(302) 703-0727

(302) 703-0727

Delaware Mortgage Rates Weekly Update – November 28, 2011

John Thomas November 29, 2011 Tags: ,

Delaware mortgage rates weekly update for November 28, 2011.

Here is the video update for Delaware mortgage rates for the week of 11-28-2011:

Play

Delaware Mortgage Rates were able to shrug off the move toward higher rates last week as they rallied today on news that the Federal Reserve might be instituting QE3 with the purchase of 454 Billion in mortgage-backed securities (MBS). Even though the stock market rallied over 200 points MBS market rallied back and home loan rates inched back down to the lowest rates in history. Now is the time to refinance or purchase a home in Delaware. Keep Reading...

Delaware HARP Program Changes for refinancing October 2011

John Thomas November 28, 2011 Tags: ,

Delaware HARP Refinance Loans for a conventional mortgage that underwater has some positive changes as of October 2011.

In October, President Obama announced plans to open up refinancing to more homeowners who are underwater. This proposal was a revision of the current Home Affordable Refinance Program (HARP).

So what does this mean to you?

This means that if your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. Keep Reading...

City of Wilmington Home Buyer Assistance Program HAP Delaware

John Thomas November 26, 2011 Tags:

!!FUNDS NO LONGER AVAILABLE FOR THIS PROGRAM!!

Please look into the following down payment programs that are still available in Wilmington, Delaware:

PRMI Dream Maker Down Payment Program for up to 3.5% of the purchase price

DSHA SMAL Loan Program for up to $8,000

DSHA Advantage 4 Grant Program for 4% of loan amount

City of Wilmington Home Buyer Assistance Program HAP

The City of Wilmington has a Homebuyer Assistance Program (HAP) that provides a deferred loan for up to $10,000 to qualified homebuyers to purchase homes in the City of Wilmington Delaware within the 19801, 19802, and 19805 zip codes. You can apply or get more information by calling 302-703-0727.  This is a Delaware down payment assistance program.  You can also APPLY ONLINE Keep Reading...

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...