alone for New Castle and Kent Counties, and below we see the figures for 2011 as a whole. The biggest difference between New Castle and Kent Counties is that 15.5% of REO or Bank-Owned properties settled in NCCO, while 22.6% settled in Kent County. Short sale figures are almost identical, although the more densely populated northern New Castle County handled almost four times as many individual properties Keep Reading...