Delaware First Time Home Buyers are going to have a tougher time qualifying for loans after October 20th, 2007. Fannie Mae is making changes to what it will accept for approval on all 100% financing options that are backed by Fannie Mae.

What are the changes?  Fannie Mae is no longer going to accept EA-II or EA-III approvals thru its desktop underwriting system. So if you are applying for a Delaware Home Loan thru any lender be it bank or broker, they all have to follow the same system, you will have to qualify at EA-1 or Approve-Eligible. Keep Reading...

If you are a First Time Home Buyer than you need to know the value of having your own checking account. It looks best if you have a checking account in your name.

I sometimes get clients applying for a Delaware Mortgage that don’t have a checking account. I counsel them right away to open a checking account because the lender likes to see a checking account, but there are also other advantages. First, it is easier to write a check than to get money orders to pay bills. Second its safer than carrying cash. Third, it makes it easier to keep track of where you spend your money.  Fourth, you can have paychecks, pension checks, social security checks, or other checks deposited directly into the checking account. Fifth, you should have your emergency fund in a bank account. I counsel all of my Delaware mortgage clients to have an emergency fund and to put those funds into an FDIC account. Keep Reading...