Mortgage Loans

Mortgage Loans

Delaware Mortgage Rates – Friday – June 26, 2009

John Thomas June 26, 2009

This is my advice on floating or locking your loan for Friday, June 26, 2009.

Mortgage Rates jumped up on May 27, 2009, because mortgage-backed securities sold off and dropped like a rock. When the price of the bonds go down rates go up. Mortgage Rates again dropped even more on June 4, 2009. Rates hit 6.0%.  This left many borrowers shocked and amazed because they were holding out hoping rates go even better then they were before May 27th. Hopefully, consumers learned a valuable lesson. Will rates get back to the 4s? Most people in the know don’t think so. Keep Reading...

Delaware First Time Home Buyer Seminar – June 20, 2009

John Thomas May 31, 2009

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, June 20, 2009, from 10:00 AM till Noon. 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 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!! Keep Reading...

First Time Home Buyer Tax Credit for 2009

John Thomas May 31, 2009

Here are the highlights for the First Time Home Buyer Tax Credit for buying a home in 2009.

  • 10% of Sales Price up to $8,000
  • Have not owned a home in the last 3 years
  • Don’t have to pay it back
  • Must buy by December 1, 2009
  • May amend 2008 tax return to claim money right after settle
  • Income phase out starts at $75,000 for individuals and $150,000 for joint filers
  • $4,000 max for a married person filing separately
  • Must live in the property as a principal residence for 36 months or have to pay full tax credit back
  • Credit is applied for on IRS form 5405
  • You cannot take credit if but home from a close relative
  • FHA just came out with Mortgage Letter for homebuyers to take tax credit before they buy a home as a loan from an acceptable source. Cannot use toward 3.5% minimum down payment for FHA Loan.
    • Keep Reading...

    Delaware First Time Home Buyer Seminar – April 18, 2009

    John Thomas April 8, 2009

    There will be a Free Delaware First Time Home Buyer Seminar on Saturday, April 18, 2009, at 10:00 AM. 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 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!! Keep Reading...

    New $8,000 Tax Credit for Delaware First-time Home Buyers

    John Thomas March 30, 2009

    Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date. Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Who?
     Keep Reading...

    FHA Cash-out Refinances Just Got Tougher in Delaware

    John Thomas March 23, 2009

    Effective April 1, 2009, Delaware homeowners looking to take cash out on their homes, will have a tougher time.

    According to a letter issued by the Federal Housing Authority (FHA), FHA plans to make it tougher for borrowers to secure a cash-out refinance mortgage.

    Until now homeowners only needed to have 5% equity in their properties and have a record of on-time payments for at least the last twelve months.  January 1, 2009, FHA required two appraisals for cash-out above 85% LTV.  Now there are eliminating cash-out above 85% LTV all together for Delaware Home Owners. Keep Reading...

    Delaware Mortgage Rates – March 17, 2009

    John Thomas March 17, 2009

    This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday, March 17, 2009.

    The stock market closed up today over 150 points. The mortgage-backed securities closed up 6 basis points as the bond market waited for what the Federal Reserve will say tomorrow after their meeting. The federal reserve will be discussing if they will continue buying mortgage-backed securities after June and if they will start buying Treasuries. This should help to keep rates low.

    I recommend FLOATING your Delaware Mortgage Rate into tomorrow’s meeting. Keep Reading...

    Delaware FHA Loan Changes – Max LTV going to 85% for cash-out on April 1st

    John Thomas March 16, 2009 Tags:

    FHA loans will currently let you take cash out of your home up to a maximum of 95% loan to value.  The guideline changed on January 1, 2009, to require you to have two appraisals for cash-out above 85% loan to value.  Now the guidelines will change again on April 1, 2009, so that the maximum loan to value for cash-out refinances in Delaware for FHA loans will be 85%.  If you get your FHA case # assigned before April 1, 2009, you can still go to 95% on your loan.  So you don’t have to close by April 1st.

    So if you have been considering refinancing to do debt consolidation then you need to hurry up because debt consolidation is considered cash-out.  If you have questions or need help with an FHA loan, please call me at 302-703-0727 or APPLY ONLINE

    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