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Free First Time Home Buyer Seminar – October 27th

John Thomas October 9, 2007

There will be a Free First Time Home Buyer Seminar on Saturday, October 27, 2007, at 10:00 AM.  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, My Community loans, and First Time Home Buyer Loan Programs.  Each participant will receive a Free Audio CD on Credit Scoring, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar. Keep Reading...

Stop Paying Your Landlord’s Mortgage – Become a Delaware Home Owner

John Thomas September 27, 2007

It’s staggering when you think about the cost of living, especially if you’re a renter and not a Delaware home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You’re paying their mortgage when you could be building equity in your own property. Learn the advantages of becoming a Delaware First Time Home Buyer.

What if I don’t have the money to buy a home right now?
There are many loan programs available that offer low and no down payment options for Delaware Home Buyers. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly. There are many benefits of home ownership to consider, most of all, tax deductions. Let’s take a look at how advantageous this can be as a homeowner:

How much is tax deductible?
Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.
These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:

Real Estate taxes are deductible on a primary residence. Delaware Real Estate taxes are paid at settlement or closing, or through an escrow account.

Mortgage interest is deductible on a loan to purchase, build or improve your home in Delaware. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.

Prepaid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made “in arrears” so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.

If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.

Call me to discuss your specific needs and we’ll find the program that’s right for you.  We have a variety of low down payment and no down payment programs available.

Keep Reading...

Delaware Mortgage Rates – Update for September 26, 2007

John Thomas September 26, 2007

When it comes to the Bond Market, the rule is good news is bad news and vice versa. Durable Goods was reported at -4.9%, which was lower than expectations of -3.5% and bad economic news, which should be good for Bonds. But Bond prices have actually worsened because the 200-day Moving Average ceiling is too difficult to break. Technically the 200-day Moving Average is powerful resistance by itself, but the 25-day Moving Average is also close by, making this dual ceiling of resistance too tough to break. Because of these factors, I am recommending a locking stance for today Keep Reading...

Delaware Mortgage Rates – Update for September 25, 2007

John Thomas September 25, 2007

Mortgage Bonds are trading slightly higher this morning after some weaker than expected economic reports, so Delaware Mortgage Rates are improving. For instance, Consumer Confidence for September was reported at 99.8, which is lower than expectations of 104.5 and is the lowest level since November 2005.

In addition, Existing Home Sales for August were reported at 5.50 million units, essentially in line with expectations. However, the inventory for single-family homes represents a 9.8-month supply, the most since 1989. Keep Reading...

Delaware Mortgage Rates – Update for September 24, 2007

John Thomas September 24, 2007

Mortgage Bond prices have changed very little so far today and are right at important support at the 200-day Moving Average. Commodity prices, including gold and crude oil, continue to move higher, which is a concern for bonds because of inflation pressure.

There are no economic reports on the schedule today but later in the week the Core Personal Consumption Expenditure Index (PCE), the Fed’s favored gauge of consumer inflation, will be released. All ears and eyes will be glued to this report for any hint of consumer inflation. Keep Reading...

Free Real Estate Investment Seminar – September 26th

John Thomas September 24, 2007

There will be a Free Real Estate Investment Seminar on Wednesday, September 26th from 6:30 PM till 8:30 PM at Citizens Lending Group’s 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...

Why A Delaware VA Loan?

John Thomas September 24, 2007 Tags: , ,
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WHY A DELAWARE VA LOAN?

The more you know about our Delaware home loan program for Veterans, the more you will realize how little “red tape” there really is in getting a Delaware VA loan. These loans are often made without any down payment at all which means a veteran can get 100% financing. Aside from the veteran’s certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of Delaware mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application or for VA to review the appraisal.Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. This makes the VA Loan a great program for Delaware First Time Home Buyers who meet the eligibility requirements. Keep Reading...

Delaware VA Loan – Are you eligible?

John Thomas September 23, 2007

If you are looking for a 100% financing in one loan, then nothing beats a Veterans administration loan, commonly referred to as a VA loan. The VA loan doesn’t have monthly PMI added on to the payment, which makes it usually the cheapest loan for overall payment.

The first step for applying for a Delaware VA loan is to determine if you are eligible, just go to Veterans Administration Wesite

Once you have determined you are eligible, in order to apply for a VA loan you need an eligibility certificate.  If you need to get a certificate the Form you must fill out is Form 26-1880, this form can be found on the Veterans Administration website, go to this link http://www.va.gov/vaforms/ Keep Reading...