Mortgage Insurance Updates to FICO and LTV Crieria – March 9, 2009

John Thomas March 4, 2009

MORTGAGE INSURANCE FICO AND LTV CRITERIA

Effective for Mortgage Insurance certificates issued on and after March 9, 2009

Eligibility criteria for obtaining Mortgage Insurance continue to change. The following is accurate as of the date of this bulletin.

To obtain Mortgage Insurance for Loans with LTV > 80%, regardless of the documentation process, the

following criteria is generally now required by the MI companies:

A credit score of 660 or greater for Full Amortization Loans

o Primary Residence or Second Home

o Purchase or Rate/term refinance Keep Reading...

Delaware First Time Home Buyer Seminar – March 28, 2009

John Thomas March 3, 2009

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, March 28, 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, My Community loans, First Time Home Buyer Loan Programs, and the Delaware USDA Rural Housing Program. 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...

Delaware Mortgage Rates – March 3, 2009

John Thomas March 3, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday, March 3, 2009.

The stock market had a tough day as it digested the news from the Federal Chairman Ben. The 61 billion dollar loss from AIG kept the stocks from the rally. AIG is being broken up and sold in parts. The Delaware division of AIG is one part being broken off. For more details on the stock market performance, today visit http://biz.yahoo.com/ap/090303/wall_street.html

Mortgage bonds had a good day and closed up 16 basis points after having a good day yesterday. Tomorrow is an important day because details of the economic stimulus package are being released by the government. The details of the programs to bail out homeowners will be sure to move the markets.

I am recommending FLOATING your Delaware Mortgage Rate for Tuesday, March 3, 2009.

If you need help or advice on a Delaware Mortgage Rate for a Delaware FHA loan, Delaware USDA loan, Delaware VA loan, or a Delaware Conventional Loan, then call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com

If you are a Delaware First Time Home Buyer then you should register to attend our Delaware First Time Home Buyer Seminar on March 28, 2009, at 10:00 AM. Call 302-368-7132 to register or send an e-mail to DelawareMortgages@yahoo.com

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

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

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.

I am recommending FLOATING your Delaware Mortgage Rate for Friday, February 27, 2009, but very cautious as stocks could rally and pull money from the bond market.

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

Rates are at historic lows so now is a great time to refinance or buy a new home. I can help you with a Delaware FHA Loan, Delaware VA Loan, Delaware USDA Rural Housing Loan, Delaware Conventional Loans, and Delaware Investor Loans.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

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

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

These limit restrictions are set to change in March 2009. The limits are set to change to eliminate the restrictions for 1-3 people and 5-7 people. The new restrictions will be 4 people or less and 8 people or fewer. This was set to change on January 20, 2009, but was delayed till March 2009 so that the new Obama administration could put their seal of approval on the guideline changes.

If you would like to apply for a USDA Rural Development Loan please call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com. You can also APPLY ONLINE. I am a Certified USDA Rural Housing Loan Consultant and have been helping families qualify for these loan programs for years.

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

Primary Residential Mortgage is a licensed lender in 45 states.

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:

You can potentially buy a home with no out of pocket costs if you are buying the property below market value. This is the only way left to the borrower to get a loan for 100% financing except for a Veterans Administration Loan.

What are the restrictions for a USDA Loan?

There are only two restrictions for a Delaware USDA Rural Housing Loan – Income and Geographical Restrictions (USDA Eligibility Map). There are no loan limits for USDA Home Loans.

For Delaware USDA Income Guidelines please visit Delaware USDA Income Limits

For USDA property eligibility Delaware visit Delaware USDA Property Eligibility

Rural Housing Loans must also be underwritten by Rural Development after the lender clears the file to close so you must take account of the USDA underwriting turn times for Rural Development to underwrite the loans when planning your closing date.

How Do You Apply for a Delaware USDA Rural Housing Loan?

If you would like to apply for a USDA Rural Housing Loan then please feel free to call the John Thomas Team at 302-703-0727 or you can APPLY ONLINE.

If you are looking for USDA mortgage lenders in Delaware, The John Thomas Team are certified USDA Rural Housing Loan Specialists and have been helping people qualify for these loans for the past 10 years.

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

Primary Residential Mortgage, Inc is a licensed lender in 45 states.

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.

I recommend carefully FLOATING your Delaware Mortgage Rate for February 26, 2009.

If you need help with a Delaware FHA Streamline Refinance to lower your rate without verifying income or assets, no credit check, and no appraisal, then call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com for a free analysis. If your rate is 6.0% or higher than you can benefit from a lower rate and payment.

If you have been turned down for a mortgage because of credit challenges then you should attend our Free Understanding Credit and Credit Repair Seminar on March 14th at 10:00 AM.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

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

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.

We are having a Delaware Home Buying Seminar on March 28, 2009, at 10:00 AM. It is free to register so call me or e-mail me to register.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

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