Fannie Mae has rolled out new lending guidelines on Tuesday, September 1, 2009. Being approved for a Delaware Conventional home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention. Among the updates:

1. Stock options are no longer eligible for “reserves”
2. Relocating families can’t use the “trailing” spouse’s projected income
3. “Tip” income must be documented and verified
4. Lenders must call employers to verify employment
5. Lenders must verify tax transcripts against IRS records

But there are other changes, too. As examples:

1. Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
2. Only 70% of the stock, bond, and mutual values may be used as reserves
3. Only 60% of retirement assets may be used as reserves

For information on the complete guideline changes visit http://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0919.pdf

If you need help qualifying for a Delaware Home Loan please call me at 302-588-3665 or you can APPLY ONLINE HERE. Keep Reading...

The Delaware State University Football Schedule for 2009 is as follows;

September 5 – Florida A&M – Away Game

September 19 – Delaware – Away Game

September 26 – Hampton – Away Game

October 10 – Bethune-Cookman at Home

October 17 – Michigan – Away Game

October 24 – Morgan State at Home

October 31 – South Carolina State – Away Game

November 7 – Winston-Salem State – Away Game

November 14 – Norfolk State at Home

November 21 – Howard at Home Keep Reading...

The 2009 University of Delaware Football Schedule is as follows;

September 4 – West Chester at Home

September 12 – Richmond at Home

September 19 – Delaware State at Home

September 26 – William & Mary – Away Game

October 3 – Maine – Away Game

October 10 – Massachusetts at Home (Parents & Family Weekend)

October – 17 – Towson – Away Game

October 31 – James Madison – Homecoming!!

November 7 – Hofstra at Home

November 14 – Navy – Away Game Keep Reading...

On February 17th, 2009, President Obama signed into law a new economic stimulus plan. Included in the new plan is a generous tax credit program for first time home buyers.  Some important details of the program are as follows:

• Home owners who have not owned a home in the past three years are also eligible.
• The Home must be purchased between January 1, 2009, and December 1, 2009.
• The tax credit would amount to 10% of the home’s purchase price, up to $8,000 maximum.
• The tax credit does not need to be paid back as long as you continuously own and occupy the home for at least three years.
• You can claim the tax credit on your 2008 tax return by filing a one page IRS amendment form.

Call today to find out how you can qualify!! 302-703-0727 Ask for John Thomas or send an e-mail to DelawareMortgages@yahoo.com

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...