DSHA Temporary Guideline Changes May 2020

John Thomas April 24, 2020 Tags: Delaware First Time Home Buyers, DSHA

DSHA announced temporary guideline changes to their home buyer assistance programs for home buyers in Delaware. Effective with new reservations for their Preferred Plus Down Payment Assistance Program and their Base Rate Program their will be stricter guidelines for qualifying for the program if you are getting a FHA Loan, VA Loans or a USDA Loan. If you have questions please call the John Thomas Team at 302-703-0727 or you can APPLY ONLINE

Anybody with a qualifying credit score below 700 will have a maximum Debt to Income Ratio (DTI) of 45% in order to be eligible for the program. The minimum credit score to apply for the Delaware State Housing Authority Program is still 620 but there are now restrictions to the maximum DTI if credit score is below 620 starting in May 2020. Keep Reading...

DSHA Homes for Grads Program

John Thomas July 27, 2019 Tags: Delaware Down Payment Assistance, Delaware First Time Home Buyers, DSHA Homes for Grads Program

DSHA Homes for Grads Program is perfect for someone who has been kept from purchasing a home because of not being able to save for down payment and closing costs. The DSHA Preferred Plus Program with the Homes for Grads program provides down payment and closing costs assistance as well as reduced interest rate mortgage loans. Homes for Grads receive a 0.50% reduction in interest rate! For more information call John Thomas at 302-703-0727 or APPLY ONLINE NOW

Who is Eligible for the DSHA Homes for Grads Program?

In order to be eligible to apply for a Homes for Grad Home Loan you must have graduated from a college with a four year degree or higher. The borrower or co-borrower must have completed the required courses withing three years pf the date of reservation rate lock with DSHA. Keep Reading...

Delaware Mortgage Rate Weekly Update May 21 2012

John Thomas May 20, 2012 Tags: Delaware First Time Home Buyers, Delaware Home Loans, Delaware Mortgage Rates, Delaware mortgages, John Thomas, mortgage loans, primary residential mortgage

Delaware Mortgage Rates Weekly Update for May 21, 2012, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John is the branch manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a free mortgage planning appointment or APPLY ONLINE for Delaware mortgage loan.

Delaware mortgage rate weekly update with John Thomas

Delaware mortgage rates set an all-time record low after bad news coming out of the Eurozone and with the lowest read on consumer inflation since February 2011. The European Central Bank told Greece it would no longer provide funding to Greece Banks. The ECP will not bail out Greek Banks and said funding must come from Greece. This has put concerns that Greece may be left with only one option which would be leaving the European Union. Spain was also in the news because it is in a recession that may last throughout 2013. This means Spain could be the next Greece.

We also saw the Consumer Price Index (CPI) come in at 2.3% for April which is the lowest reading since February 2011. This is a tame reading on inflation so this also helped mortgage interest rates set another all-time record low. Now is the perfect time to purchase or refinance a home in Delaware so don’t wait to apply now! Call 302-703-0727 or APPLY ONLINE.

The New Castle County DPS Program is suspended until July 1, 2012, as it has run out of money. The program lends first time home buyers in New Castle County Delaware up to $5,000 for down payment and/or closing costs. The New Castle County HIP Program is also supposed to be refunded on July 1, 2012, as well.

The next Free Delaware First Time Home Buyer Seminar is Tuesday, May 22, 2012, in Dover, Delaware at 6:30 PM and Saturday, June 16, 2012, in Newark, Delaware at the Christiana Hilton Hotel from 10 AM till Noon and again from 1 pm till 3 PM. You can register by calling 302-703-0727 or register online at Delaware First Time Home Buyer Seminars.

The next free Maryland First time Homebuyer seminar is Saturday, June 30, 2012, in Towson, Maryland at the Sheraton Baltimore North Hotel. The seminar is from 10 AM till Noon and you can register by calling 410-412-3319 or register online at Maryland First Time Home Buyer Seminar.

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

Delaware First Time Home Buyer Programs

John Thomas September 7, 2007 Tags: Delaware First Time Home Buyers

Delaware First Time Home Buyer Programs

Our Flexible Home Financing Programs Reflect Your Personal Needs and Goals

We understand there is nobody quite like you with your individual needs, your dreams, and goals. Our special programs make home ownership simpler and more affordable, with features as unique as you are.

With a dedication to excellent service, we can tailor a program to your needs, and provide personal attention every step of your way home.

