Delaware Mortgage Loans

Delaware USDA Rural Housing Funds to Run out in April 2010

John Thomas — Sat, 13 Mar 2010 13:51:10 +0000

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 loans once the funds have been appropriated later in the year or beginning of next year.

The problem now is there is a project 150 million short fall after money runs out in end of April, so government will not be able to cover it so is going to cut off approvals after money runs out. The program ran out of money last year early as well but got money from the Stimulus package so program was still avaiable the rest of the year. There is no stimulus money available this year.

What this means for Delaware Home Buyers trying to use the USDA Rural housing program, get under contract ASAP and get your funds reserved before they run out in April. Otherwise you won’t be able to get 100% financing and will have to get a Delaware FHA loan which requires 3.5% down payment.

If you would like to apply for a Delaware USDA Rural Housing Loan, please call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage

42 Reads Way, New Castle, DE 19720

Delaware First Time Home Buyer Book - Your Guide to Buying Your First Home in Delaware

John Thomas — Tue, 09 Mar 2010 04:33:33 +0000

March 8, 2010 - John R Thomas of Primary Residential Mortgage just published a new book specifically for Delaware First Time Home Buyers.

Here is the link to buy your copy of this must read book for any first time home buyer

Your Guide to Buying Your First Home in Delaware Book

John R Thomas - Certified Mortgage Planner

Delaware First Time Home Buyer Mistakes - Timing Problems

John Thomas — Tue, 09 Mar 2010 04:30:46 +0000

The following is a very common mistake that Delaware First Time Home Buyers make when searching for a home to buy:

Mistake #1 - Timing Problems - Any first time home buyer who is currently renting should try to time their purchase at the end of their lease so they don’t incur any penalities. If you haven’t bought yet and your lease is coming up, then sign a month to month lease. This will allow you to get out of your lease as soon as you find the house you want to buy. If you are trying to buy a house before your lease is up, then look to see if you can break the lease early. Some leases will let you out with a 60 day notice. Others will allow you to pay a penalty to get out early. Some leases won’t let you out no matter what the circumstance, if this is a condition of your lease, offer landlord a buy out of the lease.

If you have questions or concerns about buying a home in Delaware feel free to contact Delaware’s Number one mortgage lender, John R Thomas at 302-703-0727

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage

Delaware First Time Home Buyer Seminar - March 20, 2010

John Thomas — Wed, 03 Mar 2010 13:36:11 +0000

There will be a Free Delaware First Time Home Buyer Seminar on Saturday March 20, 2010 at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans. Learn how to get $8,000 First Time Home buyer tax credit or the $6,500 move up buyer tax credit for buying a home by June 30, 2010 That is a check for $8,000 or $6,500 from the IRS to you at tax time just for buying a home! The best thing is you don’t have to ever pay the money back!!

Each participate will recieve a Free Audio CD on Homebuying 101, Credit Scoring Handbook, Homebuying Handbook, and an opputunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar.You will also learn importance of credit in buying a home and learn valueable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at The Christiana Hilton Hotel at 100 Continental Drive, Newark, DE 19713 from 10:00 AM till 12:00 PM and a second session from 1:00 PM till 3:00 PM. To register for the seminar, please call 302-588-3665 and ask for John Thomas. You can also e-mail me at DelawareMortgages@yahoo.com

For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

John R. Thomas - Certified Mortgage Planner - FHA & USDA Specialist

Primary Residential Mortgage, Inc. 302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

Delaware Home Affordable Refinance Program HARP - extended till June 30, 2011

John Thomas — Wed, 03 Mar 2010 13:34:44 +0000

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 better terms. The program is slightly different depending on whether your loan is a Fannie Mae loan or a Freddie Mac loan. The Freddie Mac HARP program is much better because it allows you not to verify your income to qualify so really good for all you self employeed borrowers who have trouble verifying income.

You can look up your property address to see if it is Fannie or Freddie on Fannie Mae’s website at http://loanlookup.fanniemae.com/loanlookup/ and Freddie Mac’s webstie at https://ww3.freddiemac.com/corporate/

If your current loan is on either one of those websites then you can take advantage of the Delaware HARP refinance program. Please feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com for to apply or get more information.

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.

