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FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: , , ,
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FHA Mortgage Insurance Premium Dropping January 26, 2015

FHA Mortgage Insurance Premium being lowered on all new FHA Case Numbers assigned on or after January 26, 2015, as announced by HUD Secretary Julian Castro on January 8, 2015, per an executive order by President Obama.  FHA will reduce the annual mortgage insurance that borrowers will pay by 0.5%.  FHA made this official with the publication of the Mortgagee Letter 2015-01. Call 302-703-0727 to Apply for an FHA Loan or APPLY ONLINE

Below is a table that shows the changes to the annual mortgage insurance premiums for FHA Loans: Keep Reading...

Mortgage Rates Weekly Update for January 5, 2015

John Thomas January 4, 2015 Tags: , , , ,

Mortgage Rates weekly market update for the Week of January 5, 2015, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.

Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Mortgage Rates were able to rebound last week and move lower after mortgage bonds bounced off support.  If you look at the mortgage bond chart below you can see mortgage bonds rallied off support after Christmas and have continued to move higher.  Friday the bond jumped up to record high for the past 12 months.  We are recommending FLOATING your Mortgage Rate to start the week as the technical trading pattern is a very bullish signal for bonds to continue to move higher and move mortgage interest rates lower. Keep Reading...

Mortgage Rates Weekly Update for Dec 29, 2014

John Thomas December 28, 2014 Tags: , , , ,
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Mortgage Rates weekly market update for the Week of December 29, 2014, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.

Mortgage Rates moved higher last week on Wednesday after the release of the GDP which caused the stock market to rally.  If you look at the mortgage bond chart below you can see the big red candle down on Tuesday which corresponds to the release of the GDP Report.  Bonds were able to bounce off support on Wednesday and followed through again on Friday as you can see with the two green candles.  This is a good sign that bonds could continue to move higher so we are recommending FLOATING your mortgage interest rate to start the week. Keep Reading...

Mortgage Insurance Tax Deductible for 2014

John Thomas December 26, 2014 Tags: ,
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Mortgage Insurance Tax Deductible for 2014 for all homeowners who make less than $109,000 effective with the passage of the Tax Increase Prevention Act of 2014 on December 16, 2014, by the U.S. Senate.  The House of Representatives passed the bill on December 3, 2014.

The passage of this bill means homeowners can claim the MI Tax Deduction retroactive to January 1, 2014, allowing eligible borrowers with adjusted gross income of less than $109,000 to deduct the eligible amount of their 2014 mortgage insurance premiums when they file their 2014 Federal Tax Returns.  We recommend that you consult a tax adviser to determine if you are eligible to claim the mortgage insurance deduction. Keep Reading...

Mortgage Debt Forgiveness Act of 2014 Passed

John Thomas December 23, 2014 Tags: , ,
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Mortgage Debt Forgiveness Act of 2014 was passed by the U.S. Congress in the last minute session as part of a larger bill called the Tax Increase Prevention Act of 2014 which was House Bill H.R. 5771 which passed the U.S. Senate on December 16, 2014, by a vote of 76-16.  The bill had already passed the House of Representatives on December 3, 2014.  The bill was sent to President Obama for signature into law after the Senate passed the bill.

The Bill provides Mortgage Debt forgiveness for people that s0ld their home in 2014 as a short sale or for people that were foreclosed on in 2014.  Without the passage of this bill, the difference between what was owed by the borrower and what was paid to the lender would be counted as income on their Federal Income Taxes for 2014.  This is termed “forgiveness” of debt by the creditor and the IRS views this as income.  This extension of the mortgage debt forgiveness act allows taxpayers to exclude the forgiven debt from their federal tax returns. Keep Reading...

Mortgage Rates Weekly Update for Dec. 22, 2014

John Thomas December 22, 2014 Tags: , , ,
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Delaware’s Weekly Mortgage Rate Update

Mortgage Rates weekly market update for the Week of Dec. 22, 2014, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.

Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Mortgage Rates moved slightly higher last week as the bond was pushed lower after failing to break through a tough ceiling of resistance.  Looking at the mortgage bond chart depicted below you will see two black lines that represent a trading channel for the bond.  The top black line is the line of resistance and the bottom black line is the line of support. Keep Reading...

Delaware Mortgage Rates Update for December 15, 2014

John Thomas December 15, 2014 Tags: , , , , ,

Delaware Mortgage Rates weekly mortgage market update for the Week of Dec. 15, 2014, by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager and the author of the best selling book, Your Guide to Buying Your First Home in Delaware.

Call 302-703-0727 to get a mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates were able to recover last and move back to all-time lows for the year.  If you look at the mortgage bond chart below you can bonds were able to bounce off support last Monday and rally higher to end the week.  Mortgage Bonds are once again sitting at the highs for the year and could move either direction from here. Keep Reading...

Fannie Mae 97% Conventional Mortgage Loan is Back

John Thomas December 14, 2014 Tags: , , ,
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Fannie Mae 97% Conventional Mortgage Loan is back for qualified first time home buyers as announced by Fannie Mae on December 8, 2014. This new loan option for qualified first-time homebuyers that will allow for a down payment as low as three percent or for limited cash-out refinance of homeowners who currently have a Fannie Mae loan.  The lower down payment is to help qualified borrowers to access credit that may not have the resources for a larger down payment.

These 97% Conventional loans do require mortgage insurance as the borrower is financing more than 80% of the value of the home.  The mortgage insurance can be paid on a monthly basis or paid as a one-time single premium at closing. Keep Reading...