(302) 703-0727

(302) 703-0727

Delaware State Bond Loan for March 2010

John Thomas March 17, 2010

The Delaware State Bond Loan is supposed to help first time home buyers by providing them with a lower interest rate than the current market rate.  Problem is right now the current FHA rate is below the bond rate so you are better off getting an FHA loan without going thru the bond program. Until rates go back up, you will actually be paying more for the Delaware State Bond Loan then for a regular FHA loan.

The New Castle County Down payment assistance program is a better bet than the Delaware State Bond program right now. If you need more information or would like to apply for one of these loans, you can APPLY ONLINE HERE, or call 302-703-0727 and ask for John Thomas. Keep Reading...

Delaware FHA 203k Loans – Can you still use Down Payment Assistance?

John Thomas March 17, 2010 Tags: , ,

Delaware FHA 203k Rehab Loans are used to repair or renovate properties all in one loan when you purchase a property. A typical question for a first time home buyer is if you can use one of the down payment assistance programs with an FHA 203k loan such as the Delaware State Bond Program. The answer is “no” because the bond loan is originated by a bank and then bought by the Bond program investor.

The 203k Loan can’t be bought right away because a repair escrow is set up for the repairs to be done and the distribution of those funds must be managed by the lender which the bond investor is not going to do.  Most down payment assistance programs also require that the property meet occupancy requirements. Keep Reading...

John Thomas on Comcast Channel 28 – The Congo Hour – March 14, 2010 at 8 PM

John Thomas March 14, 2010 Tags: ,

I will be a featured guest tonight on Comcast Channel 28 on the Congo Hour TV Show at 8:00 PM on March 14, 2010. I will be discussing my new book Your Guide to Buying Your First Home in Delaware Book and discussing our next Free Delaware First Time Home Buyer Seminar this coming Saturday, March 20, 2010, at the Christiana Hilton Hotel in Newark, Delaware.  There will be two sessions to choose from to attend.  The first Session is from 10 AM till Noon and the second session is from 1:00 PM till 3:00 PM.  Call John Thomas at 302-703-0727 to register or send an e-mail to DelawareMortgages@yahoo.com Keep Reading...

Daylight Savings Reminder – Set Your Clocks Ahead

John Thomas March 14, 2010
It’s that time of the year again: Daylight Saving Time (DST). Time to set your clocks ahead and spring forward one hour. DST officially begins this Sunday, March 14, at 2 a.m. and will last until the first Sunday in November.

And while it might take us a couple of weeks to adjust our internal clocks, DST provides extra hours of sunlight in the long run that we could all utilize this spring to keep our households running smoothly. With this in mind, here are a few items to think about as we make the transition into spring:

  • Replace your furnace filter
  • Clean the kitchen exhaust hood and air filter
  • Check your electrical system
  • Check or replace your multi-purpose fire extinguishers
  • Check the light bulbs in all your fixtures
  • Review your emergency escape plan with your family
  • Have a professional air conditioning contractor inspect and maintain your system
  • Check for roof damage
  • Repair all cracked, broken or uneven driveways and walkways
  • Protect your home from sewer or drain back-up losses
  • Check your water heater
  • Check the shutoff valve at each plumbing fixture
  • Inspect and clean dust from the covers of your smoke and carbon monoxide alarms, and replace batteries
DST is also a great time to review your long-term mortgage strategy. Take advantage of that extra sunlight. If you have questions about your mortgage, the Home Buyer’s Tax Credit which is about to expire, or someone you know is in need of home financing, please don’t hesitate to give me a call at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

What is a Delaware FHA 203k Streamline Loan?

John Thomas March 14, 2010 Tags:

What is a Delaware FHA 203k Streamline Loan?

FHA 203(k) loans provide cost-effective, single close loans that enable borrowers to purchase a home that may need repairs or refinance their existing home for the purpose of remodeling.

With the Delaware FHA 203k streamline loan you can borrow up to $35,000 into the mortgage to make improvements or repairs.  The program includes the necessary funds for the renovation by financing the “as-completed” value of the home, rather than the present value.

The Delaware FHA 203k loan is a great option for the following situations Keep Reading...

Delaware USDA Rural Housing Funds to Run out in April 2010

John Thomas March 13, 2010 Tags:

The funds available to guarantee Delaware USDA Rural Housing Loans will run out by the end of April 2010. Every year USDA will run out of money before the end of its fiscal year in September. This does not normally affect borrowers because the lenders will lend on a conditional commitment from USDA to guarantee the loans once the funds have been appropriated later in the year or beginning of next year.

The problem now is there are a project 150 million shortfalls after the money runs out in end of April, so the government will not be able to cover it so is going to cut off approvals after the money runs out. The program ran out of money last year early as well but got money from the Stimulus package so the program was still available the rest of the year. There is no stimulus money available this year. Keep Reading...

Delaware First Time Home Buyer Book – Your Guide to Buying Your First Home in Delaware

John Thomas March 8, 2010

March 8, 2010 – John R Thomas of Primary Residential Mortgage just published a new book specifically for Delaware First Time Home Buyers.

Here is the link to buy your copy of this must-read book for any first time home buyer

Your Guide to Buying Your First Home in Delaware Book

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office Keep Reading...

Delaware First Time Home Buyer Mistakes – Timing Problems

John Thomas March 8, 2010

The following is a very common mistake that Delaware First Time Home Buyers make when searching for a home to buy:

Mistake #1 – Timing Problems – Any first time home buyer who is currently renting should try to time their purchase at the end of their lease so they don’t incur any penalties. If you haven’t bought yet and your lease is coming up, then sign a month to month lease.  This will allow you to get out of your lease as soon as you find the house you want to buy.

If you are trying to buy a house before your lease is up, then look to see if you can break the lease early. Some leases will let you out with a 60-day notice. Others will allow you to pay a penalty to get out early. Some leases won’t let you out no matter what the circumstance if this is a condition of your lease, offer landlord a buy out of the lease. Keep Reading...