Delaware Mortgage Loans

In response to the passing of HR 3221, this update announces FHA’s new Mortgage Insurance Premiums for the period of October 1st, 2008 through September 30th, 2009. FHA’s Risk Based Premiums that went into effect on July 14th, 2008 will be on hold until October 1st, 2009.
Here are the 6 things you need to know […]

There is still room left for the Free Delaware First Time Home Buyer Seminar on July 26, 2008 at 10:00 AM at Primary Residential Mortgage’s Office in Newark, Delaware.  Come learn about Delaware First Time Home Buyer Programs.  Learn about Delaware FHA Loans, Delaware VA Loans, and Delaware USDA Loans.  We will show you how […]

FHA announced it will institute risk based premiums for Mortgage Insurance.  All Delware FHA Loans require the borrower to pay an upfront mortgage insurance premium plus a monthly mortgage insurance premium.  For the first time in history, credit scores will be used by FHA to determine your premiums.  The changes will go into effect July 14, 2008.
Let’s take […]

Even though FHA made major change to their appraisal requirements, some Realtors, Sellers, and Buyers are still concerned about Loans that require an FHA Appraisal.  Most of these people still have concerns because they are not aware of the changes that occurred in January of this year, or they have not seen these change first […]

Home Prices across most of the U.S. fell for a second straight quarter at the end of last year.  According to one report, home prices in both Wilmington and Dover declined in the fourth quarter of 2007.  Nationwide studies suggest the market hasn’t hit bottom yet.
This means it is a great time to be looking […]

HUD annouced on Thursday 3/6/2008 that it had completed the revised loan limits for FHA loans.  The new amounts for 2008 are broken down by county.  New Castle County will have a new maximum FHA loan amount of $420,000.  The old limit was $292,685.  Kent County will have a new FHA loan limit of $417,000 […]

I am pleased to announce that Nehemiah was victorious in its litigation against HUD!
Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah’s motion for summary judgment. The Court Clerk’s Office is directed to enter judgment and close the case.
To be clear, the U.S. Department of Housing […]

During a recent teleconference with the U.S. Department of Housing and Urban
Development (“HUD”), NAMB learned that HUD plans to publish the new FHA loan
limits in a Mortgagee Letter to be issued during the first week of March. 
HUD will publish separate lists for the FHA program and the GSEs. 
Additionally, HUD will be recalculating the median home […]

There will be a Free First Time Home Buyer Seminar on Saturday March 22, 2008 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.  […]

Important Legislative Update!
 
The Senate today passed their version of FHA reform - S 2338.  Although it has many similarities, this bill is different than the FHA legislation passed by the House (HR 1852 and HR 1427).  The key points of the legislation include:

Raising loan limits on all FHA loans including reverse mortgages

Lowering down payment requirements […]