Mortgage Loans

Mortgage Loans

90 Day FHA Seasoning Flip Rule Waived for Delaware Buyers, Sellers, & Investors

John Thomas January 22, 2010

Great news for Delaware Home Buyers looking to purchase a home through FHA, the 90-day seasoning flip rule has been temporarily lifted by FHA. This change will allow buyers in Delaware to use an FHA Mortgage when purchasing investor and bank-owned properties that have been owned for less than 90 days by the seller.

On Friday, January 15th, 2010, FHA, (Federal Housing Authority) released this update as an excerpt from the Code of Federal Regulations without a corresponding Mortgagee Letter and contains information about FHA’s policies regarding the waiver of the 90-day seasoning required for sellers. Keep Reading...

FHA Announces Changes for Delaware FHA Loans

John Thomas January 22, 2010

FHA Commissioner David Stevens announced that FHA will be making changes effective April 2010 for all new FHA loans. The changes are being implemented to ensure that FHA can keep a capital reserve of 2.0%. The changes are as follows;

1) FHA upfront mortgage insurance premium will increase from 1.75% to 2.25%. It can still be included in the loan amount.

2) FHA has decreased the allowable seller assistance from 6% of the sale price to 3% of the sales price. This is the biggest change since buyers will no longer be able to have the seller cover all the closing costs because closing costs in Delaware are almost always higher than 3%. Keep Reading...

Delaware First Time Home Buyer Seminar – January 23, 2010

John Thomas December 27, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, January 23, 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...

Delaware First Time Home Buyer Seminar – December 19, 2009

John Thomas November 23, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, December 19, 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...

2010 Tax Credit for First Time Home Buyers & Move Up Buyers

John Thomas November 5, 2009

2010 Tax Credit for First Time Home Buyers & Move Up Buyers

The Senate and the House of Representatives have passed the bill and now it goes to President Obama to be signed into Law.

Highlights of the Bill;
 

  • $8,000 tax credit for First Time Home Buyers
  • $6,500 tax credit for move-up buyers
  • Buy a home from December 1, 2009, till April 30, 2010.  Must be under contract by April 30, 2010, and close by June 30, 2010.
  • Move up buyers will be eligible as long as the home they’re leaving has been their principal residence for 5 years or more
  • Income Limits – $125,000 for single, $250,000 for Joint.
  • For 2010 Purchasers, may claim the credit on their 2009 tax return.
  • No repayment of the tax credit as long as the principal residence for 3 years.

If you would like to know how you can qualify for the tax credit or need help getting approved for a mortgage to buy a home, please call me at 302-703-0727 or you can APPLY ONLINE HERE.

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 Keep Reading...

Update on Delaware State Housing Authority 3% Grant Program for 2009

John Thomas October 26, 2009

The Delaware State Housing Authority offers the Delaware mortgage revenue bond program to assist Delaware First Time Home Buyers. They offer a 3% grant for down payment assistance with one of the programs.  The funds for 2009 have run out on this program so Delaware home buyers can no longer receive the 3% down payment assistance.

There is still money for the New Castle County Down payment assistance program for First Time Home Buyers. You can also get a 100% financing with a Delaware USDA Rural Housing Loan if you buy in an area that qualifies. For more information on either of these two programs, send an e-mail to DelawareMortgages@yahoo.com or call me at 302-703-0727. Keep Reading...

Delaware First Time Home Buyer Seminar – November 21, 2009

John Thomas October 25, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, October 24, 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 tax credit for buying a home in 2009. That is a check for $8,000 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 $8,000 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. Keep Reading...

Common Delaware First Time Home Buyer Mistakes

John Thomas October 21, 2009

Common Mistakes made by Delaware First Time Home Buyers

1) They don’t ask enough questions of their realtor and end up missing out on the best deal.

2) They don’t act quickly enough to make a decision and someone else buys the house.

3) They don’t find the right agent who is willing to help them through the home buying process.

4) They don’t do enough to make their offer look appealing to a seller.

5) They don’t think about the resale before they buy. The average first time home buyer only stays in a home for four years. Keep Reading...