Delaware Mortgage Loans

There will be a Free Seminar on Understanding Credit & Credit Repair on Wednesday July 22, 2009 at Primary Residential Mortgage’s Office at 42 Reads Way, New Castle, DE 19720 from 6:30 PM till 8:30 PM.  The seminar will cover the current credit scoring model and go over in detail each of the 5 scoring categories along with how much each category is weighted.  The seminar will explain your score and how it is used by creditors.  The 2nd half of the seminar will cover how to get a good credit score and how to repair your credit.  We will also discuss credit repair companies and what they can do for you.  This is a great seminar for Delaware First Time Home Buyers who may have credit questions or having trouble qualifying for a loan because of credit.
Each participate will receive a Free Audio CD on Credit Scoring, Free Credit Scoring Handbook, Free Report - How to raise your credit score 100 points in 45 days, free dispute letters to used for repairing credit, and much more.
Please register for the seminar by calling 302-368-7132 and ask for John Thomas or send an e-mail to DelawareMortgages@yahoo.com

For a complete list of free seminars please visit www.DelawareMortgageLoans.net/seminars

John R. Thomas - Certified Mortgage Planner - FHA & USDA Loan Specialist

Primary Residential Mortgage, Inc.

This is my advice on floating or locking your loan for Friday June 26, 2009.

Mortgage Rates jumped up on May 27, 2009 because mortgage backed securities sold off and dropped like a rock.  When the price of the bonds go down rates go up.  Mortgage Rates again dropped even more on June 4, 2009.  Rates hit 6.0%.  This left many borrowers shocked and amazed because they were holding out hoping rates go even better then they were before May 27th.   Hopefully consumers learned a valueable lesson.  Will rates get back to the 4s?  Most people in the know don’t think so.

Mortgage Rates improved yesterday and again today.  We may have hit a high for the bond and if you had been waiting for better rates, today might be the day to lock in a good rate.  Rates could move lower but we are coming up on the end of the month and have had some nice gains so we may see pull back next week in the bonds which would drive rates higher.

My advice is to LOCK in your Delaware Mortgage Rate for Friday June 26, 2009.

If you need advice or help with a Delaware Mortgage Loan for the purchase or refinance of a home, please call me (John Thomas) at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com I can help you with a Delaware FHA Loan, Delaware VA Loan, Delaware USDA Rural Housing Loan, Delaware FHA 203k Rehab Loan and Delaware Conventional Loans.

If you are a Delaware First Time Home Buyer you should register to attend our monthly Delaware First Time Home Buyer Seminars.  We are having one tomorrow at 10:00 AM at the Christiana Hilton Hotel in Newark, Delaware.  Call me at 302-588-3665 to register or send an e-mail to DelawareMortgages@yahoo.com

John R. Thomas - Certified Mortgage Planner - FHA and USDA Loan Specialist

Primary Residential Mortgage, Inc.

New Castle County Delaware has two First Time Home Buyer Programs; Down Payment Settlement Program (DPS) and the Home Owner Incentive Program (HIP).

The New Castle County Down Payment Settlement Program gives first time home buyers deferred payment loans for up to $5,000 to cover customary settlement costs and up to half of the required down payment to purchase a home located in New Castle County, Delaware.  The loan is an 8 year loan that has requires no payment for the first 3 years of the loan.  The loan is then repaid over the last 5 years at a rate of 3%.  If loan is paid off in first 3 years then no interest is charged.  The residence must be borrower’s primary residence throughout the duration of the loan.

The New Castle County Home Owner Incentive Program (HIP) is a deferred loan program to help home buyers purchase homes in targeted neighborhoods.  The program will give a loan for up to 6% of the sales price for a maximum of $10,000.  The interest rate is 0% and no payments are required.  The loan must be paid in full when home is sold or if no longer primary residence.  The program is only available in identified targeted neighborhoods.  The maximum sale price is $178,100.  You do not have to be a first time home buyer to qualify for this program.

Both programs have income restrictions.  The income guidelines are as follows;

Delaware First Time Home Buyers have several options for first time home buyer programs.  The State of Delaware has several programs available for home buyers in all 3 counties (New Castle, Kent, and Sussex) of Delaware.  The program is governed by The Delaware State Housing Authority.  The program is called The Single Family Mortgage Revenue Bond Program.  The program is commonly referred to as the Delaware First Time Home Buyer Program but is only one of many different programs available in Delaware.

This statewide program provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a home in the past three years.  The state does not make these loans, you must contact one of the participating lenders.  If you would like to apply or get more information please call 302-588-3665 and ask for John Thomas.

The program has income limitations for people to be eligible for the program.  The income limits are based on the number of people in the household and the county where the property is located.

New Castle County  -  $77,800 for 1-2 person          $89,400 for 3 or more people

Kent & Sussex County - $70,800 for 1-2 person       $81,420 for 3 or more people

There are also restrictions on the maximum purchase of the property.  For New Castle County the maximum purchase price is $366,920 for a 1 unit property.  Kent County has a maximum purchase price of $328,762 for a 1 unit property.  Sussex County has a maximum $327,670 for a 1 unit property.

The interest rate on the loan is set by the state of Delaware and is the same no matter which lender you use to get the loan.  The lender must be on the approved list.  There are two loan options, asssited and unassisted.  The assisted loan gives you a 3% grant for down payment assistance.  The current rates are;

Unassisted - 5.5% fixed for 30 years

Assisted - 6.25% fixed for 30 years

The Delaware State Housing Authority also offers a 2nd mortgage program for up to $10,000.  This can be used for down payment and/or closing costs.  This 2nd mortgage can be used with the assisted loan or the unassisted loan.

If you would like to apply for one of these programs or would just like more information please feel free to call me at 302-588-3665 (John Thomas) or send an e-mail to DelawareMortgages@yahoo.com

John R. Thomas - Certified Mortgage Planner - FHA & USDA Loan Specialist

There will be a Free Delaware First Time Home Buyer Seminar on Saturday June 20, 2009 from 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware 203k Rehab loans.   Learn how to get $8,000 tax credit for buying a home. in 2009  That is a check for $8,000 from the IRS to you at tax time just for buying a home!  The best thing is you don’t have to ever pay the $8,000 back!!  

Each participate will recieve a Free Book - The Automatic Millionaire Home Owner by David Bach, Credit Scoring Handbook, Homebuying Handbook, and an opputunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar.You will also learn importance of credit in buying a home and learn valueable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at Wells Fargo Home Mortgage, 111 Continetal Dr Newar, DE 19713 from 10:00 AM till 12:00 PM. To register for the seminar, please call 302-588-3665 and ask for John Thomas. You can also e-mail me at DelawareMortgages@yahoo.com

For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

John R. Thomas - Certified Mortgage Planner - FHA & USDA Specialist

Here are the highlights for the First Time Home Buyer Tax Credit for buying a home in 2009.

• 10% of Sales Price up to $8,000
• Have not owned a home in the last 3 years
• Don’t have to pay it back
• Must buy by December 1, 2009
• May amend 2008 tax return to claim money right after settle
• Income phase out starts at $75,000 for individuals and $150,000 for joint filers
• $4,000 max for married person filing separately
• Must live in property as principle residence for 36 months or have to pay full tax credit back
• Credit is applied for on IRS form 5405
• You cannot take credit if but home from close relative
• FHA just came out with Mortgage Letter for homebuyers to take tax credit before they buy home as a loan from acceptable source.  Cannot use toward 3.5% minimum down payment for FHA Loan.

If you have questions about tax credit or qualifying for a first time home buyer loan please feel free to call me at 302-368-7132 or send an e-mail to DelawareMortgages@yahoo.com