(302) 703-0727

(302) 703-0727

Mortgage FICO® Credit Scores vs Online Consumer Credit Scores

John Thomas July 19, 2021 Tags: ,

There is constant confusion about the difference between consumer credit scoring models and the credit scores that mortgage lenders pull which are Mortgage FICO® Credit Scores. Mortgage Lenders only use the FICO® scoring model while Consumer Credit Scores used the Vantage Scoring model.

What is the Consumer Credit Scoring Model?

The Consumer Credit Scoring Model is the Vantage Credit Score created by Experian, Equifax and TransUnion. There are 4 different scoring models:

  • Vantage 1.0
  • Vantage 2.0
  • Vantage 3.0
  • Vantage 4.0

Most consumer credit monitoring service companies use Vantage 3.0. The credit scores range from 300-850 on Vantage 3.0 which was updated from earlier versions to match the range that FICO® uses. Keep Reading...

FHA Student Loans Guideline Update 2021!

John Thomas June 25, 2021 Tags: , , ,
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FHA Student Loans – HUD just announced new guidelines about how student loan payments should be considered when buying or refinancing a home, to align better
with the current industry standards. This new update makes it even easier to qualify for a FHA Mortgage loan with student loan debt. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

These are BIG CHANGES, so we recommend that you have your mortgage pre-approval re-evaluated if you were denied or if you wanted a higher purchase price as the new FHA Student Loan Guidelines could allow you to qualify for a higher mortgage amount. Keep Reading...

How CAIVRS Report Can Prevent You From Getting A Loan

John Thomas August 26, 2020 Tags: , , , ,
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If you’re applying for a mortgage backed by the government like an FHA loan or VA loan, your lender will run a CAIVRS check before approving your loan.

This little-known government database, called U.S. Department of Housing and Urban Development Credit Alert System (CAIVRS), checks for specific types of credit defaults that could affect your mortgage loan approval. If you want to get pre-approved for a Mortgage Loan program to purchase or refinance a home please call the John Thomas Team at 302-703-0727 or APPLY ONLINE.. Keep Reading...

Delaware FHA Loan Limits 2020

John Thomas May 10, 2020 Tags: , ,
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Delaware FHA Loan Limits 2020 were increased effective January 1, 2020. All three counties of Delaware had the FHA loan limit increased in 2020. The Federal Housing Agency (FHA) raised the loan limits from the increased “floor” of $331,760 to the highest areas at $765,600. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

On December 3, 2019, FHA issued Mortgagee Letter 19-19 effective for FHA case numbers assigned on or after January 1, 2020. The National mortgage low cost loan limit is set at 65% of the conforming loan limit which is $510,400. The National Low Cost Area FHA Loan limit is set as follows: Keep Reading...

Delaware Mortgage Loan Officer John Thomas

John Thomas May 9, 2020 Tags: , ,
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Delaware Mortgage Loan Officer John Thomas works for Primary Residential Mortgage, Inc. in Newark, Delaware as an Originating Branch Manager. Primary Residential Mortgage, Inc. is a Delaware mortgage lender that is a direct lender and mortgage servicer. We can find you the best mortgage interest rate because we have the best of both worlds, being mortgage bank and a mortgage broker. John Thomas is licensed to lend in Delaware, Maryland, Virginia, Pennsylvania, and New Jersey. Call 302-703-0727 to apply for a mortgage loan or APPLY ONLINE. Keep Reading...

Delaware USDA Loans Income Limits 2020

John Thomas May 7, 2020 Tags: ,
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Delaware USDA Loans Income Limits 2020 announced May 4, 2020 by Rural Development. The household income limits in Delaware have increased in all three counties. Anyone looking to purchase a home with a Delaware USDA Rural Housing Loan now has more leeway to qualify as income limits have gone up. If you want to get pre-approved for a USDA Loan to purchase a home please call 302-703-0727 or APPLY ONLINE.

What are the USDA Rural Housing Loan Income Limits for 2020?

The household income limit is based on the number of people in the household that will occupy the property. The income limits are set based on 1-4 people household, 5-8 people households and then excess of 8 people households. Below is the chart showing Delaware USDA Loans Income Limits for 2020: Keep Reading...

Delaware VA Loan Limits 2020

John Thomas April 25, 2020 Tags: , ,
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Delaware VA Loan Limits for 2020 depend on whether a qualified Delaware Veteran has full entitlement or not. Veterans with full entitlement have no loan limits in Delaware or any other state for a Delaware VA Loan. The maximum VA loan limit was eliminated with the Blue Water Navy Vietnam Veterans Act of 2019. If a Veteran has reduced entitlement then the VA Loan Limit will be the same as the Federal Housing Finance Agency (FHFA) conforming loan limit for the county. If you are a Delaware Veteran and want to find out the maximum VA loan you qualify for, give us a call at 302-703-0727 or get started online at APPLY ONLINE Keep Reading...

DSHA Temporary Guideline Changes May 2020

John Thomas April 24, 2020 Tags: ,
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DSHA announced temporary guideline changes to their home buyer assistance programs for home buyers in Delaware. Effective with new reservations for their Preferred Plus Down Payment Assistance Program and their Base Rate Program their will be stricter guidelines for qualifying for the program if you are getting a FHA Loan, VA Loans or a USDA Loan. If you have questions please call the John Thomas Team at 302-703-0727 or you can APPLY ONLINE

Anybody with a qualifying credit score below 700 will have a maximum Debt to Income Ratio (DTI) of 45% in order to be eligible for the program. The minimum credit score to apply for the Delaware State Housing Authority Program is still 620 but there are now restrictions to the maximum DTI if credit score is below 620 starting in May 2020. Keep Reading...