Programs

FHA / VA
100% Financing
Relocation
Renovation

We offer you everything you need to get your finances in order. We provide all of our First Time Home Buyers with Free Seminars on the First Time Home Buying Process and on Understanding Credit and Credit Repair. We provide budgeting information as well as budget calculators so you don’t have to do it by hand. We also provide educational material the home buying process, the credit scoring model, insurance, and equity management. We have a team of professionals that will work with you to make sure you are buying a home that fits within your financial plan. If you don’t have a financial plan then we will put one together for you with the assistance of our Financial Planner – Doug MacGray. Keep Reading...

Fannie Mae makes it tougher for First Time Home Buyers in Delaware

John Thomas June 13, 2007 Tags: Delaware First Time Home Buyers, Fannie Mae

Fannie Mae makes it tougher for First Time Home Buyers in Delaware

Fannie Mae made significant changes to its Desktop Underwriting (DU) for My Community programs. The guidelines have changed to make it harder for first time home buyers to qualify for a mortgage to purchase a home with little to no money down. The guidelines took effect May 19, 2007. Borrowers who qualified before May 19th, may no longer qualify under the new guidelines.

This affects people trying to qualify for the Delaware Bond Program loans for Delaware first time home buyers because these loans must qualify through Fannie Mae’s DU. Fannie Mae wasn’t specific about what exactly won’t qualify but it seems anybody with a credit score below 620 certainly won’t qualify anymore.

So what are the best options now for first time home buyers in Delaware? The answer is FHA. FHA is not credit score driven and can be manually underwritten so borrowers are allowed to make their case for receiving financing. FHA will lend up to 96.5% Loan to Value (LTV) and only requires the borrower to bring 3.5% to the transaction. This 3.5% can be a gift. The seller is allowed to pay up to 6% towards closing costs. FHA also has a FHA Streamline refinance option which makes it very easy to refinance to a lower interest rate.

For more information about your loan options for buying a home in Delaware please feel free to contact me at 302-703-0727.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. 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

3 Big Benefits of Homeownership

John Thomas June 4, 2007 Tags: Delaware First Time Home Buyers, Delaware Home Buying

3 Big Benefits of Homeownership

There are three very attractive benefits of owning your own home: it can be a sound investment over time, you can have stable housing payments throughout your 30-year loan, and there can be significant tax breaks for as long as you own the home. Call 302-703-0727 to get started by getting pre-approved for a home loan or APPLY ONLINE You can also view our monthly first time home buyer seminars at Delaware Home Buyer Seminars

The First Benefit of Owning a Home – Sound Investment

A sound investment is the first benefit of buying your new home. Your new home becomes an appreciating asset over time. This means that as time goes by, your house is worth more money. This, in turn, allows equity to build up in your property even if the mortgage amount were to stay the same. The acquired equity is the difference between the fair market value of your property and the amount of your mortgage. In the last twenty years, real estate has averaged a 5% rate of return per year. Let’s look at an example of appreciation over time below:

Length of Time	Appreciation	Value of Home
Now	5%	$100,000
After 1 year	5%	$105,000
After 2 years	5%	$110,250
After 3 years	5%	$115,762
After 5 years	5%	$127,628
After 10 years	5%	$162,889

Looking at the chart, you can see that even if you paid $15,000 more than the house is worth ($115,000), over time you will still make money. So even if your house goes down in value for a year or two after you bought it, over time it will go back up and keep appreciating.

The Second Big Benefit of Owning a Home – Stable Housing Payments

The second biggest benefit to owning your own home is that you can choose to have stable house payments by having your mortgage payment fixed. If you elect to obtain a 30-year fixed rate mortgage then your payment will be the same every month for 30 years. But if you were renting instead, your monthly housing payment would probably go up every year by 5% because the landlord is going to raise the rent each year.

The Third Big Benefit of Owning a Home – Tax Benefits

The third big benefit of owning a home is that you can now take advantage of some unique tax deductions that you are not allowed if you are renting. The Federal Government will pay you to own a home. You can deduct the interest on your mortgage up to 1 million dollars as well as the property taxes. This can be a significant saving. The amount of the deduction depends on your current tax bracket. You can also sell your house and take the profit from the sale tax-free as long as you lived in the home as your primary residence for two of the last five years. Your profit is tax-free up to $250,000 for a single person and $500,000 for a married couple.

If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John R. 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