Delaware USDA Rural Housing Loan Guideline Updates October 1, 2012
Delaware USDA Rural Housing Loan Guideline Updates that took effect October 1, 2012.
Delaware USDA Rural Housing Loan Guideline Updates from John R. Thomas with Primary Residential Mortgage
USDA Rural Housing Loan Program changed the monthly mortgage insurance premium charged on USDA mortgages from 0.3% to 0.4% effective on conditional commitments issued on October 1, 2012, and after. USDA also changed the Guarantee fee it charges for refinances. The guarantee fee on refinance transactions increased from 1.5% to 2.0% effective October 1, 2012. The Guarantee Fee on purchase transactions remains the same at 2.0%.
USDA Loans have two requirements for eligibility to qualify; income and geographical location.
The income requirements are based on the county in which the property is located and the number of people in the household. The income guidelines for New Castle County, Kent County, and Sussex County Delaware for 2012 are here https://www.delawaremortgageloans.net/delaware-mortgage-loans/delaware-usda-rural-housing-loans/delaware-usda-rural-housing-loan-income-limits-for-2012/
The geographical areas that qualify for USDA loans are based on the population density as calculated by the 2000 US Census. The 2010 census was supposed to replace the 2000 census on October 1, 2012, for determining property eligibility. This was delayed until March 27, 2013. The 2010 census will eliminate over 900 eligible communities across the country. In Delaware, Middletown and Smyrna will no longer be eligible. But as of now, they are still eligible until March 2013. You can determine if a property qualifies for a USDA loan here: https://www.delawaremortgageloans.net/delaware-mortgage-loans/delaware-usda-rural-housing-loans/delaware-usda-rural-housing-loans-property-eligiblity/
If you would like more information on Delaware USDA loans or would like to apply for a pre-approval to purchase or refinance a home in Delaware, call 302-703-0727 or you can apply online.
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713