Mortgage Loans

Mortgage Loans

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...

Delaware USDA Rural Housing Loans – Property Eligiblity

John Thomas June 26, 2010 Tags: , ,

Delaware USDA Rural Housing Loans – Property Eligibility

How do you determine if a property in Delaware is eligible for financing through the USDA Rural Housing Loan program? You can enter the property address at the following website http://eligibility.sc.egov.usda.gov

The address will be displayed on the map and it will state whether eligible or not just below the map. You can view a map of each county here to see what areas of Delaware qualify.

If you would like to apply for a Delaware USDA Rural Housing Loan, you can call John Thomas at 302-703-0727or APPLY ONLINE NOW. Keep Reading...

Delaware First Time Home Buyer Tips – Planning Your Mortgage

John Thomas June 26, 2010 Tags: , ,

Delaware First Time Home Buyer Tips Planning Your Mortgage & Seeking Pre-Approval

The Benefits of a Professional Consultant

Choosing the right lender is a key element in managing your mortgage. As a certified mortgage planner, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long term goals, and then, help you manage that debt over time. There are not many lenders out there who provide this type of personalized service.

My job is just beginning when your first loan closes. I will continuously monitor rates on your behalf and stay in touch with you to make sure we remain on target with your financial goals. I will also help you manage your budget, your credit, and your other financial goals. Keep Reading...

Delaware USDA Rural Housing Loan Income Limits 2010

John Thomas June 25, 2010 Tags: , ,

The income limits for obtaining a Delaware USDA Rural Housing loan have been increased for 2010.  There are two limitations for applying for a USDA Rural Housing Loan, income limitations and geographical limitations.  The income limitations are county specific.  Delaware has three counties: New Castle County, Kent County, and Sussex County.

The income limits are as follows:

New Castle County:

1-4 Family Members   5-8 Family Members

$0 – $90,050                     $0 – $118,850

Kent County: Keep Reading...