On Tuesday the House Financial Services Committee defeated a proposal sponsored by Scott Garrett (R-NJ) which would have increased the minimum down payment for FHA guaranteed loans from 3.5 percent to 5 percent. This means required down payment for Delaware Home Buyers using FHA loans is still only 3.5 percent of the purchase price.

The Committee approved a request by the Federal Housing Administration (FHA) to raise the ceiling on annual FHA mortgage insurance premiums from its current level of 0.55 percent. FHA had requested the increase as one part of a plan aimed at shoring up its capital reserves which have dropped below the 2 percent required by law.

Delaware Home buyers can use an FHA loan for the purchase of a primary residence in all three counties: New Castle, Kent, and Sussex. Rates are still very low and home prices are at the bottom of the market. FHA also has a rehab loan to include money to fix up a home in the mortgage. This special loan is called an FHA 203k Loan. For more information on using an FHA loan or an FHA 203k loan for the purchase of a home in Delaware, feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com

If you are a first time home buyer then register to attend one of our monthly Delaware first time home buyer seminars by going to www.DelawareMortgageLoans.net/seminars.

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

248 E Chestnut Hill Rd, Newark, DE 19713