Mortgage Loans

Mortgage Loans

Delaware VA IRRRL Guidelines – (VA Streamline Refinance)

John Thomas July 9, 2010 Tags: , ,
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Delaware Veterans Administration IRRRL Refinance Loan Guidelines (VA Streamline Refinance)

If you currently have a Veterans Administration Home Loan, commonly called a VA Loan, then you have the option to do a streamline refinance to lower your interest rate called a Delaware VA IRRRL.  This is called a Delaware VA IRRRL Refinance, which stands for Interest Rate Reduction Refinance Loan.  You must currently have a VA loan on the property you want to refinance in order to qualify for a VA IRRL.

VA doesn’t require an appraisal on the property or any kind of credit check but most lenders will require a credit check to verify a minimum of 600 middle FICO score.  Some lenders may also require a conventional exterior appraisal on form 2055 but this is NOT a requirement of the Department of Veteran Affairs, it is a lender overlay. Keep Reading...

Delaware Mortgage Rates – Wednesday July 7, 2010

John Thomas July 7, 2010 Tags: ,

I have issued an alert to lock your Delaware Mortgage Interest Rate before rates move higher. The stock market has rallied causing money to move out of the Bond Market causing Mortgage Lenders to reprice their rates for the worse. This is the second day the stock market has continued to rally. Rates have been at all-time lows so really have nowhere to go but up.

So if you are planning on refinancing your Delaware Mortgage Loan, now is the time. Call me to lock in a rate ASAP on your Delaware FHA Loan Refinance, your Delaware VA Loan Refinance, or even on a Delaware Conventional Loan Refinance. Keep Reading...

Delaware First Time Home Buyer Tips – Credit Tips

John Thomas July 7, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Credit Tips That Will Score Lower Interest Rates

A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender’s eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans.

If this is you, don’t panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions: Keep Reading...

Delaware First Time Home Buyer Tips – Moving Checklist

John Thomas July 4, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Getting Ready to Move – Here is the checklist

4 WEEKS PRIOR TO MOVE:

__ Set up a “move” file or folder

__ Set up a “move” calendar.

__ Have a garage sale.

__ Collect financial, tax and employment documentation needed for your loan.

__ Donate un-needed furniture to charity.

__ Contact insurance company to transfer policies (life, auto, homeowners).

__ Contact doctors, dentists for copies of medical records.

__ Contact schools for copies of student records. Keep Reading...

Delaware First Time Home Buyer Tips – Negotiating Price

John Thomas July 3, 2010 Tags:

Delaware First Time Home Buyer Tips – The Art of Home Purchase Negotiation

There is much give and take involved in negotiating a property purchase. That’s why it’s important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of what the trends are for the area in which you are shopping. This will give you an idea as to whether the seller’s asking price is realistic. You will also want to know how long the property has been on the market, and if any price reductions have occurred during that time. Keep Reading...

Delaware First Time Home Buyer Tips – Home Appraisal

John Thomas July 2, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Understanding the Home Appraisal Process

Consumers are often baffled by the home appraisal process. They may feel their home is worth a certain amount of money, and therefore, the appraised value doesn’t make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many states, the lenders must disclose the purpose of the appraisal, as each situation carries its own set of rules.

In essence, lender guidelines force appraisers to put a fair market value on a home based upon comparable sales in the area where the home is located, as the home must be bracketed according to size and value. For example, there is no set amount associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, and the local marketplace supports the value of a pool at $15,000, that item will be bracketed as [$15,000] on the appraisal. Keep Reading...

Delaware First Time Home Buyer Tips – Best time to lock interest rate

John Thomas June 27, 2010 Tags: , ,

Delaware First Time Hom Buyer Tips – Interest Rates

When is the best time to lock?

When it comes to mortgage loans and interest rates, it’s never a good idea to gamble. That’s why I typically advise my clients to lock in an interest rate at the earliest opportunity. This is just one step of the standardized system we have put in place to ensure the best possible loan experience for each borrower that we work with.

A mortgage loan cannot be closed without a locked-in rate, and there are three main elements to take into consideration: Keep Reading...

What is a USDA Rural Housing Home Loan?

John Thomas June 27, 2010 Tags: , ,

What is a USDA Rural Housing Home Loan?

USDA Stand for the United States Department of Agriculture. The loan is designed to provide financing for borrowers in designated areas who wish to borrow up to 100% of the appraised value. The loan is guaranteed by the government through the Rural Housing Division of the USDA. The major benefits of the loan program are as follows:

  • 100% Loan to Value
  • Zero down payment and no minimum investment required
  • No limit on seller concessions or gift
  • No monthly mortgage insurance required
  • No reserves required
  • 30 year Fixed Rate
  • Low Interest Rates comparable to FHA
  • Flexible Credit Guidelines
  • Can be used for purchase or refinance
  • Can include repairs to the property in the Loan

There are income requirements and the property must be eligible by being located in a designated rural area. The rural designation is not what everybody would consider rural. You would be surprised at what areas qualify.  For more information or to apply for a USDA Rural housing Home loan call John R Thomas at 302-703-0727 or you can APPLY ONLINE HERE. Keep Reading...