Delaware Mortgage Loans

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The following analysis was from the Federal Reserve Bank of New York report from January 2009

• Delware Borrowers were more likely to have provided full documentation with their loans.  77.1% versus 67.6% nationally.
• Delaware Borrowers had a lower average FICO score of 608 compared to the national average of 617.
• 45.1% of subprime borrowers had a FICO score of 600 or less but only 17.4% of them had a score greater than 660.
• The average loan balance of the active, first-lien subprime loans was $169,496 which is lower than the national average of $182,105 for the same loans.
• Delaware Subprime borrowers have been paying interest rates (8.23%) below the national average interest rates (8.32%) for their owner occupied first-lien mortgages
• Delaware had fewer (2.4%) subprime loans in Real Estate Owned (REO) compated to the 6.7% nationally in 2007.
• Delaware had an 83.66% average combined Loan-to-Value (CLTV) ratio for subprime loans compared to 84.39% national average.
• Delaware had an above average foreclosure rate. Delaware ranked 33rd for foreclosure rate.
• Kent County Delaware had the worst foreclosure experience in the state with 1 in every 716 housing units with foreclosure action.

John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 Office   42 Reads Way, New Castle, DE 19720   DelawareMortgages@yahoo.com e-mail