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. [...]

On Tuesday the House Financial Services Committee defeated a proposal sponsored by Scott Garrett (R-NJ) which would have increased the minimum down payment for FHA guaranteed loans from 3.5 percent to 5 percent.  This means required down payment for Delaware Home Buyers using FHA loans is still only 3.5 percent of the purchase price.
 
The Committee [...]

The Delaware State Bond Loan is suppose to help first time home buyers by providing them with lower interest rate than current market rate.  Problem is right now the current FHA rate is below the bond rate so you are better off getting an FHA loan without going thru the bond program.  Until rates go [...]

FHA 203(k) loans provide cost-effective, single close loans that enable borrowers to purchase a home that may need repairs or refinance their existing home for the purpose of remodeling.
With the Delaware FHA 203k streamline loan you can borrower up to $35,000 into the mortgage to make improvements or repairs.  The program includes the necessary funds [...]

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 [...]