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Delaware First Time Home Buyer Tips – Avoid Changes

John Thomas July 1, 2010 Tags:

Delaware First Time Home Buyer Tips  Avoid Changes to Your Financial Profile During the Loan Process

Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best Delaware mortgage interest rate, keep that in mind. Here are a few things to consider:

The lender is looking to see what the source is of your of down payment.

Your Certified Mortgage Planner will most likely ask you to provide proof of your liquid assets. This includes bank statements for checking and savings accounts, verification of investments, and any other liquid assets. Some of the things they ask for may seem trivial, but keep in mind, if you are planning a move to a new home, it’s important to have all documentation readily available. If the lender asks for canceled checks or deposit receipts to meet certain conditions, you want to be able to find these things quickly to avoid delaying the closing of your loan. Make sure your paper trail is easy to document, and don’t move money from one account to another. Keep Reading...

Congress Passes Home Buyer Tax Credit Extension till September 30, 2010

John Thomas July 1, 2010 Tags: ,

Tax credit processing extension till September 30, 2010

The Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30th. Please note this bill is pending the President’s signature.

Congress has been trying to pass the extension for the last month, but it was done as an amendment to a much larger bill for job benefits with a big price tag. Only when it was separated from this larger jobs bill did deficit-wary lawmakers sign off on it. The extension will lower the deficit by $9 million over a decade since it is offset by certain other provisions.
An estimated 200,000 people have missed out on the tax credit because they wouldn’t have been able to close by the end of business Wednesday. Many are trying to take advantage of short sales, which are complicated deals to complete. Keep Reading...

Delaware First Time Home Buyer Tips – Choosing Real Estate Agent

John Thomas June 30, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Choosing The Right Real Estate Agent

Choosing the right person to represent you in negotiating your Delaware home purchase is a major decision. Whenever you see the designation of Delaware REALTOR® (with a registered trademark) you can rest assured that person is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR), and has a commitment to meeting the standards of the organization. My team and I at Primary Residential Mortgage, Inc. have a network of professionals that have done a great job for our clients in the past, and we can provide you with a referral to a qualified representative, and pre-approval to shop as a cash buyer. Keep Reading...

Delaware First Time Home Buyer Tips – Best time to lock interest rate

John Thomas June 27, 2010 Tags: , ,

Delaware First Time Hom Buyer Tips – Interest Rates

When is the best time to lock?

When it comes to mortgage loans and interest rates, it’s never a good idea to gamble. That’s why I typically advise my clients to lock in an interest rate at the earliest opportunity. This is just one step of the standardized system we have put in place to ensure the best possible loan experience for each borrower that we work with.

A mortgage loan cannot be closed without a locked-in rate, and there are three main elements to take into consideration: Keep Reading...

What is a USDA Rural Housing Home Loan?

John Thomas June 27, 2010 Tags: , ,

What is a USDA Rural Housing Home Loan?

USDA Stand for the United States Department of Agriculture. The loan is designed to provide financing for borrowers in designated areas who wish to borrow up to 100% of the appraised value. The loan is guaranteed by the government through the Rural Housing Division of the USDA. The major benefits of the loan program are as follows:

  • 100% Loan to Value
  • Zero down payment and no minimum investment required
  • No limit on seller concessions or gift
  • No monthly mortgage insurance required
  • No reserves required
  • 30 year Fixed Rate
  • Low Interest Rates comparable to FHA
  • Flexible Credit Guidelines
  • Can be used for purchase or refinance
  • Can include repairs to the property in the Loan

There are income requirements and the property must be eligible by being located in a designated rural area. The rural designation is not what everybody would consider rural. You would be surprised at what areas qualify.  For more information or to apply for a USDA Rural housing Home loan call John R Thomas at 302-703-0727 or you can APPLY ONLINE HERE. Keep Reading...

Delaware FHA 203k Loan Overview

John Thomas June 26, 2010 Tags: , ,
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Delaware FHA 203k Loan Overview

Delaware FHA 203k Loan Overview

The FHA 203k Renovation Loan in Delaware is a great way to purchase a new home in Delaware in need of repairs or renovate your current home. Think of it as a one-time-close construction loan but with more relaxed standards because it’s insured by FHA.  Below are some of the highlights and some useful information providing a Delaware FHA 203k Loan Overview.  If you would like to discuss your unique situation or to apply please give me a call today at 302-703-0727.

Advantages of FHA 203k Rehab Loan:

  • Allows repair/renovation costs to be rolled into the loan
  • Major items (such as foundation repair) ARE allowed
  • Low down payment (3.5%) and the seller can still pay up to 6% of your closing costs
  • Close before the repair/rehab begins
  • Only one closing, money is disbursed on a draw basis after closing directly to the contractor
  • Buyer can include optional upgrades (such as granite counters)

Examples of FHA 203k Loan Repairs/Renovations Allowed:

  • Foundation Repair
  • Replace Roof
  • Paint Interior & Exterior
  • Install New Flooring or Upgrade to Hardwood
  • Remodel Kitchen/Bath
  • Upgrade Central Heat/Air
  • Repair Termite or Moisture Damage
  • Energy Efficiency Improvements
  • Replace or Install Siding
  • Make Home Handicap Accessible
  • Landscaping/Exterior Repairs
  • New/Upgraded Appliances
  • And More! Call or Email to Find Out if Your Specific Project Will Qualify

The FHA 203k Loan Process:

The process is quite simple if you are working with a Certified Mortgage Planner with a Delaware FHA 203k Lender. Keep Reading...

Delaware USDA Rural Housing Loans – Property Eligiblity

John Thomas June 26, 2010 Tags: , ,

Delaware USDA Rural Housing Loans – Property Eligibility

How do you determine if a property in Delaware is eligible for financing through the USDA Rural Housing Loan program? You can enter the property address at the following website http://eligibility.sc.egov.usda.gov

The address will be displayed on the map and it will state whether eligible or not just below the map. You can view a map of each county here to see what areas of Delaware qualify.

If you would like to apply for a Delaware USDA Rural Housing Loan, you can call John Thomas at 302-703-0727or APPLY ONLINE NOW. Keep Reading...

Delaware First Time Home Buyer Tips – Planning Your Mortgage

John Thomas June 26, 2010 Tags: , ,

Delaware First Time Home Buyer Tips Planning Your Mortgage & Seeking Pre-Approval

The Benefits of a Professional Consultant

Choosing the right lender is a key element in managing your mortgage. As a certified mortgage planner, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long term goals, and then, help you manage that debt over time. There are not many lenders out there who provide this type of personalized service.

My job is just beginning when your first loan closes. I will continuously monitor rates on your behalf and stay in touch with you to make sure we remain on target with your financial goals. I will also help you manage your budget, your credit, and your other financial goals. Keep Reading...