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Mortgage Rates Weekly Update [May 12 2019]

John Thomas May 12, 2019 Tags: ,
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Mortgage Rates Weekly Update for May 12, 2019

Mortgage Rates Update for May 12, 2019 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 ended the week right where they started as mortgage bonds failed to mount a rally. If you look at the mortgage bond chart below, you can see mortgage bonds rallied each day with long candle but closed down with the red candle. Mortgage bonds still closed above the 25 day moving average which is acting as a strong floor of support so we are recommending FLOATING Your mortgage rate to see if bonds can mount a rally and move mortgage interest rates lower. Keep Reading...

Mortgage Rates Weekly Update [May 5 2019]

John Thomas May 5, 2019 Tags: ,
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Mortgage Rates Weekly Update for May 5, 2019

Mortgage Rates Update for May 5, 2019 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 ended the week about where they started after a roller coaster week for bonds. If you look at the mortgage bond chart below, you can see mortgage bonds started the week selling off on Monday with Red Candle and broke below important floor of support at 25 moving average. Bonds were able to rally higher on Wednesday after Fed Meeting but lost steam sold back off to end the day. Bonds were not able to break above the 25 day moving average until Friday when Jobs Report showed lower inflation data. Keep Reading...

PRMI DPA Advantage Grant Program

John Thomas May 5, 2019 Tags: , , ,
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PRMI DPA Advantage Grant Program

PRMI DPA Advantage Grant Program provides up to 2% as a forgivable grant to eligible borrowers using a FHA Loan to purchase a home. The PRMI DPA Advantage Grant program is an approved Delaware down payment assistance program by HUD so can be used with a FHA mortgage loan. Call 302-703-0727 to apply for the grant or APPLY ONLINE

2% Grant Program Highlights

The highlights of the PRMI DPA Advantage Grant Program are as follows:

  • Completely Forgivable grant of up to 2% of the purchase price.
  • May be combined with up to 6% seller paid closing costs
  • Minimum Qualifying Credit Score is 580
  • No Resale restrictions on the home
  • Must be Primary Residence
  • Approved Down Payment Assistance Program
  • Must Complete HUD Approved Home Buyer Counseling Class
  • Can Only be Used with a FHA Loan

Borrower Eligibility for PRMI DPA Advantage Grant Program

In order to be eligible to qualify for the 2% DPA Advantage Grant Program you must meet only ONE of the following categories: Keep Reading...

VA One Time Close Construction Loan

John Thomas May 3, 2019 Tags: ,
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What is a VA One Time Close Construction Loan? If you’re a Veteran or have a loved one who has served as member of the Armed Forces, you’ll understand sacrifices such as being away from family, missing the birth of your child, experiencing battle trauma—or worse. Perhaps one common challenge faced by Veterans when you finally make it home is difficulty integrating back into civilian life.

Needless to say, you are our heroes and you deserve the best benefits. One such benefit relates to housing. It’s called the VA One-Time Close Construction Loan. Call 302-703-0727 to talk to a VA Lending Specialist about a VA Construction or get started online APPLY ONLINE Keep Reading...

Mortgage Rates Weekly Update [April 28 2019]

John Thomas April 29, 2019 Tags: ,
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Mortgage Rates Weekly Update for April 28, 2019

Mortgage Rates Update for April 28, 2019 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 lower last week as mortgage bonds rallied off support. If you look at the mortgage bond chart below you can see mortgage bonds rallied off floor of support on Tuesday and broke through a tough ceiling of resistance on Friday putting mortgage bonds into position to follow through and rally higher in the coming week. We are recommending FLOATING Your mortgage rate to start the week to see if mortgage bonds can stay above the 25 moving average and continue to rally higher. Keep Reading...

Self Employed Bank Statement Loan Program

John Thomas April 27, 2019 Tags: , , ,
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Self-Employed? Here’s How You Can Qualify for a Bank Statement Loan

Are you self-employed? Consider a Self Employed Bank Statement Loan Program. You belong to almost nine million self-employed people in the United States. You enjoy the advantages of self-employment that aren’t afforded to full-time workers—a flexible schedule, control of your life and the ability to select who you work with and what you do.

The financial perks of self-employment can be tremendous too, opening up any number of tax deductions related to the business.

One of the benefits if you’re self-employed and looking into purchasing a home is the privilege to take a self-employed bank statement loan. Keep Reading...

Newark Delaware Home Buyer Seminar May 11 2019

John Thomas April 25, 2019 Tags: ,
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Newark Delaware First Time Home Buyer Seminar

There will be a Newark Delaware First Time Home Buyer Seminar on Saturday May 11, 2019 at 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to receive a copy of their credit report. The home buyer seminar will cover all of the basics of buying a home in Delaware. The Newark Delaware First Time Home Buyer seminar will cover FHA loans, VA loans, USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the FHA 203k Rehab loans.  We will also cover the Delaware Mortgage Credit Certificate Program which is also know as the Delaware first time home buyer tax credit which give you up to $2,000 a year as a federal tax credit for every year you have the mortgage loan. Keep Reading...

FHA One-Time Close Construction Loan

John Thomas April 23, 2019 Tags: , , ,
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Is a FHA One Time Close Construction Loan right for you?

Two isn’t always better than one. Let me explain.

If you’re building your house from the ground up, you’ll most likely take a construction loan followed by a permanent loan. This scenario will require you to have 2 loans, which means you’ll have 2 start dates and 2 closing dates—which means you’ll pay for 2 separate closing costs!

An FHA one-time close construction loan, however, will allow you to have your home built and financed just under one loan. It’s simpler and more cost-efficient and you end up with a FHA Loan with a 30 year fixed rate when all is said and don Keep Reading...