Delaware Mortgage Loans

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 [...]

If you are looking to purchase a home or refinance a home and have a FICO score below 580, 99% of lenders will not even be able to help you. Wells Fargo and Chase just made their minimum credit score 620 for all loan programs.  Sun Trust just made their minimum FICO score 640 for all [...]

If you have a Delaware FHA Loan then you could qualify for a FHA Streamline Refinance.  A streamline refinance allows you to lower your mortgage rate without verifying your income or your assets.  Your credit score or report is not checked and there is no appraisal of your property.  The only thing that is checked [...]

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 [...]