Federal Reserve Raises the Discount Rate by 0.25%

John Thomas — Tue, 23 Feb 2010 02:53:52 +0000

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 zero for an extended period of time.

The market was surprised by the Feds decision to increase the Discount Rate and responded by driving the yield on the treasury up. The Fed is also changing the loan term from 28 days to overnight. The Feds want to encourage banks to rely more on private funding and only use the Federal Reserve in emergencies.

Mortgage Rates did finish last week higher and the closer we get to March 31st could see rates move even higher. This is because the Federal Reserve is stopping their mortgage buying program on March 31st which has been the biggest cause of the low mortgage rates.

If you need to get qualified for a Delaware home loan for the purchase or refinance of a home in Delaware, feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com.

We can help you with Delaware FHA Loans, Delaware VA Loans, Delaware Conventional Loans, Delaware FHA 203k Rehab Loans, Delaware Hard Money Loans, Delaware Commercial Loans, and Delaware USDA Rural Housing Loans.

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage

302-703-0727 Office

Can you get a Delaware Mortgage if you own more than 4 properties?

John Thomas — Mon, 22 Feb 2010 04:11:22 +0000

Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough guidelines.

The guidelines are as follows for financing if you currently have 5 or more mortgages up to 10;

1) No cash-out only rate & term refinances or purchases

2) Must have 6 months of PITI for each property

3) Capped at 75% LTV

If you have questions, please feel free to contact me at 302-703-0727

John R. Thomas

Certified Mortgage Planner - Primary Residential Mortgage

42 Reads Way, New Castle, DE 19720

Delaware House Hunters deterred by Second Storm of 2010

John Thomas — Thu, 11 Feb 2010 03:49:11 +0000

Delaware home buyers have been kept inside searching on their computers after a second snow storm paralyzes the state. Snow began to fall shortly after 6:30 PM on Tuesday and kept going all through the day on Wednesday.
State offices were closed today February 10^th and state of emergency is in effect and will be in effect tomorrow Thursday February 11^th. Many homes in New Castle County Delaware were without power as Delmarva tried to restore power to its residents.
The winds have caused the snow to drift and temperatures have made plowed roads very icy. Delaware home buyers will have to wait till Friday or even the weekend in order to get and search for homes so they can take care of the tax credit that expires on April 30, 2010.
The snow should be cleared in time for the next Delaware First Time Home Buyer Seminar on February 27, 2010 at the Christiana Hilton Hotel in Newark, Delaware. There are two sessions you can choose from, 10 AM till Noon or 1:00 PM till 3:00 PM. If you would like to register, please feel free to call 302-588-3665 and ask for John Thomas or send an e-mail to DelawareMortgages@yahoo.com.
John R Thomas - Certified Mortgage Planner
Primary Residential Mortgage

42 Reads Way

New Castle, DE 19720

302-703-0727 Office

John R. Thomas passed National Mortgage Licensing Test with a 93% Score

John Thomas — Sun, 24 Jan 2010 18:07:22 +0000

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 education course. You should ask your loan officer for their national licensing number so that you can look them up on the national registry to verify they are licensed. If someone works for a Federally chartered Bank like Wells Fargo, Bank of America, Chase, etc. they are exempted from the licensing and the educational requirements. This means the person who is helping you with your home loan can only have a high school diploma and not licensing or educational requirements. So you may want to consider carefully who you choose to work with.

My National License Number is 38783.

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.

302-703-0727 DE Office 610-906-3109 PA Office 410-412-3319 MD Office

Delaware First Time Home Buyer Seminar - February 27, 2010

John Thomas — Sun, 24 Jan 2010 13:42:37 +0000

There will be a Free Delaware First Time Home Buyer Seminar on Saturday February 27, 2009 at 10:00 AM and again at 1:00 PM. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans. Learn how to get $8,000 First Time Home buyer tax credit or the $6,500 move up buyer tax credit for buying a home by June 30, 2010 That is a check for $8,000 or $6,500 from the IRS to you at tax time just for buying a home! The best thing is you don’t have to ever pay the money back!!

For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

John R. Thomas - Certified Mortgage Planner - FHA & USDA Specialist

Primary Residential Mortgage, Inc. 302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office