Delaware Mortgage Loans

What is a USDA Rural Housing Home Loan?
USDA Stand for the United States Department of Agriculture.  The loan is designed to provide financing for borrowers in designated areas who wish to borrower up to 100% of the appraised value.  The loan is guaranteed by the government through the Rural Housing Division [...]

Delaware USDA Rural Housing Loans – Property Eligibility
How do you determine if a property in Delaware is eligible for financing through the USDA Rural Housing Loan program?  You can enter the property address at the following website http://eligibility.sc.egov.usda.gov
The address will be displayed on the a map and it will state whether eligible or not just [...]

The income limits for obtaining a Delaware USDA Rural Housing loan have been increased for 2010.  There are two limitations for applying for a USDA Rural Housing Loan, income limitations and geographical limitations.  The income limitations are county specific.  Delaware has three counties: New Castle County, Kent County, and Sussex County.
The income limits are as [...]

Can you still get a USDA Rural Housing Loan for the purchase of a home in Delaware even though they have run out of guaranteed funds?  There answer is YES if you call me 302-703-0727, we are still are to provide funding for USDA Rural housing loans for Delaware, Maryland, Virginia and Pennyslvania.  But you [...]

Rural Development which oversees the USDA rural housing loan program will run out of its 2010 funds by sometime in May 2010.  Most lenders have stopped doing the program and have even given false information that the program is out of money.  There is still funds available and lenders can still lend on this program.  [...]

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 income limits for Delaware USDA Rural Housing Loans are based on the number of people in the house and the county that the property is located.
New Castle County Maximum Income Limits for 2009
1 Person    2 Person    3 Person   4 Person   5 Person   6 Person    7 Person
$61,100     $69,800   $78,550    $87,250    $94,250    $101,200   $108,200
Kent County & Sussex County [...]

Delaware USDA Rural Housing Loans can be used to purcahse a home and allow you to borrower up to 102% of the appraised value.  This is a big different from Delaware conventional loans and other government loans.  Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or [...]

The income limits for Delaware USDA Rural Housing Loans are based on the number of people in the house and the county where the property is located.
New Castle County Maximum Income Limits for 2009
1 Person    2 Person    3 Person   4 Person   5 Person   6 Person    7 Person
$61,100     $69,800   $78,550    $87,250    $94,250    $101,200   $108,200
Kent County & Sussex County Maximum [...]

Here is the announcement published July 30, 2008 from USDA; 
Additional Funding Imminent for Guaranteed Loan Program
As credit concerns have tightened access to mortgage funding in the United States this year, a record volume of requests have come in to USDA Rural Development for Section 502 Guaranteed loans. We appreciate the hard work that you, our [...]