FHA Loans

FHA Loans

FHA Loan Limits for 2024 Released

John Thomas November 29, 2023 Tags: ,
featured image

The Federal Housing Agency announced the release of its much anticipated New FHA Loan Limits for 2024 effective with FHA case numbers assigned on or after January 1, 2024. This is exciting news for aspiring homeowners as it increases purchasing power for FHA borrowers. FHA set a new higher floor loan limit so all FHA loan limits have increased for 2024. If you want to apply for FHA Loan please give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE.

Key Highlights of the 2024 FHA Loan Limits

FHA Loans have a maximum loan limit set each year by the Department of Housing & Urban Development (HUD). HUD released the new loan limits in Mortgagee Letter 2023-21. The FHA Loan Limits apply to the following FHA Loan Types: Keep Reading...

FHA Student Loans Guideline Update 2021!

John Thomas June 25, 2021 Tags: , , ,
featured image

FHA Student Loans – HUD just announced new guidelines about how student loan payments should be considered when buying or refinancing a home, to align better
with the current industry standards. This new update makes it even easier to qualify for a FHA Mortgage loan with student loan debt. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

These are BIG CHANGES, so we recommend that you have your mortgage pre-approval re-evaluated if you were denied or if you wanted a higher purchase price as the new FHA Student Loan Guidelines could allow you to qualify for a higher mortgage amount. Keep Reading...

How CAIVRS Report Can Prevent You From Getting A Loan

John Thomas August 26, 2020 Tags: , , , ,
featured image

If you’re applying for a mortgage backed by the government like an FHA loan or VA loan, your lender will run a CAIVRS check before approving your loan.

This little-known government database, called U.S. Department of Housing and Urban Development Credit Alert System (CAIVRS), checks for specific types of credit defaults that could affect your mortgage loan approval. If you want to get pre-approved for a Mortgage Loan program to purchase or refinance a home please call the John Thomas Team at 302-703-0727 or APPLY ONLINE.. Keep Reading...

Delaware FHA Loan Limits 2020

John Thomas May 10, 2020 Tags: , ,
featured image

Delaware FHA Loan Limits 2020 were increased effective January 1, 2020. All three counties of Delaware had the FHA loan limit increased in 2020. The Federal Housing Agency (FHA) raised the loan limits from the increased “floor” of $331,760 to the highest areas at $765,600. If you need to apply for a FHA Loan to purchase or refinance call John Thomas at 302-703-0727 or APPLY ONLINE.

On December 3, 2019, FHA issued Mortgagee Letter 19-19 effective for FHA case numbers assigned on or after January 1, 2020. The National mortgage low cost loan limit is set at 65% of the conforming loan limit which is $510,400. The National Low Cost Area FHA Loan limit is set as follows: Keep Reading...

Good Neighbor Next Door Program

John Thomas May 17, 2019 Tags: , , ,
featured image

If you wish to purchase a home and you’re either a law enforcement officer, firefighter, teacher or emergency medical technician, the Good Neighbor Next Door Program may have the best deal available for you!

It’s called the Good Neighbor Next Door Program—a reward by the US Department of Housing and Urban Development (HUD) for America’s “good neighbors.”

The Benefits of Good Neighbor Next Door Program in a Nutshell

  • Buy HUD REO homes for 50% off list price with today’s current mortgage rates.
  • Pay only $100 down payment when you buy any eligible HUD home at half-off its price.

How Does the GNND Program Work?

Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door program (GNND). Properties are available for purchase through the program for Seven days. Keep Reading...

FHA One-Time Close Construction Loan

John Thomas April 23, 2019 Tags: , , ,
featured image

Is a FHA One Time Close Construction Loan right for you?

Two isn’t always better than one. Let me explain.

If you’re building your house from the ground up, you’ll most likely take a construction loan followed by a permanent loan. This scenario will require you to have 2 loans, which means you’ll have 2 start dates and 2 closing dates—which means you’ll pay for 2 separate closing costs!

An FHA one-time close construction loan, however, will allow you to have your home built and financed just under one loan. It’s simpler and more cost-efficient and you end up with a FHA Loan with a 30 year fixed rate when all is said and done. Keep Reading...

