Analysis of Delaware Subprime Loans
John Thomas
October 18, 2009
The following analysis was from the Federal Reserve Bank of New York report from January 2009
Delaware Mortgage Rates
Delaware Mortgage Rates – Friday October 16, 2009
John Thomas
October 16, 2009
This is my daily advice on locking or floating your Delaware Mortgage Rate for Friday, October 16, 2009.
Mortgage rates have steadily increased since hitting a record low last Friday. The mortgage bond lost some 120 basis points since last Friday causes mortgage rates to increase. Rates are still near historic lows but the pressure is for rates to slowly increase from here. The federal government has slowed its buying of mortgage-backed securities which is causing less of a demand for mortgage-backed securities. The government’s buying program is what has kept rates low so as the program winds down rates will rise.
Delaware Michael Castle Announces Run for U.S. Senate
John Thomas
October 6, 2009
U.S. Representative Michael Castle made his announced to run for U.S. Senate on October 6, 2009, at a press conference. He will be running for Vice President Joe Biden’s former Senate Seat. The current senator Edward Kaufman said he will not run for election when he was appointed by Former Governor Ruth Minter.
Castle believes his experience will be a great benefit to the State of Delaware in Congress.
If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.
Delaware First Time Home Buyer Seminar – October 24, 2009
John Thomas
October 4, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, October 24, 2009, at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans.
Learn how to get $8,000 tax credit for buying a home in 2009. That is a check for $8,000 from the IRS to you at tax time just for buying a home! The best thing is you don’t have to ever pay the $8,000 back!!
Delaware FHA 203k Rehab Loans for Bank Owned Properties
John Thomas
September 24, 2009
The increase in foreclosures has increased the number of houses listed for sale in Delaware that are owned by banks. The banks have taken the homes by foreclosing. The banks list the properties for sale in “as is” condition. This makes it tough for qualified buyers to purchase some of these homes because traditional FHA Loans and conventional loans may require some repairs be completed prior to closing that the bank will not due.
The solution to this problem is the Delaware FHA 203k loan. For most of these properties, the repairs are not major and are best suited to a streamlined version of the FHA 203k loan. The streamline is much quicker and easier to do than a full 203k. The program allows the buyer to borrow the cost for the repairs and doesn’t require them to be completed before closing.
Free Delaware First Time Home Buyer Seminar – October 3, 2009
John Thomas
September 18, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday, October 3, 2009, at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. \
Learn how to get $8,000 tax credit for buying a home in 2009. That is a check for $8,000 from the IRS to you at tax time just for buying a home!
New Conforming Mortgage Guidelines for Delaware Conventional Loans – September 1, 2009
John Thomas
September 18, 2009
Fannie Mae has rolled out new lending guidelines on Tuesday, September 1, 2009. Being approved for a Delaware Conventional home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention. Among the updates:
- Stock options are no longer eligible for “reserves”
- Relocating families can’t use the “trailing” spouse’s projected income
- “Tip” income must be documented and verified
- Lenders must call employers to verify employment
- Lenders must verify tax transcripts against IRS records
But there are other changes, too. As examples:
- Owners and buyers of 2-unit homes are subject to new minimum FICOs with larger downpayment and equity requirements.
- Only 70% of the stock, bond, and mutual values may be used as reserves
- Only 60% of retirement assets may be used as reserves
For information on the complete guideline changes visit http://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0919.pdf
If you need help qualifying for a Delaware Home Loan please call me at 302-588-3665 or you can APPLY ONLINE HERE.
Delaware State University Football Schedule 2009
John Thomas
September 14, 2009
The Delaware State University Football Schedule for 2009 is as follows;
September 5 – Florida A&M – Away Game
September 19 – Delaware – Away Game
September 26 – Hampton – Away Game
October 10 – Bethune-Cookman at Home
October 17 – Michigan – Away Game
October 24 – Morgan State at Home
October 31 – South Carolina State – Away Game
November 7 – Winston-Salem State – Away Game
November 14 – Norfolk State at Home
November 21 – Howard at Home
