Delaware Mortgage Loans

Delaware Existing home sales jumped in April 2010
Homes Sales jumped in April 2010 more than expected lead by the Tax Credit that expired on April 20, 2010.  The National Association of Realtors reported that the sales of previously owned homes rose 7.6 percent to adjusted annual rate of 5.77 million.  The [...]

Fannie Mae Announces – New Credit Guidelines, Lender required to check credit right before closing to verify no new inquiries on credit or new open accounts.  This could cause loan to be denied at last minute or at least delay closings.  Need to educate borrowers that once mortgage application is made, absolutely nobody can check [...]

Here is update on new Guidelines from Fannie Mae from John R Thomas, Certified Mortgage Planner.

Here is the link to the Fannie Mae Guideline http://www.box.net/shared/6trkfd9t35
John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.
42 Reads Way, New Castle, DE 19720
302-703-0727 DE Office
610-906-3109 PA Office
410-412-3319 MD Office
www.prmidelaware.com

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 funds available to guarantee Delaware USDA Rural Housing Loans will run out by the end of April 2010.  Every year USDA will run out of money before the end of its fiscal year in September.  This does not normally affect borrowers because the lenders will lend on a conditional commitment from USDA to gurantee [...]

The Home Affordable Refinance Program commonly called HARP has been extended for all Delaware home owners until June 30, 2011.  The program was set to expire on May 1, 2010.  The program allows home owners that owe more than their home is worth for up to 125% of the current value for low rates and [...]

The Federqal Reserve decided to raise the Discount Rate from 0.5% to 0.75% last week.  The increase took effect today Monday February 22, 2010.  The Discount Rate is the rate the federal reserve charges bank to borrower money from the Federal Reserve.  The Feds said they were keeping the Federal Funds Rate unchanged at near [...]

  I took the NMLS Licensing test on Friday January 22, 2010 and passed with a score of 93% on the first try at the test.  This is a new requirement for all mortgage originators of residential mortgage loans that they must pass the national licensing test as well as complete a 20 hour licensing [...]

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 [...]

2010 Tax Credit for First Time Home Buyers & Move Up Buyers
 The Senate and the House of Representatives have passed the bill and now it goes to President Obama to be signed into Law.
 Highlights of the Bill;
 

$8,000 tax credit for First Time Home Buyers
$6,500 tax credit for move up buyers
Buy a home from December 1, [...]