Delaware FHA Loan Limits for 2019

John Thomas December 22, 2018 Tags: ,
featured image

Delaware FHA Loan Limits

Delaware FHA Loan Limits for 2019

Delaware FHA Loan Limits for 2019 were raised in all three counties of Delaware effective January 1, 2019.    The Federal Housing Administration increased its mortgage loan limits by almost 7% for the new year, mirroring the increase in conventional loans.  The new base loan limit maximum was increased from $294,515 to $314,827 for a single unit home.  In some high-cost areas  of the country, the maximum loan limit was increased to $726,525.  The department of Housing and Urban Development (HUD) released Mortgagee Letter 2018-11 on December 14, 2018 which increased the loan limits for 2019 nationwide for all Forward Mortgage loans insured by FHA.  Call 302-703-0727 to apply for a Delaware FHA Loan or get started online at http://www.PRMILoanApplication.com

The FHA national low-cost area mortgage loan limits are set at 65 percent of the national conforming limit of $484,350 for a one unit property.  The new loan limits nationally are as follows:

One Unit – $314,827

Two Unit – $403,125

Three Unit – $487,250

Four Unit – $605,525

What determines the FHA Loan Limits for each County?

The Federal Housing Administration (FHA) calculates the mortgage loan limits based on the median home prices in accordance with the National Housing Act.  FHA’s single family mortgage loan limits for forward mortgages are set using Metropolitan Statistical Areas (MSA) and county areas.  FHA publishes updated limits effective for each calendar year.  FHA sets the maximum FHA Loan limits at or between the low-cost area and high-cost area limits based on the median home prices for the area.

What are the New Delaware FHA Loan Limits for 2019?

Delaware has three counties: New Castle County, Kent County, and Sussex County.  The maximum Delaware FHA loan limit is different in all three counties.  Below is chart showing the maximum loan limit in each county:

Single Family FHA Loan Limits for 2019:

New Castle County Delaware has a maximum FHA Loan limit of $402,500

Kent County Delaware has a maximum FHA loan limit of $314,827

Sussex County Delaware has a maximum FHA loan limit of $336,950

The FHA Loan limits are the same for a standard Delaware FHA Loan as well as a Delaware FHA 203k Loan.  The FHA Reverse Mortgage Loan limits are different that than the forward mortgage limits.

What are the FHA Loan Limits for High Cost Areas?

The FHA High Cost Area Loan Limits are set at 150 percent of the national conforming loan limit of $484,350 for a one unit property.  Below are the limits for properties with 1-4 units:

FHA Loan limit One Unit – $726,525

FHA loan limit Two Unit – $930,300

FHA Loan limit Three Unit – $1,124,475

FHA Loan limit Four Unit – $1,397,400

How Do You Apply for a Delaware FHA Loan?

You can apply for a Delaware FHA Loan by calling 302-703-0727 or you can APPLY ONLINE with the John Thomas Team with Primary Residential Mortgage.

 

John Thomas Ranked #1 Delaware FHA Lender in 2018

John Thomas July 13, 2018 Tags: ,
featured image

John Thomas has ranked #1 Delaware FHA Lender on Ask a Lender’s annual list

Ask a Lender put John Thomas at #1 Delaware FHA Lender and at #1 Newark, Delaware FHA Lender for 2018. Visit our Delaware FHA Loan page for more information on how we can get you into your dream home today or Call 302-703-0727 to get started today.  GET STARTED ONLINE.  Ask a Lender surveyed all of the Delaware Loan Officers that originated FHA loans through data provided to the Scotsman Guide and determined that John Thomas was the Number 1 Delaware FHA Loan originator because of his affordable FHA mortgage loans and award-winning client service.

 

 

 

 

 

 

 

 

 

John and his team pride themselves on helping Delaware First Time Home Buyers achieve the dream of home ownership and in most cases the FHA loan is the best option with the following benefits:

  • Low Down Payment of only 3.5%
  • Credit Scores down to 500 FICO
  • Can have Less than perfect credit and credit challenges
  • Can have High Debt to Income Ratios
  • Can have a non-occupying Co-borrower to help you qualify

    • Keep Reading...