Tag mortgage loans

Tag mortgage loans

FHA Rescinds New Credit Guidelines for Collections Effective June 15 2012

John Thomas July 2, 2012 Tags: , , ,

FHA Rescinds Select Credit Guides Effective June 15, 2012, with mortgage letter 2012-10

Mortgagee Letter 2012-10 rescinds guidelines regarding disputed accounts and collection accounts that were announced February 28, 2012, via Mortgagee Letter 2012-03.

Here are the 2 things YOU NEED TO KNOW about these changes:

1. Effective now, the FHA guides revert back to the previous guides regarding disputed accounts and collection accounts, meaning the DE underwriter has to make the decision whether disputed accounts and collection accounts must be paid as a condition of loan approval. Keep Reading...

Delaware mortgage rates weekly update for June 18 2012

John Thomas June 18, 2012 Tags: , , , ,

Delaware mortgage rate weekly update for the week of June 18, 2012, by John R. Thomas from 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 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan.

Delaware Mortgage Rate Weekly Update by John R. Thomas

Delaware mortgage rates are still at all-time historic lows following last weeks very tame reading on inflation. We saw the Consumer Price Index (CPI) come in 0.3% lower for May 2012 and the Producer Price Index (PPI) also came in below expectations for May 2012. This shows both consumer inflation and wholesale inflation are both tame which was great news for mortgage bonds. The bad economic news coming out of Europe from Greece, Spain, Portugal, and Ireland have also helped mortgage rates reach all-time record lows. The Greek people held elections on Sunday which supported the pro-austerity party. Keep Reading...

Delaware Mortgage Rates Weekly Update – June 11 2012

John Thomas June 11, 2012 Tags: , , , , , ,

Delaware mortgage rate weekly update for the week of June 11, 2012, by John R. Thomas from 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 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan.

Delaware mortgage rate weekly update by John Thomas

Delaware mortgage rates have remained at all-time record lows as mortgage bonds have been trading on an upward trend line. Higher mortgage bond prices mean lower mortgage interest rates. Long term trend is for lower rates but short term we could some volatility and see rates move higher because of the supply of mortgage bonds hitting the market as well as treasury auction of 66 Billion in notes this week. Keep Reading...

Delaware Mortgage Rate Weekly Update for June 4 2012

John Thomas June 4, 2012 Tags: , , , , , , , ,

Delaware mortgage rate weekly update for the week of June 4, 2012, by John R. Thomas from 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 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan.

Delaware mortgage rate weekly update by John R. Thomas

Delaware mortgage rates hit another all-time record low on Friday after a very disappointing Jobs Report was released on Friday. All around bad news for the economy and the recovery. Expectations for jobs created in May 2012 was about 155,000 but the Labor Department on Friday released that only 69,000 jobs were created for May 2012. This was half of what was expected and they also revised the numbers for the last two months for the worse and said 49,000 fewer jobs were created versus what was reported.  Finally, the unemployment rate actually ticked up to 8.2%. Keep Reading...

Delaware Fannie Mae HomePath Program

John Thomas June 3, 2012 Tags: , , , ,

Delaware Fannie Mae HomePath Program Guidelines

Fannie Mae has a great loan program that’s available to homebuyers around in Delaware. When foreclosures occur on Fannie Mae-owned properties, Fannie Mae hopes to sell those properties quickly so the community isn’t impacted too greatly. These properties are known as HomePath properties, and there are some great incentives in purchasing them throughout the state of Delaware. Highlights include:

  • 97% conventional financing
  • 3% down payment can be gifted/grant funds
  • No appraisal (sale price = value)
  • No PMI
  • 6% seller concession allowable over 90%
  • Investment property allows for higher LTVs
  • 90% – 1 unit
  • 80% – 2 unit
  • 75% – 3-4 unit OR if financing properties 5-10
  • Renovation program allows for the same flexibility as a standard purchase program

The bottom line is that HomePath properties offer flexibility and opportunities to save some money. So, it may be worth your time to take a look at them. Keep Reading...

Delaware Mortgage Rate Weekly Update May 21 2012

John Thomas May 20, 2012 Tags: , , , , , ,

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. Keep Reading...

Delaware Mortgage Rate Weekly Update for May 14 2012

John Thomas May 14, 2012 Tags: , , , , , , ,

Delaware mortgage rate weekly update for the week of May 14, 2012, by John R. Thomas from 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 to schedule a free mortgage planning consultation or APPLY ONLINE for Delaware Mortgage Loan.

Delaware Mortgage rate weekly update by John Thomas

Delaware Mortgage Rates are still at all-time historic lows after bad news comes out of Europe last week. France elected a new president and this is the 9th new leader for the Eurozone. Greece is also back in the news and has failed to get a new government that can institute the austerity measures required for their bailout. Also in the news, the National Association of Realtors released two reports. The first report said in the 1st quarter of 2012, 74 of 146 metro cities surveyed had home prices rise. NAR also stated the inventory of existing homes for sale has decreased by 22% since this time last year and it is 41% lower than in 2007 when inventories were at the peak. Keep Reading...

New Castle County will no longer Exempt Fannie Mae & Freddie Mac from Transfer Tax effective June 14 2012

John Thomas May 12, 2012 Tags: , , , , , , , ,

New Castle County Delaware ruled that effective June 14, 2012, Fannie Mae and Freddie Mac will NO LONGER be exempt from transfer taxes on the sale of homes.

The New Castle County law department has recently ruled on transfer taxes on transactions involving Fannie Mae (Federal National Mortgage Company) or Freddie Mac (Federal Home Loan Mortgage Company). Historically, purchases from these entities have been treated as exempt from transfer tax as a conveyance from a governmental agency. In fact, Fannie Mae and Freddie Mac are NOT governmental agencies – they are federally chartered private corporations. New Castle County has decided to enforce that distinction starting on June 14, 2012. Keep Reading...