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Delaware USDA Rural Housing Loans – How much can you borrower?

John Thomas February 26, 2009 Tags:
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USDA Loan How Much Can You Borrower

Delaware USDA Rural Housing Loans How Much Can You Borrower?

Delaware USDA Rural Housing Loans can be used to purchase a home and allow you to the borrower up to 101% of the appraised value.  This is a big difference from Delaware conventional loans and other government loans such as Delaware FHA Loan or Delaware VA Loans.  Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or appraised value.

USDA Rural Development Loans will let you borrower up to 101% of the appraised value no matter what the purchase price.  So let’s say you are buying a house for $210,000 and it appraises for $220,000.  You could borrower up to 101% of $220,000 which would be $222,200.  Now you can’t get paid to buy a house so you can only borrower above the purchase price to cover your closing costs.  So if you can’t negotiate for the seller to pay your closing costs, you could finance them into your USDA loan if home appraises higher than the purchase price.  See Example Below: Keep Reading...

Delaware Mortgage Rates – February 26, 2009

John Thomas February 26, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Thursday, February 26, 2009.

The mortgage rates stayed pretty much the same as yesterday. We are about 0.375% worse than when we started the week. We experienced a big sell-off in bonds this week as investors decided to buy up in coupon mortgage bonds which mean bonds that are paying a higher rate. Sellers were selling them down in coupon bonds which are the 4.0% and 4.5% bonds. This has forced mortgage rates higher.  If you didn’t lock in your rate at the beginning of the week then I recommend floating as we may move higher next week. Friday may see more of a sell-off so be prepared for the rate to tick up another 1/8. Keep Reading...

Delaware Mortgage Rates – February 25, 2009

John Thomas February 25, 2009

This is my daily advice for floating or locking your Delaware Mortgage Rate for Wednesday, February 25, 2009.

Mortgage Bonds opened up down this morning but are still trading in a tight range. The stock market gave back much of the gains it experienced yesterday. Obama’s speech didn’t do much to lift the markets this morning.

I am recommending floating for now if you didn’t lock in early in the week.  If the bond starts to move lower then I would lock in your rate.

If you need advice or help with a Delaware Mortgage Rate, please feel free to call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com. Keep Reading...

Delaware FHA Loan Limits Raised by American Recovery Bill of 2009

John Thomas February 24, 2009

The American Recovery and Reinvestment Act of 2009 was passed last Tuesday and part of the bill reinstated the higher Delaware FHA loan limits of 2008. The Delaware FHA loan limits for 2009 were raised as follows;

New Castle County  $420,000  Previous – ($376,000)

Kent County $417,000  Previous – ($271,050)

Sussex County $417,000 Previous – ($312,000)

The loan limit has significantly increased in Kent County.  If you are looking to take advantage of the higher loan limits, please feel free to call me at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com to see if you qualify. Keep Reading...

Delaware Mortgage Rates – February 24, 2009

John Thomas February 24, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday, February 24, 2009.

The stock market recovered today after hitting a 12 year low. The recovery in the stock market pulled some money out of the bond market. The mortgage-backed securities finished the day down 16 basis points. It is still trading in a tight range. Mortgage rates are still about the same as yesterday. If you haven’t locked your loan already then I recommend floating your mortgage rate.  If stocks continue to rally and pull more money out of bonds then I would recommend locking in your rate. Keep Reading...

Delaware USDA Rural Development Loans Income Limits for 2009

John Thomas February 23, 2009 Tags:

The income limits for Delaware USDA Rural Housing Loans are based on the number of people in the house and the county where the property is located.

New Castle County Maximum Income Limits for 2009

1 Person 2 Person 3 Person 4 Person 5 Person  6 Person  7 Person

$61,100 $69,800  $78,550 $87,250  $94,250  $101,200  $108,200

Kent County & Sussex County Maximum Income Limits for 2009

1 Person  2 Person  3 Person  4 Person 5 Person  6 Person  7 Person

$49,550 $56,600 $63,700  $70,750 $76,400  $82,050  $87,750 Keep Reading...

Delaware Mortgage Rates – February 23, 2009

John Thomas February 23, 2009

This is my daily advice on floating or locking your Delaware Mortgage Rate for Monday, February 23, 2009.

Stocks were lifted at the beginning of the day but sold off after bad news from GE, AIG, and CitiGroup. Mortgage-backed securities traded in a tight range and finished the day almost unchanged.  Bonds have still not benefited much from the stock market sell-off.

I am recommending carefully floating but be prepared to lock.  Bonds are sitting just below a tough layer of resistance which may be tough to push through. So FLOAT but be prepared to lock if bonds sell off to lock in gains. Keep Reading...

Free Budgeting Seminar – March 11, 2009

John Thomas February 22, 2009

There will be a Free Budgeting Seminar on Wednesday, March 11, 2009, from 6:30 PM till 7:30 PM at the Primary Residential Mortgage’s Office in Newark, Delaware.  The seminar will cover the basics of making a household budget, how to track daily, weekly, and yearly expenses, and how to use your budget as part of an overall financial plan.  Each participant will receive a Free Excel Budget Calculator and a Budgeting Handbook.  You will also learn how to not only cut your expenses but increase your income Keep Reading...