Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the… Continue Reading
Monthly Archives: March 2009
FHA Cash-out Refinances Just Got Tougher in Delaware
Effective April 1, 2009, Delaware homeowners looking to take cash out on their homes, will have a tougher time. According to a letter issued by the Federal Housing Authority (FHA), FHA plans to make it tougher for borrowers to secure a cash-out refinance mortgage. Until now homeowners only needed to have 5% equity in their… Continue Reading
Delaware Mortgage Rates – March 17, 2009
This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday March 17, 2009. The stock market closed up today over 150 points. The mortgage backed securities closed up 6 basis points as the bond market waited for what the Federal Reserve will say tomorrow after their meeting. The federal reserve… Continue Reading
Delaware FHA Loan Changes – Max LTV going to 85% for cash-out on April 1st
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… Continue Reading
Delaware Mortgage Rates – March 16, 2009
This is my daily advice for floating or locking your Delaware Mortgage Rate for Monday March 16, 2009 The stock market finished down today after ending last week with triple digit gains, please visit http://biz.yahoo.com/ap/090316/wall_street.html for the full story. Ben Bernake said that he believe economy would recovery by end of 2009, here is video of… Continue Reading
Delaware Mortgage Rates – March 5, 2009
This is my daily advice on floating or locking your Delaware Mortgage Rate for Thursday March 5, 2009. The stock market recovered yesterday about 130 pts but gave it back today. Bad news from GM pulled stocks down. The world banks lowered interest rates again. All of this and more details on Obama’s plan to… Continue Reading
Mortgage Insurance Updates to FICO and LTV Crieria – March 9, 2009
MORTGAGE INSURANCE FICO AND LTV CRITERIA Effective for Mortgage Insurance certificates issued on and after March 9, 2009 Eligibility criteria for obtaining Mortgage Insurance continue to change. The following is accurate as of the date of this bulletin. To obtain Mortgage Insurance for Loans with LTV > 80%, regardless of documentation process, the following criteria… Continue Reading
Delaware First Time Home Buyer Seminar – March 28, 2009
There will be a Free Delaware First Time Home Buyer Seminar on Saturday March 28, 2009 at 10:00 AM. 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.… Continue Reading
Delaware Mortgage Rates – March 3, 2009
This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday March 3, 2009. The stock market had a tough day as it digested the news from the Federal Chairman Ben. The 61 billion dollar loss from AIG kept the stocks from rally. AIG is being broken up and sold in… Continue Reading