(302) 703-0727

(302) 703-0727

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...

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...