Mortgage Loans

Mortgage Loans

Delaware FHA Loan Limits as of October 2011

John Thomas September 15, 2011 Tags:

Delaware FHA Loan Limits for 2011

Delaware FHA loan limits are set to change for the worse on October 1, 2011. The temporary increase in FHA loan limits expires October 1, 2011. The loan limits were raised in 2008 to help stimulate the housing industry that was reeling from a recession caused by the collapse of the mortgage market.

The new FHA loan limits in Delaware are based on the median home price for each county and are as follows:

New Castle County, DE – $379,500

Kent County, DE – $271,050

Sussex County, DE – $316,250

The biggest drop that will affect most home buyers is in Kent County which will see almost $100,000 drop in Delaware FHA loan limit effective for FHA case numbers assigned on or after October 1, 2011. Keep Reading...

Delaware USDA Home Loans adds monthly mortgage insurance October 2011

John Thomas September 3, 2011 Tags: ,

Delaware USDA Rural Housing Loans will be adding a monthly mortgage insurance premium on all loans effective October 1, 2011. The USDA announced this change in administrative notice AN 4551 which made the following changes to the Delaware Single Family Housing Guaranteed Loan Program:

1) Upfront Guarantee fee lowered from 3.5% to 2% on purchase transactions.

2) New annual fee of 0.3% added to purchase and refinances.

Overview of the new guarantee fee:

  • The annual fee will be required for all loans that receive a Conditional Commitment issued by USDA on or
    after October 1, 2011
  • The annual fee will be calculated based on the average unpaid principal balance (UPB) for the year
  • This fee will be collected monthly as part of the borrowers housing payment
  • The monthly amount must be escrowed (two months will be collected at closing)
  • The USDA Annual Guarantee Fee will be required for the life of the loan
  • The new fee would increase a borrower’s housing payment approximately $17/month for a $100,000
    purchase loan (as demonstrated in the table below) or approximately $25 per $100,000 for a refinance
  • Borrowers whose DTI is already at the maximum USDA allowance of 29/41 may be at risk of not
    qualifying if the USDA Conditional Commitment is received on or after October 1, 2011

Example:
Purchase transaction with the Up-front Guarantee Fee being financed (rolled into the loan)
Loan Amount: $100,000
Rate: 4.75% Keep Reading...

Delaware FHA Monthly Mortgage Insurance Premium Increasing Monday

John Thomas April 14, 2011 Tags: ,

The monthly mortgage insurance premium for Delaware FHA loans will increase by 0.25% on all FHA case numbers pulled on or after April 18, 2011. So if you are under contract to purchase a home in Delaware and are using an FHA loan then you need to make sure your loan officer pulls your FHA case number by Friday, April 15, 2011 or if you are considering an FHA refinance then you should call to get your FHA case number pulled before the end of the day on Friday, April 15, 2011. If you need help please feel free to call 302-703-0727. Keep Reading...

FHA Case Number – What is it?

John Thomas February 17, 2011 Tags: , ,
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FHA Case Number – What is it?

FHA Case Number is required for every FHA loan. What is it? It is a unique number that is assigned when someone applies for an FHA Loan for either a refinance or purchase. The number is assigned when the mortgage lender or mortgage broker orders the FHA case number through the FHA website called FHA Connection.  Questions on an FHA loan or need to apply for an FHA loan?  Call us at 302-703-0727 or APPLY ONLINE TODAY

FHA Case Number When is it assigned and can it be transferred?

The Case Number is assigned to the borrower and the property. The FHA case number can be transferred from one borrower to another but cannot be transferred from the property. For example if you submit a purchase contract to buy property A and you apply for an FHA loan and are assigned an FHA case number, if you decide not to buy that property, then you would need to get a new FHA case number when you submit an offer to buy property B.  If someone else wanted to purchase Property A then they would need to use the same FHA case number and have it transferred to their mortgage lender through FHA connection website. Keep Reading...

Delaware Mortgage Brokers

John Thomas January 14, 2011 Tags: ,
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Delaware Mortgage Brokers

Delaware Mortgage Brokers are licensed mortgage originators by the Delaware State Banking Commissioner.  Each broker must have a unique National Mortgage Licensing System (NMLS) number.  Each loan officer that works for the broker must also have a unique NMLS number and be licensed in the state of Delaware as a loan originator.

A Delaware mortgage broker must also be a Delaware mortgage company that is licensed to do business in the state of Delaware.  Their state license must be properly displayed in their place of business.  All advertisements including business cards must include their unique NMLS number. Keep Reading...

Delaware Mortgage Company – Primary Residential Mortgage

John Thomas January 8, 2011 Tags: , , ,
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Delaware Mortgage Company – Primary Residential Mortgage, Inc.

Primary Residential Mortgage, Inc. (PRMI) is a Delaware Mortgage Company that is a Mortgage Lender.  We are a Delaware Mortgage Banker who processes, underwrites, and funds our own residential mortgage loans.  Our Delaware office is staffed by branch manager, John Thomas who is recognized as one of the top Delaware Loan Originators by the Scotsman Guide, Mortgage Executive Magazine and National Mortgage News.  PRMI is also a Delaware Mortgage Broker so we can broker loans to other banks when the need arises.  Call 302-703-0727 for a no-cost mortgage planning appointment for the purchase or refinance of a home in Delaware or APPLY ONLINE
Keep Reading...

Delaware Veteran Loans

John Thomas January 4, 2011 Tags: , ,
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Delaware Veteran Loans

Delaware Veteran Loans are mortgage loans for Veterans that are made by mortgage lenders such as banks or mortgage brokers but are backed by the United States Government through the Veterans Administration.  The GI Bill that was signed into law in 1944 by President Roosevelt created the home loan program for Veterans to ensure they had access to housing.   Eligible veterans are able to use a VA loan to purchase or refinance a property.  The Delaware VA Loan is the best loan option for veterans hands down.  Get 100% financing with a VA loan which means NO Down Payment!  Call 302-703-0727 to get started on Delaware Veteran Loan or APPLY ONLINE. Keep Reading...

Delaware Mortgage Rates for Week of November 8, 2010

John Thomas November 8, 2010 Tags:

This week brings us the release of only two relevant monthly economic reports but neither of them is considered to be highly important. There are two important Treasury auctions this week that may influence mortgage rates more than the minor economic data that is scheduled. It is also a holiday-shortened week with the bond market closed Thursday in observance of the Veterans Day holiday. The stock markets will be open Thursday, but bonds will not be traded meaning that many lenders will be closed.

Neither of this week’s monthly economic reports is expected to lead to noticeable changes in mortgage rates. This means that the stock markets will likely be a significant influence on bond trading and mortgage rates in addition to the two particular Treasury auctions. If the stock markets extend their recent rally, we could see funds shift from bonds into stocks that potentially offer better returns. The Dow reached its highest level since September 2008 last week, therefore, all eyes will be watching to see if they can move much higher. If stocks fall from current levels early in the week, concerns about them being able to move much higher in the near future could lead to significant selling. That would make bonds more attractive to investors and lead to lower mortgage rates. Keep Reading...