Tag Delaware FHA Loan

Tag Delaware FHA Loan

Delaware FHA Good Neighbor Next Door Loan Program

John Thomas July 25, 2013 Tags: , , , ,
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Delaware FHA Good Neighbor Next Door (GNND) is the new name for an old FHA Loan Program.  Most of you may know it as the Delaware Teacher Next Door Program or Delaware Officer Next Door Program.  In 2005 HUD changed the program to include firefighters and emergency medical technicians (EMTs).

If you would like to apply for the Good Neighbor Next Door Program, please give us a call at 302-703-0727 or apply online

Highlights of the Delaware Good Neighbor Next Door Program:

  • Specifically for designated HUD homes in revitalization areas
  • $100 down
  • 50% discount (provided by HUD as a silent second mortgage)
  • Silent second mortgage released after buyer occupies as a primary residence for 36 months
  • Active Duty Military Deployment is not considered an occupancy violation
  • All equity/profit is a buyer’s after an initial 36-month period (Silent Second Mortgage Forgiven!)
  • HUD doesn’t pay closing costs, prepaids, or selling agent commission; however, ALL can be rolled into new FHA loan
  • Bid MUST be submitted by registered HUD Real Estate Agent

Eligible borrowers are:

  • Law enforcement officers with arrest powers not limited to geographic area (Example:  Military police with arrest powers limited to a military base are not eligible.)
  • Pre-K through 12th-grade teachers
  • Firefighters and/or EMTs

Additional borrower criteria: Keep Reading...

Delaware FHA Loan Changes – Max LTV going to 85% for cash-out on April 1st

John Thomas March 16, 2009 Tags:

FHA loans will currently let you take cash out of your home up to a maximum of 95% loan to value.  The guideline changed on January 1, 2009, to require you to have two appraisals for cash-out above 85% loan to value.  Now the guidelines will change again on April 1, 2009, so that the maximum loan to value for cash-out refinances in Delaware for FHA loans will be 85%.  If you get your FHA case # assigned before April 1, 2009, you can still go to 95% on your loan.  So you don’t have to close by April 1st. Keep Reading...