Mortgage Loans

Mortgage Loans

Mortgage Rates Weekly Update [January 22 2018]

John Thomas January 22, 2018 Tags: ,
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Mortgage Rates Weekly Update for January 22, 2018

Mortgage Rates Update for January 22, 2018 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates.  John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates moved higher last week as mortgage bonds fell through floor of support and sold off as the stock market continued to rally.  If you look at the mortgage bond chart below you can see mortgage bonds broke beneath the floor of support and continued the trend for mortgage bonds to move lower which is moving mortgage interest rates higher.  We are recommending LOCKING Your mortgage rate until mortgage bonds can find a firm floor of support. Keep Reading...

What You Need to Know About the USDA Repair Escrow

John Thomas January 9, 2018 Tags:
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The USDA Repair Escrow Loan can Help You Close

Many home buyers find their dream home, but then hit a brick wall in the loan approval process: the appraiser says it does not meet USDA loan guidelines. The home of their dreams requires minor repairs to be completed or they will not be able to close. The seller won’t budge – they have a loan that requires all repairs to be completed before closing, but that’s impossible since the process can’t move forward without those repairs. It seems like a frustrating, impossible situation, but it can be rectified with a Delaware USDA Repair Escrow Loan.  The John Thomas Team can help you navigate the specifics of the Delaware USDA Repair Escrow  – give us a call today at 302.703.0727 or APPLY ONLINE. Keep Reading...

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.
Keep Reading...

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...