Mortgage Loans

Mortgage Loans

Delaware First Time Home Buyer Program Getting Tougher

John Thomas November 20, 2007

Delaware First Time Home Buyers are going to find it a lot harder to buy a home with little or no money because Fannie Mae is Changing their guidelines on the popular My Community Loan Program.  The My Community Loan program is very popular because it offers 100% financing with one loan with reduced mortgage insurance and until now would allow the seller to pay up 6% of the sales price towards closing costs. This is usually more than enough to cover all of the closing costs when buying a home in Delaware.

Starting December 1st Fannie Mae has changed the guidelines to only allow the seller to pay up to 3% of the sales price towards the buyers closing costs. 3% is typically not enough to cover all of the closing costs associated with buying a home in Delaware. This means Delaware First Time Home Buyers will have to come up with more money at the closing table in order to buy a home. Keep Reading...

Doug MacGray’s Weekly Financial Update – Week of November 19, 2007

John Thomas November 19, 2007

HOLIDAY SPENDING?:  Americans skimped on furniture and sporting goods in October to offset higher energy costs. As a result, Lehman Brothers Holdings Inc. is anticipating “one of the weakest” holiday shopping periods in years. Meanwhile, a less-than-forecast 0.1 percent increase in wholesale prices reinforced traders’ expectations that the Federal Reserve will be forced to reduce interest rates again next month.

THE WEEK IN THE STOCK MARKET:  The market’s volatility is driving everyone crazy, but the end result this week was a moderate advance. The Dow [+1.03%; +5.73%], the S & P 500 [+0.35%; +2.85%], and the NASDAQ Composite [+0.35%; +9.19%] all gained. One reason for the gains was a positive report from Wal-Mart. Despite the chilly retail sales report mentioned above, Wal-Mart posted good gains and forecast a fairly rosy holiday season. Keep Reading...

Free Real Estate Investing Seminar – November 21st

John Thomas November 19, 2007

There will be a Free Real Estate Investment Seminar on Wednesday, November 21st from 6:30 PM till 8:30 PM at Citizens Lending Groups Office in Newark, DE. The seminar is on Getting Started in Real Estate Investing.

The seminar will show you how to set up a plan for investing and how to get your self financially ready to invest, how to gather a power team around you, give you an action plan to buy your first rental property, how to do investing as a business, and how to analyze a property to determine if a good investment. Keep Reading...

First Time Home Buyer Seminar – Still Room left for October 27th

John Thomas October 23, 2007

There is still room left for the Free First Time Home Buyer Seminar on Saturday, October 27th at 10:00 AM at Citizens Lending Group’s office in Newark, DE. The seminar will cover the basics of buying a home in Delaware including First Time Homebuyer programs, FHA Loans, VA Loans, and much more.

Please call 302-368-7132 Ext.12 to register for the seminar.

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. Keep Reading...

Doug MacGray’s Weekly Financial Update – Week of October 22, 2007

John Thomas October 23, 2007
BLACK MONDAY – Last week marked the 20th anniversary of Black Monday on Wall Street. From a total US stock market capitalization of $2.3 trillion following the losses of 10/19/87 the total value of US stocks has rebounded to $18.7 trillion today, an annual growth rate of +11% over the past 2 decades. HERE COME THE BABY BOOMERS:  At an event hosted by the Commissioner of Social Security, the nation’s first Baby Boomer, Kathleen Casey-Kirschling, filed for her Social Security retirement benefits online at www.socialsecurity.gov.  Ms. Casey-Kirschling, who was born one second after midnight on January 1, 1946, will be eligible for benefits beginning January 2008. http://www.socialsecurity.gov/pressoffice/pr/babyboomerfiles-pr.htm

THE SINKING U.S. DOLLAR: Keep Reading...

Free Seminar – Financial Planning for Everyone – Oct. 23rd at 6:30 PM

John Thomas October 18, 2007

There will be a Free Seminar – Financial Planning for Everyone on Tuesday, October 23, 2007, from 6:30 PM till 8:00 PM.  The seminar will present the basics of making a financial plan and provide the participates with all the tools they need to design their own financial plan.  The seminar is being presented by Douglas MacGray of AGE Equities.  He is a Certified Financial Planner, licensed Attorney, and certified Estate Advisor.

To register for this seminar please call 302-703-0727 and ask for John Thomas. Keep Reading...

Doug MacGray’s Weekly Financial Update – Week of October 15, 2007

John Thomas October 15, 2007

Where are the markets going? NO ONE CAN PREDICT THE MARKETS:

Warren Buffet sure can pick stocks. You would expect that if anyone can predict market movements, he would be one of those guys.  On September 20, 2005, he predicted that over the next 7 years the S&P 500 is likely to return something less than 10% per year.2 years into his 7-year prediction, the S&P 500 has gained +29.0% (total return), an average annual return of +13.6%. He still has five years to go on his prediction, and I have been one person in the camp who believed his prediction. He may yet be correct.  I guess we’ll have to check back in five years. Keep Reading...

Free Real Estate Seminar – Mortgage Market Meltdown – Oct. 17th

John Thomas October 9, 2007

There will be a free seminar on the Morgage Market Meltdown on October 17th at 6:30 PM till 8:00 PM at Citizens Lending Groups’ Office in Newark, DE.  The seminar will cover exactly what happened to cause the current credit liquidity crisis in the lending markets as well as the mortgage market meltdown. Participates will learn what the Federal Reserve is doing about the current crisis. The future of the real estate markets will be discussed and the impact on our local market. Strategies to help buyers and sellers will also be discussed.  Each participant will receive a free audio cd summing up the key points of the seminar, free mortgage market FAQ, and special reports on the credit liquidity crisis. Keep Reading...