Delaware Mortgage Loans

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, […]

This is my daily advice on locking or floating your Delaware Mortgage Rate for Friday October 16, 2009.
Mortgage rates have steadily increased since hitting record low last Friday.  The mortgage bond lost some 120 basis points since last Friday causes mortgage rates to increase.  Rates are still near historic lows but the pressure is for […]

Fannie Mae has rolled out new lending guidelines on Tuesday, September 1, 2009.   Being approved for a Delaware Conventional home loan could be much more difficult.  The new rules mark the first major underwriting update since April of this year.  The changes are mostly geared at fraud prevention.  Among the updates:

Stock options are no longer eligible for “reserves”
Relocating […]

This is my advice on floating or locking your mortgage rate for Friday August 7, 2009
We started the day off with great news for the economy, much better than expected unemployment numbers.  The job loss report was 247,000 versus expected 317,000 and the unemployment rate was 9.4% which was lower than the 9.6% expected.  The […]

This is my advice on floating or locking your loan for Friday June 26, 2009.
Mortgage Rates jumped up on May 27, 2009 because mortgage backed securities sold off and dropped like a rock.  When the price of the bonds go down rates go up.  Mortgage Rates again dropped even more on June 4, 2009.  Rates […]

This is my daily advice on floating or locking your Delaware Mortgage Rate for Tuesday March 17, 2009.
The stock market closed up today over 150 points.  The mortgage backed securities closed up 6 basis points as the bond market waited for what the Federal Reserve will say tomorrow after their meeting.  The federal reserve will […]