Delaware First-Time Home Buyer

Delaware First-Time Home Buyer

PRMI Welcome Home Down Payment Assistance Program

John Thomas October 3, 2023 Tags: , ,
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PRMI Welcome Home Down Payment Assistance Program provides up to 5% down payment and closing cost assistance to home buyers. You can get an FHA 101.5% financing by combing the PRMI FHA first mortgage with the 5% DPA Loan. This program is great for first time home buyers and repeat home buyers. Get Started today by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE.

PRMI Welcome Home Down Payment Assistance Program Guidelines

The Guidelines for qualifying for the Welcome Home DPA Program are as follows:

  • Available with PRMI FHA Loan or PRMI USDA Loan
  • Minimum 620 Credit Score
  • No Income Restrictions except USDA Loan guidelines
  • Temporary Interest Rate Buy Down Options
  • Do NOT have to be a First Time Home Buyer
  • Available Nationwide except NY
  • Second Mortgage Loan for Down Payment & Closing Costs
  • Repayable and Forgivable Options for the DPA Loan

What are the Eligible Property Types for the Welcome Home Program?

The PRMI Welcome Home DPA Program allows borrowers to purchase properties that are on the eligible list. The following are eligible property types for the DPA program: Keep Reading...

How To Cancel Mortgage Insurance

John Thomas September 4, 2021 Tags: , , , , , ,

Private mortgage insurance might be one of the costs that you most hate to pay when you send in your mortgage payment each month. If you would like to learn more on how to cancel mortgage insurance, give the John Thomas team a call at 302-703-0727 or APPLY ONLINE

PMI stands for Private Mortgage Insurance and is a type of mortgage insurance that buyers are typically required to pay for on a Conventional Loan when they make a down payment that is less than 20% of the home’s purchase price. Mortgage Insurance on government backed loans is simply called MI for Mortgage insurance and is treated differently than PMI. Keep Reading...

How CAIVRS Report Can Prevent You From Getting A Loan

John Thomas August 26, 2020 Tags: , , , ,
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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...

DSHA Temporary Guideline Changes May 2020

John Thomas April 24, 2020 Tags: ,
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DSHA announced temporary guideline changes to their home buyer assistance programs for home buyers in Delaware. Effective with new reservations for their Preferred Plus Down Payment Assistance Program and their Base Rate Program their will be stricter guidelines for qualifying for the program if you are getting a FHA Loan, VA Loans or a USDA Loan. If you have questions please call the John Thomas Team at 302-703-0727 or you can APPLY ONLINE

Anybody with a qualifying credit score below 700 will have a maximum Debt to Income Ratio (DTI) of 45% in order to be eligible for the program. The minimum credit score to apply for the Delaware State Housing Authority Program is still 620 but there are now restrictions to the maximum DTI if credit score is below 620 starting in May 2020. Keep Reading...

Dover Delaware First Start Down Payment Assistance Program

John Thomas October 13, 2019 Tags: , , ,
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Dover Delaware First Start Down Payment Assistance Program is a down payment and closing cost assistance program provided by the City of Dover to encourage home ownership within the city limits of Dover, Delaware. The program is designed to assist low income families and moderate income families purchase an eligible property in the City of Dover. Call 302-703-0727 to get more information or to Apply. You can also APPLY ONLINE.

How Do You Qualify for the Dover First Start Down Payment Program?

In order to be eligible to qualify for the City of Dover Delaware Down Payment Assistance Program you must NOT have owned a principal residence in the last 3 years. There is one exception for single parents who have not owned a home for at least one year except as part of a joint ownership. You must also meet the following qualifications: Keep Reading...

DSHA Homes for Grads Program

John Thomas July 27, 2019 Tags: , ,
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DSHA Homes for Grads Program is perfect for someone who has been kept from purchasing a home because of not being able to save for down payment and closing costs. The DSHA Preferred Plus Program with the Homes for Grads program provides down payment and closing costs assistance as well as reduced interest rate mortgage loans. Homes for Grads receive a 0.50% reduction in interest rate! For more information call John Thomas at 302-703-0727 or APPLY ONLINE NOW

Who is Eligible for the DSHA Homes for Grads Program?

In order to be eligible to apply for a Homes for Grad Home Loan you must have graduated from a college with a four year degree or higher. The borrower or co-borrower must have completed the required courses withing three years pf the date of reservation rate lock with DSHA. Keep Reading...

PRMI DPA Advantage Grant Program

John Thomas May 5, 2019 Tags: , , ,
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PRMI DPA Advantage Grant Program

UPDATE MARCH 2022 – 6.5% Suspended – Currently Only 3.5% Grant Because of Mortgage Market Conditions

PRMI DPA Advantage Grant Program provides up to 6.5% as a forgivable grant to eligible borrowers using a FHA Loan to purchase a home. The PRMI DPA Advantage Grant program is an approved Delaware down payment assistance program by HUD so can be used with a FHA mortgage loan. Call 302-703-0727 to apply for the grant or APPLY ONLINE

6.5% Grant Program Highlights

The highlights of the PRMI DPA Advantage Grant Program are as follows:

  • Completely Forgivable grant of up to 3.5% of the purchase price toward down payment and with up to 3% Lender Credit toward closing costs for 6.5% of grant money that doesn’t have to be paid back!
  • May be combined with up to 6% seller paid closing costs
  • Minimum Qualifying Credit Score is 620
  • No Resale restrictions on the home
  • No Second Lien on the property
  • No Repayment Required
  • Must be Primary Residence
  • Approved Down Payment Assistance Program
  • Must Complete HUD Approved Home Buyer Counseling Class
  • Can Only be Used with a FHA Loan

Borrower Eligibility for PRMI DPA Advantage Grant Program

In order to be eligible to qualify for the 6.5% DPA Advantage Grant Program you must meet only ONE of the following categories: Keep Reading...

Newark Delaware Home Buyer Seminar May 11 2019

John Thomas April 25, 2019 Tags: ,
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Newark Delaware First Time Home Buyer Seminar

There will be a Newark Delaware First Time Home Buyer Seminar on Saturday May 11, 2019 at 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to receive a copy of their credit report. The home buyer seminar will cover all of the basics of buying a home in Delaware. The Newark Delaware First Time Home Buyer seminar will cover FHA loans, VA loans, USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the FHA 203k Rehab loans.  We will also cover the Delaware Mortgage Credit Certificate Program which is also know as the Delaware first time home buyer tax credit which give you up to $2,000 a year as a federal tax credit for every year you have the mortgage loan. Keep Reading...