Mortgage Loans

Mortgage Loans

Delaware VA Loan Limits for 2018

John Thomas December 26, 2017 Tags:
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Delaware VA Loan Limits for 2018

The Department of Veteran Affairs announced the Delaware VA loan limits for 2018  100% financing are being increased effective January 1, 2018.  Eligible Delaware Veterans will be able to borrower up to $453,100 with a Delaware VA Loan for the purchase or refinance of a home in Delaware with an approved Delaware VA Lender.  Call 302-703-0727 to get more information or to get approved for a Delaware Veteran Loan or get started online at APPLY ONLINE

The Delaware VA loan limits for 2018 are increasing from the 2017 VA loan limit of $424,100 to $453,100 for 2018.  This is the amount that an eligible veteran can get a 100% financing.  So if Vet is purchasing a home for $453,100 then VA will allow the vet to borrower $453,100.  See example below: Keep Reading...

FHA Loan Limits for 2018

John Thomas December 8, 2017 Tags:
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FHA Loan Limits for 2018

The Federal Housing Administration announced FHA Loan Limits for 2018 effective with FHA case numbers assigned on or after January 1, 2018.  The Minimum maximum FHA loan limit is increasing from $275,665 to $294,515  which is a 6.8% increase in the floor loan limit for FHA loans.  Do you need to get approved for a FHA Loan?  Call 302-703-0727 or APPLY ONLINE

Consistent with the Federal Housing Finance Agency (FHFA) increases to their conventional loan limits for 2018, FHA increased the ceiling in high cost areas of the county to $679,650 from $636,150. Keep Reading...

FHFA Announces Increase to Maximum Conventional Loan Limits 2018

John Thomas December 1, 2017 Tags: ,
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Official News From FHFA – Conventional Loan Limit Increasing in 2018

The Federal Housing Finance Agency (FHFA) announced that the current maximum loan limit for conventional loans with Fannie Mae and Freddie Mac is increasing with the release of Lender Letter LL-2017-10 for conventional loan limits 2018. That means Delaware homebuyers seeking larger Delaware conventional loans can now do so without having to apply for a Jumbo loan.

Currently, the maximum for conventional loans in the US is $424,100. Starting January 1st, 2018, conventional loan limits in counties across the U.S (including Delaware counties Kent, Sussex, and New Castle) will rise to $453,100  for one-unit properties.   This represents a 6.8% increase from the current 2017 maximum conventional loan limit. The John Thomas Team has all the information you’ll need to get started – call us at 302.703.0727 or Apply Online. Keep Reading...

Should You Ask Your Mortgage Lender About Recasting?

John Thomas October 27, 2017 Tags:
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Do you have extra cash and a want to lower your monthly mortgage payments? Are you worried about applying for a new mortgage loan because of strict credit guidelines? Mortgage Recasting could be right for you.

What is a Mortgage Recast?

Mortgage Recasting is changing or modifying the terms of a nongovernment-type loan (FHA, USDA, VA). The mortgage loan has to be at least 120 days old to be eligible for recast. This process is handled after closing on a case-by-case basis and can be handled by any mortgage servicer. While any servicer can recast, there is no guarantee that they will – they are by no means obligated. Keep Reading...

Delaware Real Estate Transfer Tax Going to 4% [August 1 2017]

John Thomas July 6, 2017 Tags:
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Delaware Real Estate Transfer Tax Going to 4% Effective August 1, 2017

Delaware Real Estate Transfer Tax is going up from 3% to 4% effective on all contracts dated August 1, 2017 or after.  The Delaware legislature decided to balance the budget at the last minute with no public comment by increasing the state transfer tax from 3% to 4%.  Delaware is currently number 2 in the United States for Real Estate Foreclosures and the real estate market has lagged the country in appreciation but Delaware legislators decided it would be best to balance the budget on the backs on home buyers and home sellers.
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Understanding Seller Paid Closing Costs

John Thomas May 27, 2017 Tags:
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Understanding Seller Paid Closing Costs

Seller Paid Closing Costs are negotiated between a home buyer and home seller during the initial offer process and are written into the sales agreement.  Seller Paid Closing Costs are also called Seller’s Assistance.  If the Seller Paid Closing Costs are not written into the contract then they don’t exist and will not be credited to the buyer at the settlement.  Call 302-703-0727 to get pre-approved today and find out how much seller paid closing costs you will need or APPLY ONLINE

It is very important to understand that when you ask for the seller to pay money toward your closing costs that the seller is taking this money off the purchase price to give to the buyer at closing.  For Example if you offer the seller $200,000 for their home and ask for $10,000 in seller paid closing costs, you are really only offering the seller $190,000 for their home. Keep Reading...

FHA Mortgage Insurance Premium Reduced January 27, 2017

John Thomas January 9, 2017 Tags: ,
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FHA Mortgage Insurance Premium

FHA Mortgage Insurance Premium Reduced January 27, 2017

FHA Mortgage Insurance Premium reduced January 27, 2017 by 0.25% on new FHA Loans.  Monday January 9, 2017 HUD secretary Julian Castro announced FHA will reduce the annual mortgage insurance premium most borrower’s pay by 0.25% for new FHA loans originated on/or after January 27, 2017.  Call 302-703-0727 to apply for a FHA Loan or APPLY ONLINE

2016 marked the fourth consecutive year that the FHA Mutual Mortgage insurance fund has grown and now has sufficient reserves with the capital ratio at 2.32 percent of all insurance in force which is above the 2% requirement.  The drop in mortgage insurance premium comes at a time when consumers are facing higher credit costs as mortgage rates are increasing. Keep Reading...

FHA Loan Limits for 2016

John Thomas December 19, 2015 Tags:
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FHA Loan Limits 2016

Federal Housing Administration released FHA Loan Limits for 2016 on December 9, 2015 with the release of Mortgagee Letter 2015-30.  The minimum maximum FHA Loan limit remained at $271,050 and the maximum FHA Loan limit in high cost area remained at $625,500.  The maximum loan limit for a FHA Loan is set by the median house price in the county in which the property is located.  The FHA loan limits for 2016 are for FHA Loans with case numbers assigned on or after January 1, 2016.

FHA increased loan limits in 188 counties across the country and didn’t decrease loan limits in any counties.  The FHA Loan limits remained the same in Delaware, Maryland, and Pennsylvania.  Search the FHA Loan limit in any county in the United States at HUD’s website at FHA Loan Limit Search Keep Reading...