Mortgage Loans

Mortgage Loans

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Town of Elsmere Delaware repeals the first time home buyer transfer tax credit was repealed on February 9, 2012, by the Mayor of the town of Elsmere and the town council and is effective immediately.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: , ,
featured image

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...

Delaware FHA Loan Limits reset back to higher limits for 2012-2013

John Thomas December 7, 2011 Tags:

Delaware FHA Loan Limits are changed back to higher limits with Mortgagee Letter 2011-39 announces changes to its mortgage limits with the passing of H.R. 2112 (The Consolidated and Further Continuing Appropriations Act of 2012), which reestablishes the previous higher FHA loan limits. Effective immediately with all new FHA case numbers until December 31, 2012, the loan limits are as follows:

New Castle County Limit- $420,000

Kent County Limit – $376,250

Sussex County Limit – $375,000

You can apply for a Delaware FHA Loan by calling 302-703-0727 or you can APPLY ONLINE. Keep Reading...

Delaware Conventional Loan Limits for 2012

John Thomas December 6, 2011 Tags:

Delaware Conventional loan limits for 2012 have been released. Fannie Mae’s loan limits for 2012 for all conventional mortgage loans have been issued by the Federal Housing Finance Agency (FHFA) for all loans to be acquired by Fannie Mae in 2012. These maximum conforming loan limits will remain at existing levels.

First Mortgage Loan Limits for Delaware

New Castle County, Kent County, and Sussex County

1 Unit $417,000
2 Unit $533,850
3 Unit $645,300
4 Unit $801,950

Second Mortgage Loan Limit is $208,500.

If you need to apply for a Delaware mortgage loan you can call our office at 302-703-0727 or you can APPLY ONLINE. Keep Reading...

Delaware USDA Rural Housing Loans – Lapse in Funding October 1, 2011

John Thomas October 7, 2011 Tags:

Delaware USDA Rural Housing Loans are now subject to a lapse in funding as Rural Development is only issuing Contingent Conditional Commitments, subject to the availability of commitment authority” as there are currently no more funds available for guaranteeing loans as of October 1, 2011. Therefore most lenders have ceased funding USDA Rural Housing Loans.
Primary Residential Mortgage is still originating and funding these loans with the contingent commitment and will do so until funding is restored. If you received a commitment from Rural Development prior to October 1st then you will be fine if not you will need to check to see if your lender will still fund the loan and won’t have any delays. If you cannot get your loan funded, please call us at 302-703-0727 and we can get your loan closed for you. You can also APPLY ONLINE for a Delaware Mortgage. Keep Reading...