Mortgage Loans

Mortgage Loans

Delaware First Time Home Buyer Seminar – June 19, 2010

John Thomas May 26, 2010
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, June 19, 2010, at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans.Each participant will receive a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at The Christiana Hilton Hotel at 100 Continental Drive, Newark, DE 19713 from 10:00 AM till 12:00 PM and a second session from 1:00 PM till 3:00 PM. To register for the seminar, please call 302-588-3665 and ask for John Thomas. You can also e-mail me at DelawareMortgages@yahoo.com

For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727. Keep Reading...

Fannie Mae Guidelines Changes Effective June 1, 2010 – Credit Check Before Closing

John Thomas May 21, 2010

Fannie Mae Announces – New Credit Guidelines, Lender required to check credit right before closing to verify no new inquiries on credit or new open accounts. This could cause a loan to be denied at last minute or at least delay closings. Need to educate borrowers that once mortgage application is made, absolutely nobody can check their credit for any reason!! There are some other items outlined as well such as social security number validation and stricter occupancy validation required by the lender. If you would like me to send you the complete update from Fannie Mae, just leave a comment and I will send it to you.  Here is the link to the Official Release from Fannie Mae. There are two documents the initial release from March 2010 and then a follow clarification of the new guidelines released May 2010 that specifically state lender must verify by checking credit just prior to closing. http://www.box.net/shared/v49fvt3n3f http://www.box.net/shared/jkna2m73f8 For more information please contact John R Thomas at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Fannie Mae Releases New Guidelines for Pre-Foreclosures

John Thomas May 18, 2010

Here is an update on new Guidelines from Fannie Mae from John R Thomas, Certified Mortgage Planner.


Here is the link to the Fannie Mae Guideline http://www.box.net/shared/6trkfd9t35

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Delaware FHA 203k Rehab Loan – Selecting Contractors

John Thomas May 15, 2010

Delaware FHA 203k Rehab Loan Selecting Contractors

Here are the guidelines you must follow when selecting a contractor to give a bid for the repair work:

CONTRACTORS AND REHABILITATION CRITERIA

1. Must use contractors to complete repairs/rehabilitation (unless borrower can demonstrate needed expertise/experience)

2. Use of contractors:

A. Borrower selects contractor

B. Contractors provide estimates for the work to be done, if applicable

C. The lender must review the contractor’s credentials verifying jurisdictional requirements for licensing, bonding & insurance are met (need copy of all these docs) Keep Reading...

USDA Rural Housing – We can Still Lend after Funds Run Out!

John Thomas May 11, 2010 Tags: ,

Rural Development which oversees the USDA rural housing loan program will run out of its 2010 funds by sometime in May 2010. Most lenders have stopped doing the program and have even given false information that the program is out of money.  There is still funds available and lenders can still lend on this program.  When the funds run out if RD will issue a conditional commitment then the lender has the option of lending the money and waiting on the guarantee when new funds are issued.  This can only happen if RD gives a conditional commitment.  RD was not going to issue conditional commitments after the funds ran out for this year until now! Keep Reading...

Delaware Mortgage Rates Update – Week of May 3, 2010

John Thomas May 3, 2010 Tags:

The mortgage rates are at the best level that they have been since the Feds Started the mortgage-backed security buying program in December 2008.  The Federal Reserve meeting last week stated again that they would leave rates at low levels for some time. This in spite of the stock market rallying, consumer confidence on the rise, and better than expected housing numbers. But the outlook for mortgage rates is one in which rates must rise. Right now Delaware Mortgage Rates are almost in the high 4s and low 5s depending on your particular situation with no points. Keep Reading...

First Time Home Buyer Tax Credit for $8000 only 1 Day Left!!

John Thomas April 29, 2010

Delaware First Time Home Buyers looking to get the $8,000 tax credit must be under contract by midnight tomorrow April 30, 2010, and must close by June 30, 2010. This also applies to Delaware move up home buyers looking to take advantage of the $6,500 tax credit. If you make the deadline you can claim the tax credit on your 2009 tax return by filing an amendment. The form for the amendment can be found at http://www.irs.gov/pub/irs-pdf/f5405.pdf

If you need help obtaining a mortgage to buy a home in Delaware feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com Keep Reading...

Proposed Increase to FHA Down Payment for Delaware Home Buyers Voted Down

John Thomas April 29, 2010

On Tuesday the House Financial Services Committee defeated a proposal sponsored by Scott Garrett (R-NJ) which would have increased the minimum down payment for FHA guaranteed loans from 3.5 percent to 5 percent. This means required down payment for Delaware Home Buyers using FHA loans is still only 3.5 percent of the purchase price.

The Committee approved a request by the Federal Housing Administration (FHA) to raise the ceiling on annual FHA mortgage insurance premiums from its current level of 0.55 percent. FHA had requested the increase as one part of a plan aimed at shoring up its capital reserves which have dropped below the 2 percent required by law. Keep Reading...