Delaware Mortgage Loans

Many people are confused on how much and even if they can get a refund of the upfront mortgage insurance premium they paid to FHA when they obtained a FHA insured mortgage loan.  The confusion comes because the date you obtained the mortgage determines what you are eligible for in terms [...]

Delaware FHA 203k Rehab Loan – Selecting Contractors
Here are the guidelines you must follow when selecting a contractr to give a bid for the repair work:
CONTRACTORS AND REHABILITATION CRITERIA
1. Must use contractors to complete repairs/rehabilitation (unless borrower can demonstrate needed expertise/experience)
2. Use of contractors:
A. [...]

Great news for Delaware Home Buyers looking to purchase a home through FHA, the “90 day seasoning flip rule ” has been temporarily lifted by FHA. This change will allow buyers in Delaware to use a FHA Mortgage when purchasing investor and bank owned properties that have been owned for less than 90 days by the seller. 
On [...]

FHA Commissoner David Stevens annouced that FHA will be making changes effective April 2010 for all new FHA loans.  The changes are being implemented to ensure that FHA can keep a capital reserve of 2.0%.  The changes are as follows;
1) FHA upfront mortgage insurance premium will increase from 1.75% to 2.25%.  It can still be [...]

Some congressmen are becoming more concerned about the Federal Housing Administration’s financial plight and they want to increase FHA’s downpayment requirement to 5%. Rep. Ed Royce, R-Calif., said FHA is operating at the same dangerous leverage ratios that led to the takeover of Fannie Mae and Freddie Mac. Rep. Scott Garrett, R-N.J., said he has [...]

There will be a Free Delaware First Time Home Buyer Seminar on Saturday October 10, 2009 at 10:00 AM and again at 1:00 PM. 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 [...]

The increase in foreclosures has increased the number of houses listed for sale in Delaware that are owned by banks.  The banks have taken the homes by foreclosing.  The banks list the properties for sale in “as is” condition.  This makes it tough for qualified buyers to purchase some of these homes because traditional FHA [...]

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 properties and [...]

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 [...]

The American Recovery and Reinvestment Act of 2009 was passed last Tuesday and part of the bill reinstated the higher Delaware FHA loan limits of 2008.  The Delaware FHA loan limits for 2009 were raised as follows;
New Castle County      $420,000                Previous – ($376,000)
Kent County               $417,000                Previous – ($271,050)
Sussex County           $417,000                Previous – ($312,000)
The loan limit has [...]