Delaware Mortgage Rates – February 27, 2009

John Thomas February 27, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Friday, February 27, 2009.

Mortgage bonds moved higher initially this morning but have since given back any gains as the stock market rallied on better than expected consumer confidence. The government is taking a 36% stake in CitiGroup. Here is the full story http://news.yahoo.com/s/ap/20090227/ap_on_bi_ge/citigroup_rescue

The Federal Reserve has announced that it has completed the purchase of 160 Billion in mortgages since it started the program in January. Keep Reading...

Delaware USDA Rural Housing Loans – Income Limits for 2009

John Thomas February 26, 2009 Tags: Delaware USDA Rural Housing Loan

The income limits for Delaware USDA Rural Housing Loans are based on the number of people in the house and the county that the property is located.

New Castle County Maximum Income Limits for 2009

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person

$61,100 $69,800 $78,550 $87,250 $94,250 $101,200 $108,200

Kent County & Sussex County Maximum Income Limits for 2009

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person

$49,550 $56,600 $63,700 $70,750 $76,400 $82,050 $87,750 Keep Reading...

Delaware USDA Rural Housing Loans – How much can you borrower?

John Thomas February 26, 2009 Tags: USDA Rural Housing Loans

Delaware USDA Rural Housing Loans How Much Can You Borrower?

Delaware USDA Rural Housing Loans can be used to purchase a home and allow you to the borrower up to 101% of the appraised value. This is a big difference from Delaware conventional loans and other government loans such as Delaware FHA Loan or Delaware VA Loans. Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or appraised value.

USDA Rural Development Loans will let you borrower up to 101% of the appraised value no matter what the purchase price. So let’s say you are buying a house for $210,000 and it appraises for $220,000. You could borrower up to 101% of $220,000 which would be $222,200. Now you can’t get paid to buy a house so you can only borrower above the purchase price to cover your closing costs. So if you can’t negotiate for the seller to pay your closing costs, you could finance them into your USDA loan if home appraises higher than the purchase price. See Example Below: Keep Reading...

Delaware Mortgage Rates – February 26, 2009

John Thomas February 26, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Thursday, February 26, 2009.

The mortgage rates stayed pretty much the same as yesterday. We are about 0.375% worse than when we started the week. We experienced a big sell-off in bonds this week as investors decided to buy up in coupon mortgage bonds which mean bonds that are paying a higher rate. Sellers were selling them down in coupon bonds which are the 4.0% and 4.5% bonds. This has forced mortgage rates higher. If you didn’t lock in your rate at the beginning of the week thenÂ I recommend floating as we may move higher next week. Friday may see more of a sell-off so be prepared for the rate to tick up another 1/8. Keep Reading...

Delaware Mortgage Rates – February 25, 2009

John Thomas February 25, 2009

This is my daily advice for floating or locking your Delaware Mortgage Rate for Wednesday, February 25, 2009.

Mortgage Bonds opened up down this morning but are still trading in a tight range. The stock market gave back much of the gains it experienced yesterday. Obama’s speech didn’t do much to lift the markets this morning.

I am recommending floating for now if you didn’t lock in early in the week. If the bond starts to move lower then I would lock in your rate.

If you need advice or help with a Delaware Mortgage Rate, please feel free to call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com. Keep Reading...

Delaware FHA Loan Limits Raised by American Recovery Bill of 2009

John Thomas February 24, 2009

The American Recovery and Reinvestment Act of 2009 was passed last Tuesday and part of the bill reinstated the higher Delaware FHA loan limits of 2008. The Delaware FHA loan limits for 2009 were raised as follows;

New Castle County $420,000 Previous – ($376,000)

Kent County $417,000 Previous – ($271,050)

Sussex County $417,000 Previous – ($312,000)

The loan limit has significantly increased in Kent County. If you are looking to take advantage of the higher loan limits, please feel free to call me at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com to see if you qualify. Keep Reading...

Delaware Mortgage Rates – February 24, 2009

John Thomas February 24, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday, February 24, 2009.

The stock market recovered today after hitting a 12 year low. The recovery in the stock market pulled some money out of the bond market. The mortgage-backed securities finished the day down 16 basis points. It is still trading in a tight range. Mortgage rates are still about the same as yesterday. If you haven’t locked your loan already then I recommend floating your mortgage rate. If stocks continue to rally and pull more money out of bonds then I would recommend locking in your rate. Keep Reading...