(302) 703-0727

(302) 703-0727

Delaware First Time Home Buyer Seminar – December 17, 2011

John Thomas November 17, 2011 Tags: , , ,

Delaware First Time Home Buyer Seminar

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, December 17, 2011, 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...

New Castle County Vacant Home Purchase Program for Delaware

John Thomas November 7, 2011 Tags: , ,

New Castle County Vacant Home Purchase Program commonly called VHAP rolled out November 2, 2011.  This is a Delaware down payment assistance program for specific zip codes in New Castle County, Delaware. You can apply for the program by calling 302-703-0727.

The NCC Homeowner Vacant Home Purchase Program (VHAP) is a deferred loan for up to $10,000 for down payment assistance and/or closing costs that are secured against the property as second mortgage lien. The borrower must occupy the property as their primary residence. You DO NOT have to be a first time home buyer. Keep Reading...

Delaware First Time Home Buyer Seminar – November 19, 2011

John Thomas October 20, 2011 Tags: , , ,

Delaware First Time Home Buyer Seminar

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, November 19, 2011, 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...

Delaware Mortgage Bond Program Update – October 2011 – Bank of America exiting servicing

John Thomas October 9, 2011 Tags: ,

Delaware Morgage Bond Program administered by the Delaware State Housing Authority (DSHA) is below market interest rate loans for first time home buyers that are sold to Bank of America to service. Bank of America announced on October 3, 2011, to all of the lenders that make DSHA loans that it is exiting the business of servicing these loans and all loans must be delivered by December 14, 2011, or they will not buy them.

What does this mean for you? You must close your DSHA loan by November 7th for almost all lenders so that they have time to sell the loan to Bank of America by December 14, 2011. DSHA has not announced that it has anyone else that has agreed to service these Mortgage Bond loans so if no one is found by November 7th there will be a lapse in the ability of a borrower to get these loans. If you are using the program for the SMAL loan for down payment assistance then you may have other options from New Castle County or City of Wilmington or City of Newark. If you are just using the first mortgage program then you can just switch to a regular FHA loan but the interest rate will be slightly higher. Keep Reading...

Delaware USDA Rural Housing Loans – Lapse in Funding October 1, 2011

John Thomas October 7, 2011 Tags:

Delaware USDA Rural Housing Loans are now subject to a lapse in funding as Rural Development is only issuing Contingent Conditional Commitments, subject to the availability of commitment authority” as there are currently no more funds available for guaranteeing loans as of October 1, 2011. Therefore most lenders have ceased funding USDA Rural Housing Loans.
Primary Residential Mortgage is still originating and funding these loans with the contingent commitment and will do so until funding is restored. If you received a commitment from Rural Development prior to October 1st then you will be fine if not you will need to check to see if your lender will still fund the loan and won’t have any delays. If you cannot get your loan funded, please call us at 302-703-0727 and we can get your loan closed for you. You can also APPLY ONLINE for a Delaware Mortgage. Keep Reading...

Delaware Mortgage Bond Program No longer can use USDA Loan – October 1, 2011

John Thomas September 26, 2011 Tags: ,

Delaware Mortgage Bond Program is the State of Delaware’s first time home buyer program that offers below-market interest rates to qualified first time home buyers. The program has traditionally been used for Conventional mortgages, FHA mortgages, VA mortgages, and USDA rural housing loans.  The loan program is administered by the Delaware State Housing Authority (DSHA) and the servicing of the loans is currently done by Bank of America. Bank of America announced today that they will not be servicing any more USDA loans that do not have a loan commitment from Rural Development by October 1, 2011. Keep Reading...

Delaware First Time Home Buyer Seminar – October 15, 2011

John Thomas September 25, 2011 Tags: , , ,

Delaware First Time Home Buyer Seminar – There will be a Free Delaware First Time Home Buyer Seminar on Saturday, October 15, 2011, 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...

Delaware FHA Loan Limits as of October 2011

John Thomas September 15, 2011 Tags:

Delaware FHA Loan Limits for 2011

Delaware FHA loan limits are set to change for the worse on October 1, 2011. The temporary increase in FHA loan limits expires October 1, 2011. The loan limits were raised in 2008 to help stimulate the housing industry that was reeling from a recession caused by the collapse of the mortgage market.

The new FHA loan limits in Delaware are based on the median home price for each county and are as follows:

New Castle County, DE – $379,500

Kent County, DE – $271,050

Sussex County, DE – $316,250

The biggest drop that will affect most home buyers is in Kent County which will see almost $100,000 drop in Delaware FHA loan limit effective for FHA case numbers assigned on or after October 1, 2011. Keep Reading...