Delaware VA Loan Limits for 2020 depend on whether a qualified Delaware Veteran has full entitlement or not. Veterans with full entitlement have no loan limits in Delaware or any other state for a Delaware VA Loan. The maximum VA loan limit was eliminated with the Blue Water Navy Vietnam Veterans Act of 2019. If…
Delaware Conventional Loan Limits for 2020 are increasing!! The Conventional conforming loan limit is being raised for 2020 as announced by the Federal Housing Finance Agency (FHFA) on November 26, 2019. The new loan limits will go into effect for loans delivered January 1, 2020 and after. Loan Limits for one-unit property mortgages sold to…
What is Mortgage Insurance or PMI? Mortgage Insurance is an insurance policy that protects lenders against a borrower defaulting on the mortgage loan for a portion of the loss incurred by the lender. Mortgage Insurance is sometimes termed PMI which stands for Private Mortgage Insurance. Mortgage lenders typically do not want to lend more than…
Understanding your Debt to Income Ratio (DTI) Your Debt to Income Ratio is used by mortgage lenders to determine how much money you can borrower for the purchase or refinance of a home. Your Debt to Income Ratio is abbreviated as DTI for short. The DTI is a comparison of your gross monthly income to…
Delaware FHA Loan Limits for 2019 Delaware FHA Loan Limits for 2019 were raised in all three counties of Delaware effective January 1, 2019. The Federal Housing Administration increased its mortgage loan limits by almost 7% for the new year, mirroring the increase in conventional loans. The new base loan limit maximum was increased from…
Cost of Waiting to Purchase a Home If you are thinking of waiting to purchase a home, think again! There is a definite cost of waiting to purchase a home. Home ownership has significant financial benefits but there is still a significant number of renters and people living with family that are delaying investing in…
Understanding Homeowners Insurance Your mortgage lender will require that you have Homeowners Insurance on the property that is effective the date of settlement. The lender calls the insurance Hazard Insurance, but everybody else calls it homeowners insurance. If you have questions about the correct insurance policy or need to get a recommendation to a great…
Understanding Your Mortgage Payment Your monthly Mortgage Payment consists of paying back the money you borrowed (principle balance) and the interest charged to borrower the money. This is commonly called your Principle & Interest or P&I for short. The actual payment is calculated based on how much you owe, the interest rate on your mortgage…
Call Now 