The Home Affordable Refinance Program commonly called HARP has been extended for all Delaware home owners until June 30, 2011. The program was set to expire on May 1, 2010. The program allows homeowners that owe more than their home is worth up to 125% of the current value for low rates and better terms.

The program is slightly different depending on whether your loan is a Fannie Mae loan or a Freddie Mac loan. The Freddie Mac HARP program is much better because it allows you not to verify your income to qualify so really good for all you self employed borrowers who have trouble verifying income. Keep Reading...

The Federal Reserve decided to raise the Discount Rate from 0.5% to 0.75% last week. The increase took effect today Monday, February 22, 2010.  The Discount Rate is the rate the federal reserve charges bank to borrow money from the Federal Reserve. The Feds said they were keeping the Federal Funds Rate unchanged at near zero for an extended period of time.

The market was surprised by the Feds decision to increase the Discount Rate and responded by driving the yield on the treasury up. The Fed is also changing the loan term from 28 days to overnight. The Feds want to encourage banks to rely more on private funding and only use the Federal Reserve in emergencies. Keep Reading...

Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough guidelines.

The guidelines are as follows for financing if you currently have 5 or more mortgages up to 10;

1) No cash-out only rate & term refinance or purchases

2) Must have 6 months of PITI for each property

3) Capped at 75% LTV Keep Reading...

Delaware home buyers have been kept inside searching on their computers after a second snowstorm paralyzes the state. Snow began to fall shortly after 6:30 PM on Tuesday and kept going all through the day on Wednesday.
State offices were closed today February 10^th and state of emergency is in effect and will be in effect tomorrow Thursday, February 11^th.

Many homes in New Castle County Delaware were without power as Delmarva tried to restore power to its residents. The winds have caused the snow to drift and temperatures have made plowed roads very icy. Delaware home buyers will have to wait till Friday or even the weekend in order to get and search for homes so they can take care of the tax credit that expires on April 30, 2010. Keep Reading...

I took the NMLS Licensing test on Friday, January 22, 2010, and passed with a score of 93% on the first try at the test. This is a new requirement for all mortgage originators of residential mortgage loans that they must pass the national licensing test as well as complete a 20-hour licensing education course. You should ask your loan officer for their national licensing number so that you can look them up on the national registry to verify they are licensed.

If someone works for a Federally chartered Bank like Wells Fargo, Bank of America, Chase, etc. they are exempted from the licensing and the educational requirements.  This means the person who is helping you with your home loan can only have a high school diploma and not licensing or educational requirements. So you may want to consider carefully who you choose to work with. Keep Reading...

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, February 27, 2009, 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. Learn how to get $8,000 First Time Homebuyer tax credit or the $6,500 move up the buyer tax credit for buying a home by June 30, 2010.  That is a check for $8,000 or $6,500 from the IRS to you at tax time just for buying a home! The best thing is you don’t have to ever pay the money back!!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...