Mortgage Loans

Mortgage Loans

DSHA Delaware Diamond DPA Program

John Thomas June 7, 2023 Tags: , , ,
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DSHA Delaware Diamond DPA Program refunded January 30, 2024 and gives Delaware Essential Workers $10,000 toward purchasing a home in Delaware. If you are a current Delaware Resident living and working in Delaware as an “Essential Worker” then don’t miss this opportunity to get $10k from the Delaware State Housing Authority to help you purchase a home. Limited Funding so call now to get started at 302-703-0727 or APPLY ONLINE.

WHAT ARE THE GUIDELINES FOR THE DSHA DELAWARE DIAMOND DPA PROGRAM?

The DSHA Delaware Down Payment Assistance Program (DPA) will be a soft second mortgage loan for $10,000 toward closing costs & down payment. The loan will be forgiven after 10 years. In order to qualify must be employed in Delaware as an Essential Worker. Below are the guidelines for the Program: Keep Reading...

DSHA Home Sweet Home DPA Program

John Thomas June 6, 2023 Tags: , , ,
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DSHA Home Sweet Home Down Payment Assistance Program provides $12,000 toward down payment and closing costs to eligible home buyers purchasing in Delaware and was just refunded January 30, 2024. If you are a Delaware home buyer then you don’t want to miss out on your chance to get from the State of Delaware to help you purchase your home. You don’t even have to be a Delaware First Time Home Buyer, you can be a repeat home buyer. Find out if you qualify by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE. Keep Reading...

1099 Income Mortgage Loan Program

John Thomas November 22, 2022 Tags: ,
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The 1099 Income Mortgage Loan Program is a loan program designed specifically for independent contractors that receive a 1099 form at the end of the year. This programs requires NO TAX RETURNS! Qualify off your 1099 income only!! This special loan program is also called an Independent Contractor Mortgage. Most independent 1099 Contractors make good income but show very little on their tax returns because of write offs. The solution to this challenge is the 1099 Income Mortgage Loan Program. Get started today by calling us at 302-703–0727 or APPLY ONLINE. Keep Reading...

VA 100% Cash Out Refinance

John Thomas August 23, 2022 Tags: ,
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VA 100% Cash Out Refinance Loan allows eligible veterans to refinance their home and take out a loan for 100% of the value of the home. This VA Refinance Mortgage Loan is perfect for veterans who have built up equity in their home and need to tap into it to consolidate debt or take money out to renovate their home. If you would like to see if you qualify to get access your equity, give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE.

What are the Guidelines for a VA Cash Out Refinance?

The VA 100% Cash Out Refinance Mortgage Loan allows eligible veterans to tap the equity in their home if they meet the following guidelines: Keep Reading...

USDA One Time Close Construction Loan

John Thomas August 13, 2022 Tags: ,
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USDA One Time Close Construction Loan

The USDA One Time Close Construction Loan gives USDA-qualified borrowers the opportunity to finance the construction of their dream home, as well as the permanent mortgage all in a single mortgage loan with only one closing. This saves home buyers money on closing costs as traditional construction loans require 2 closings. Now you can purchase a lot and build your new home with a builder and borrower 100% of the purchase price as long as the home is in a USDA Eligible area. You can get started today by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE. Keep Reading...

Doctor Loan Program for Physicians & Dentists

John Thomas August 10, 2022 Tags: , , , ,
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PRMI Doctor Loan Program for Physicians, Dentists & Medical Professionals

Buy your home with up to 100% financing and no PMI—even with student loans.

If you’ve recently graduated from a medical program or are starting practice, student loan debt can make qualifying for a mortgage feel out of reach. The PRMI Doctor Loan Program—also known as a Physician Mortgage—is designed specifically for licensed medical professionals who want to purchase or rate/term refinance a primary residence with flexible underwriting and no mortgage insurance (PMI).

Program Highlights & Key Benefits

  • Purchase of Primary Residence or Rate/Term Refinance
  • Minimum Credit Score 680
  • 100% Financing up to $1,000,000
  • Loan amounts up to $2,500,000 (with reduced LTVs)
  • No Mortgage Insurance (PMI)
  • Fixed and Adjustable-Rate mortgage options
  • Employment Contract accepted for qualifying income
  • Maximum DTI 50%
  • Gift Funds allowed
  • Non-Occupant Co-Borrowers allowed (non-occupant income ? 50% of total qualifying income)

Call the John Thomas Team: 302-703-0727Apply Online

Who Qualifies for the Doctor Mortgage Loan Program?

At least one occupying borrower must hold a valid license in one of the following approved medical fields:

  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Optometry (OD)
  • Doctor of Ophthalmology (MD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Osteopathy (DO)
  • Doctor of Veterinary Medicine (DVM)

Not Eligible: Chiropractors.

Additional requirements:

  • Borrower must be actively engaged in the eligible profession (e.g., an MD not actively practicing is not eligible).
  • Completed residency within the last 10 years or currently a resident, fellow, or intern.

Eligible Property Types

  • 1–2 Unit Primary Residence
  • Fannie Mae Warrantable Condominiums
  • Planned Unit Developments (PUDs)
  • Townhomes
  • Modular Homes
  • Non-Warrantable Condos (restricted to 89.99% LTV)

Ineligible Property Types

  • Investment Properties or Second Homes
  • Manufactured Homes
  • Properties held in Irrevocable Trusts

Doctor Loan Credit Score & Down Payment Guidelines

With a Minimum 720 Credit Score

Loan Amount Minimum Down Payment
Up to $1,000,000 0% Down
Up to $1,750,000 5% Down
Up to $2,500,000 10% Down

With a Minimum 680 Credit Score

Loan Amount Minimum Down Payment
Up to $750,000 5% Down
Up to $1,500,000 10% Down
Up to $2,500,000 25% Down

No PMI is required on the Doctor Loan Program.

Keep Reading...

Wilmington Delaware First Start Homebuyer Down Payment Program

John Thomas June 28, 2022 Tags: , , , ,
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City of Wilmington Delaware First Start Homebuyer Down Payment and Settlement Assistance Program is a new program to help Delaware First Time home buyers purchasing in the City of Wilmington, Delaware. The program is designed to promote homeownership in the city limits and is available beginning November 13, 2023. The down payment program will provide eligible homebuyers with loans of up to $15,000 for down payment and settlement costs for purchasing a home within the city of Wilmington. You can apply for the program by calling the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE Keep Reading...

Fix & Flip Loans

John Thomas June 24, 2022 Tags: ,
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Fix & Flip Loans are short term, real estate loans used to purchase and rehab a property to sell as soon as possible which is typically in 3 to 12 months. These loans are called Hard Money Loans and are used only for investment property projects. Real Estate Fix & Flip Loans allows real estate investors to leverage the banks money to acquire the property and receive the money needed to fix the property to be sold. Whether you are a beginner real estate investor or a seasoned pro, the John Thomas Team with Primary Residential Mortgage can help you with all your Hard Money Loans and Fix & Flip Loans by calling us at 302-703-0727 or APPLY ONLINE. Keep Reading...