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HUD Delays Ban on Dual Agency for Short Sales on FHA Loans

John Thomas September 29, 2013 Tags: Delaware FHA Loans, FHA Ban on Dual Agency, FHA Short Sale Rule, FHA Update, Mortgagee letter 2013-23

HUD Delays the Ban on Dual Agency for Short Sales on Properties with FHA Loan being sold short. The rule was to go into effect on October 1, 2013, as outlined in mortgagee letter 2013-23 released in July 2013. The rule stated that brokers and their agents may only represent the buyer or the seller, but not both parties. This is commonly called dual agency so the rule thus makes it illegal for an agent that works for the brokerage of the listing agent to represent a buyer in the purchase of a short sale.

The intent of the rule is not to limit real estate agents but was to limit the risk of fraud and to ensure “arms-length” transactions on short sales and deed in lieu of foreclosure. There has been rampant fraud being performed with some agents listing homes for short sale and selling them to other agents below the market price by not taking any other offers to the bank. The same thing has been happening on REO properties that have been sold by agents that sell them to a partner at below market value by not taking any other offers to the bank that is selling the property. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update September 30, 2013

John Thomas September 29, 2013 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly market update for the Week of September 30, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware mortgage rates continued to improve this week as a government shut looms over the Federal Debt Limit. If you look at the mortgage bond chart below you can see mortgage bonds have had a big rally higher since hitting the all-time low for the year at the beginning of September. Mortgage bonds have rallied higher on the Federal Reserve continuing their asset purchase program QE3 with no tapering and the fight going on in US Congress over raising the debt limit. The uncertainty has helped boost mortgage bonds and has moved home loan rates considerably lower. We are recommending FLOATING your Delaware mortgage rate to start the week as the short term trend is for bonds to move higher and home loan rates to move lower. Keep Reading...

Dover Delaware Home Buyer Seminar October 26, 2013

John Thomas September 28, 2013 Tags: Delaware First Time Home Buyer, delaware home buyer class, delaware home buyer seminar, delaware home buyer workshop, Dover Delaware home buyer seminar

Delaware First Time Home Buyer Seminar on Saturday, October 26, 2013, at 10 AM in Dover, Delaware. The seminar will last about 2 hours and each participant will be able to receive a 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, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. You will be able to get pre-approved at the seminar by a Delaware Mortgage Company. Keep Reading...

Delaware Mortgage Rates Weekly Update for September 23, 2013

John Thomas September 22, 2013 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly market update for the week of September 23, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates dropped lower by about 0.25% after the Federal Reserve announced on Wednesday that they would not start tapering their asset purchase program called QE3. The mortgage bond market surged higher on the news and caused home loan rates to drop back lower by about 0.25%. If you look at the mortgage bond chart below you can see the big green candle on Wednesday which was the biggest one day gain since August 2011. We are recommending LOCKING your Delaware Mortgage Rate to start the week as mortgage bonds are up against a tough layer of resistance to move any higher. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update for September 16, 2013

John Thomas September 15, 2013 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly market update for the week of September 16, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

Delaware Mortgage Rates moved lower from the previous week as mortgage bonds built on the momentum from a poor jobs report for August. If look at the mortgage bond chart below you can see mortgage bonds jumped higher on Monday and then traded in a tight range for the rest of the week ending the week almost on Monday’s high. We are recommending FLOATING your Delaware Mortgage Rate to start the week to see if bonds can continue to rally on the poor economic reports that came out on Friday but the big event this week to watch is the Federal Open Market Committee meeting on September 18th. Keep Reading...

Maryland Home Buyer Seminar October 19, 2013

John Thomas September 15, 2013 Tags: Maryland first time home buyer seminar, Maryland home buyer class, Maryland Home Buyer Seminar, Maryland home buyer workshop

Maryland First Time Home Buyer Seminar

There will be a Maryland First Time Home Buyer Seminar on Saturday, October 19, 2013, at 10:00 AM till Noon. 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 Maryland. The seminar will cover Maryland FHA loans, Maryland VA loans, Maryland USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Maryland FHA 203k Rehab loans. Each participant will receive a Free Credit Scoring Handbook, Free Home Buying Handbook, and an opportunity to meet with a certified mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.
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Delaware First Time Home Buyer Seminar October 12, 2013

John Thomas September 15, 2013 Tags: Delaware First Time Home Buyer Seminar, delaware home buyer class, delaware home buyer seminar, delaware home buyer workshop

Delaware First Time Home Buyer Seminar

There will be a Delaware First Time Home Buyer Seminar on Saturday, October 12, 2013, at 10:00 AM till Noon. The seminar will last about 2 hours and each participant will be able to receive a copy of their tri-merge credit report. The seminar will cover all of the basics of buying a home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. The Seminar is sponsored by The Neighborhood House so each participant will receive home buyer counseling credit toward the required HUD approved home buyer counseling required for Delaware First Time Home Buyer Programs.
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Delaware Mortgage Rates Weekly Update for September 9, 2013

John Thomas September 8, 2013 Tags: Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, Delaware Refinance, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates weekly market update for the week of September 9, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the 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 hit a 2-year high last week as mortgage bonds sold off in response to good economic reports and anticipation of better than expected jobs report. If you look at the mortgage bond chart below for the last 6-month view, you can see mortgage bonds have been trending lower since May 2013 and have been setting new record lows. This has been the long term trend for mortgage rates since May and the trend will continue as you can see there is nothing in the chart to indicate that mortgage bonds can mount a rally that would alter the trend. The second mortgage bond chart below is last 30-day view of bonds which shows in more detail how the bond has sold off starting on Monday and hit another 2 year low on Thursday. This moved Delaware home loan rates to a 2 year high. Friday we did see a recovery and a bounce higher after the August Jobs Report came out worse than expected. We are recommending LOCKING your Delaware mortgage rate if closing in the next 2 weeks as the market will be extremely volatile but if closing in 30 days or more then you can FLOAT to see if mortgage bonds can bounce higher from this level. Keep Reading...

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