(302) 703-0727

(302) 703-0727

Delaware USDA Rural Housing Loan Income Limits 2010

John Thomas June 25, 2010 Tags: , ,

The income limits for obtaining a Delaware USDA Rural Housing loan have been increased for 2010.  There are two limitations for applying for a USDA Rural Housing Loan, income limitations and geographical limitations.  The income limitations are county specific.  Delaware has three counties: New Castle County, Kent County, and Sussex County.

The income limits are as follows:

New Castle County:

1-4 Family Members   5-8 Family Members

$0 – $90,050                     $0 – $118,850

Kent County: Keep Reading...

Delaware First Time Home Buyer Tips – Federal Reserve & Mortgage Rates

John Thomas June 25, 2010

Delaware First Time Home Buyer Tips The Federal Reserve and Mortgage Rates

Understanding what cause mortgage interest rates to move up or down.

The Federal Reserve constantly evaluates the US economy and, when necessary, takes steps to address inflationary concerns and avoid economic recession or depression. The mass media, in turn, reacts by providing a wide range of opinions and interpretations of the Fed’s monetary policy. This can make it very difficult for consumers to decipher how such actions will influence interest rates in general and mortgages in particular. Keep Reading...

Delaware First Time Home Buyer Tips – Getting Started on Your Home Purchase

John Thomas June 24, 2010

Delaware First Time Home Buyer Tips – Quick Tips for Getting Started on Your Home Purchase

Buying a home can be a complex process, but it doesn’t have to be. With a little preparation, you can save a lot of time and hassle by having all of your documents ready when your mortgage professional needs them.

To start with, the lender will need personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.

In order to expedite the paperwork process, start gathering the following items: Keep Reading...

Delaware Mortgage Rates – June 23, 2010

John Thomas June 23, 2010

Delaware Mortgage Rate Advisory for June 23, 2010

This week’s FOMC meeting has adjourned with no change to key short-term interest rates. This was widely expected and has not affected the markets or mortgage rates. The post-meeting statement did help influence opinions and bond trading. One of the points of interest was a comment that said the “economic recovery is proceeding” which differed slightly from the previous meeting that said economic activity continued to “strengthen.” Traders are taking that to mean the economic recovery is at a slower pace than previously thought. Keep Reading...

Delaware First Time Home Buyer Tips – Stop Paying Your Landlord’s Mortgage

John Thomas June 22, 2010 Tags:

Delaware First Time Home Buyer Tips Stop Paying Your Landlord’s Mortgage!

It’s staggering when you think about the cost of living, especially if you’re a renter and not a Delaware homeowner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You’re paying their mortgage when you could be building equity in your own property.

What if I don’t have the money to buy a home right now? Keep Reading...

Delaware First Time Home Buyer Seminar – July 10, 2010

John Thomas June 20, 2010

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, July 10, 2010, at 10:00 AM. 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.

Each participant will receive a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a 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. Keep Reading...

Is there a Delaware Transfer Tax on Refinance?

John Thomas June 17, 2010 Tags: , ,

Is There a Delaware Transfer Tax on a Refinance

There is no Delaware Transfer Tax on a refinance, this is a common question but there can never be a transfer tax on a refinance because a transfer is when the property changes hands from one owner to another.  The tax on a refinance is called a mortgage tax.  Delaware doesn’t have a mortgage tax either.  The only government fee you will pay on refinancing a home in Delaware is the recording fee to the county for recording the new mortgage.  Delaware technically doesn’t have a transfer tax it is actually a transfer fee.  This is a big distinction because a fee is not tax deductible as a tax would be.  The Delaware transfer fee on a purchase is 3% total.  Customarily split 1.5% to the seller and 1.5% to the buyer. Keep Reading...

Did First Time Homebuyer Tax Credit get Extended?

John Thomas June 17, 2010

The Senate had put a provision in a bill that was to extend jobless benefits and some other provisions to help the economy but the bill was voted down on a test votes so it went back the to the finance committee to be re-worked. In the re-working, Senator Reid added a provision to extend the deadline for closing on your loan from June 30th to September 30th in order to still receive the First Time Home Buyer Tax Credit. The bill hasn’t been voted on by the Senate, just the amendment to the bill. The bill must pass the Senate and then the House. Keep Reading...