In Mortgage Letter dated 01/31/2013, HUD announced that the Federal Housing Administration (FHA) will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or by 0.10%, and FHA will increase premiums on jumbo mortgages ($625,000 or larger) by 5 basis points or 0.05%. It will also change the MIP from canceling at… Continue Reading
Category Archives: Delaware Mortgage Loans
CFPB Released New Rules on Foreclosures
The Consumer Financial Protection Bureau (CFPB) released new guidelines for mortgage servicers on January 17, 2013 that set out to establish new, strong protections for struggling homeowners facing foreclosure. The CFPB is trying to help protect home owners who may be facing foreclosure with this new rules that take effect in January 2014. The new rules were… Continue Reading
Delaware Veteran Loan Streamline Refinance with VA IRRL
Delaware Home Owners who currenly have a Veterans Home Loan on their Primary Residence can refinance to record low mortgage interest rates with a VA Streamline Refinance called a VA IRRL. The IRRL is an Interest Rate Reduction Loan exclusively for Delaware veterans who currently have a VA home loan. Call Now for Free VA Refinance… Continue Reading
Federal Reserve Board Issued Final Rule on Appraisals for High Priced Mortgage Loans
Final Rule on Appraisals for High Priced Mortgage Loans Released. High Priced Mortgage Loan also called a HPML is a loan that is secured against a borrower’s primary residence and has an interest rate that is higher than the average prime offer rate. The Federal Reserve Board issued the Final Rule on Appraisals for HPML… Continue Reading
Allowed Seller Contribution Toward Closing Costs on Delaware Purchase Transactions
How much can the Sellers contribute toward a Buyers closing costs and pre-paid items? John R. Thomas with Primary Residential Mortgage in Newark, Delaware will answer how much the seller can pay toward closing costs and pre-paid items based on the loan program being used. If you have questions or would like to apply for… Continue Reading
FHA Extends Property Flipping Waiver till December 31 2014
Update to Property Flipping Waiver – FHA Extends the Waiver till December 31, 2014 In 2006, HUD published a final rule in the Federal Register amending regulations at 24 CFR 203.37a, prohibiting property flipping in the HUD/FHA single-family mortgage insurance programs by providing additional exceptions to the time restrictions on sales. The rule and Mortgagee… Continue Reading
Delaware Conforming Loan Limits Remain the Same for 2013
The maximum loan limit for Freddie Mac and Fannie Mae loans in 2013 for loans made in Delaware will remain the same as it was in 2012. The Federal Housing Finance Agency (FHFA) announced on Thursday November 29, 2012 that the baseline limit that will applu to most of the country will be $417,000 for… Continue Reading
Delaware USDA Rural Housing Loan Guideline Updates October 1, 2012
Delaware USDA Rural Housing Loan Guideline Updates that took effect October 1, 2012. Delaware USDA Rural Housing Loan Guideline Updates from John R. Thomas with Primary Residential Mortgage USDA Rural Housing Loan Program changed the monthly mortgage insurance premium charged on USDA mortgages from 0.3% to 0.4% effective on conditional commitments issued on October 1,… Continue Reading
FHA Update – Provisions for Condo Project Approval Process
In order to address current housing market conditions, HUD has published Mortgagee Letter 2012-18, which highlights important changes to the current condominium guides. Here are the 7 things you need to know about these changes… 1. These changes are in effect from September 13, 2012 until August 31, 2014, unless extended. 2. Under construction is… Continue Reading
Delaware FHA Streamline Refinance Guidelines 2012
Delaware FHA Streamline Refinance Guidelines 2012 If you currently have a FHA Loan then you are eligible to refinance your exisiting Delaware FHA loan using the streamline refinance guidelines. The guidelines are different depending on when your current FHA loan was delivered by your lender to FHA after it was originated. If your loan was… Continue Reading