(302) 703-0727

(302) 703-0727

Do You Need a Buyer’s Agent When Buying New Construction From a Builder?

John Thomas March 3, 2012 Tags: , ,

Do you need a buyer’s agent to represent you when buying a new construction home from a builder? John R. Thomas with Primary Residential Mortgage and Jeff Garvey with Keller Williams Realty will answer this question in the video.


Do You Need a Buyer’s Agent When Buying New Construction from a Builder? The answer is yes. The builder has a sales agent at the model but they represent the builder and not the home buyer.  The sales agent is even required to be licensed as a real estate agent.  The builder will pay your buyer’s agents’ commission. The Buyers Agent will negotiate with the builder to protect you and make sure you get the best deal possible. Keep Reading...

FHA Announces Increase in MI Effective April 9 2012

John Thomas March 2, 2012 Tags: , ,

FHA Announced Increase in MI Effective April 9, 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

New FHA Mortgage insurance Guidelines Effective April 9, 2012, by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012: Keep Reading...

Delaware Mortgage Rate Weekly Update for February 27 2012

John Thomas February 27, 2012 Tags: , , , ,

Delaware mortgage rate weekly update for the week of February 27, 2012, with John R. Thomas from Primary Residential Mortgage in Newark, Delaware. Advice on Floating or Locking your Delaware mortgage interest rate. Call 302-703-0727 for a free mortgage planning consultation or APPLY ONLINE.

Delaware mortgage rates improved at the end of last week breaking the trend from the previous week that saw interest rates rising.  The mortgage bond is now trending higher again which means mortgage rates are trending lower.  The pattern for the past couple of weeks has been like a roller coaster.  I recommend FLOATING your Delaware mortgage rate as we see if the trend of lower rates can hold. We need to watch the PCE report this week which is a measure of inflation, if this comes out hotter than expected we could see rates reverse and trend higher again. Keep Reading...

FHA Wants to lower Allowable Seller Paid Closing Costs from 6% to 3%

John Thomas February 25, 2012 Tags: , ,

HUD wants to lower allowable seller paid closing costs from 6% to 3% on ALL FHA loans. Only a 30-day window to comment so URGENT that you take action and make comments, see links below.

HUD/FHA Proposed to lower seller paid closing costs from 6% to 3%.

I highly encouraged everyone to take action IMMEDIATELY to submit your comments to the FHA regarding the reduction of the seller concessions to a maximum of 3% or $6,000 whichever is greater.

Please read the notice below to see HUD’s points regarding why they wish to reduce the maximum amount of seller concessions. Some good arguments are made by HUD to do so…However, in the grand scheme of things within the housing market today and the view that I see from the ground floor, now is NOT the time to move forward with this proposal. Keep Reading...

Delaware Mortgage Rates Weekly Update February 20 2012

John Thomas February 20, 2012 Tags: , , , ,

Delaware mortgage rates weekly update for the week of February 20, 2012, by John R. Thomas from Primary Residential Mortgage. Call 302-703-0727 for a free mortgage planning consultation or APPLY ONLINE.

Delaware mortgage rates weekly update for February 20, 2012, by John R. Thomas

Delaware mortgage rates ended last week higher after some good economic news and a hot reading on inflation. The good news helped push the stock market higher pulling money out of the bond market which moved mortgage interest rates higher. The good news released last week included the following: Keep Reading...

Is Your Delaware Loan Officer Licensed?

John Thomas February 20, 2012 Tags: , , , , ,
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Is Your Delaware Loan Officer Licensed?

How can you check to see if your Delaware loan officer is licensed to do business as a loan originator and even if they are licensed to do business in Delaware?  It is real easy to check, every loan originator is required to have a loan originator license number with the National Mortgage Licensing System (NMLS).  You can look up anybody at the following website:

www.nmlsconsumeraccess.org

You should always check to see if a loan officer is licensed and they should always be able to provide you with their NMLS number.  For example, my NMLS is 38783 so you can look me up by name, John Richard Thomas or NMLS number, 38783.  Once you find me, it will tell you what company I work for, Primary Residential Mortgage, Inc., what states I am currently licensed to do business in and if my licensed is active or expired.  See below for picture from NMLS consumer website: Keep Reading...

Delaware First Time Home Buyer Seminar – March 17, 2012

John Thomas February 19, 2012 Tags: , , ,

Delaware First Time Home Buyer Seminar

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, March 17, 2012, at 10:00 AM till Noon and again at 1:00 PM till 3:00 PM. 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, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. Keep Reading...

Elsmere, Delaware – Repeals First Time Home Buyer Transfer Tax Credit – February 9, 2012

John Thomas February 19, 2012 Tags: , ,

Town of Elsmere Delaware repeals the first time home buyer transfer tax credit was repealed on February 9, 2012, by the Mayor of the town of Elsmere and the town council and is effective immediately.  The transfer tax in Delaware is 3% of the purchase price which is split equally between the state of Delaware and the county.  If the property is in a township, municipality, or city then the county portion of the transfer tax is collected by that entity. New Castle County, Kent County, and Sussex County all waive the transfer tax for first time home buyers if the property is in the county alone. The Town of Elsmere had been giving the waiver as well until Thursday, February 9, 2012. Keep Reading...