The House of Representatives and the Senate passed a bill to extend the First Time Home Buyer Tax Credit for up to $8,000. The new tax credit starts December 1, 2009 and goes to April 30, 2009. Congress also added $6,500 tax credit for move up buyers. In order to qualify you must have owned your current principal residence for the last 5 years or more.
You must own the home you buy for the next 3 years in order to not have to pay the money back. The income limits have also been increased. Single = $125,000 and Joint = $250,000.
For more information please feel free to call me at 302-703-727 or send an e-mail to DelawareMortgages@yahoo.com
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.
The mortgage bonds had a nice rally today and most lenders repriced for the better today for rates. The rally comes after 3 days of selling in the bond market. The rates have improved today on good results from the treasury auction today and consumer confidence coming in weaker than expected. This has caused a rally in the bond market.
If you have been floating you may want to lock in these gains as there are more treasury auction coming this weak which if not received well will cause a sell off in bonds.
My recommendation is to lock in your Delaware Mortgage Rate for Tuesday October 27, 2009.
If you need advice or help with a Delaware Home Loan please feel free to send me an e-mail to DelawareMortgages@yahoo.com or call me at 302-703-0727.
John R. Thomas - Certifed Mortgage Planner - Primary Residential Mortgage, Inc.
Free Delaware First Time Home Buyer Seminar - November 21, 2009 at the Christiana Hilton Hotel in Newark, DE from 10 AM till Noon and again from 1 PM till 3 PM. Call 302-588-3665 to register or send an e-mail to DelawareMortgages@yahoo.com
The US Senate is expected to vote on the bill that will extend the First Time Home Buyer Tax credit. The Senate is expected to pass the extension. Experts believe the extension will be for 6 months and will stay at $8,000 for First Time Home Buyers only. The extension is beleived crucial for helping the home market continue to recover.
If you would like to learn more about qualifying for the first time home buyer tax credit or interested in seeing if you qualify for a mortgage, please feel free to e-mail me at DelawareMortgages@yahoo.com or call 302-703-0727.
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage
If your current mortgage rate is 6.0% or higher then you can refinance to lower your rate and save thousands of dollars in interest. Rates are at an all time record low and the government has made it easier for you to qualify to lower your rate.
If you have a Delaware FHA loan currently you can do an FHA streamline refinance to lower your rate and not have to have an appraisal. We don’t need to verify your income or your assets or your property value.
If you have a Delaware VA loan currently you can do a VA rate reduction refinance. Similar to FHA streamline, we don’t need to verify income, assets, or property value.
If you have a Conventional Mortgage that is backed by Fannie Mae or Freddie Mac you can take care of the Obama plan to refinance your home for up to 125% of the appraised value. Rates are Low!!
Call now to get a free consultation from a national mortgage bank with local Delaware branches. 302-588-3665. Ask for John Thomas or send an e-mail to DelawareMortgages@yahoo.com
There will be a Free Delaware First Time Home Buyer Seminar on Saturday November 21, 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 tax credit for buying a home. in 2009 That is a check for $8,000 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 $8,000 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
Once you have found the right property, the next step is to make a purchase offer to the seller. Here are the steps you should follow;
Step 1 - Determine the price you want to offer
The price the seller is asking may or may not reflect realistic market value.
The best way to determine market value is with a Comparative Market Analysis (CMA) showing similar properties that sold recently, those that are currently active on the market and those that are currently active on the market and those that failed to sell.
Step 2 - Decide on Financing
Review your loan approval with your loan officer to make sure you are qualified to make the offer
Review the loan programs that are available and decide which best fits your needs.
Step 3 - Decide on other issues that are important
Items of personal property that you want to include with the house.
Warranty, Inspections, repairs or other home enhancements by the seller.
Closing date and possession.
Step 4 - Present offer to Seller
Seller will have three options: accept your offer as it is presented; reject it completely; or propose adjustments to your offer (counteroffer)
If there is a counteroffer, you can choose whether to accept it, reject it or counter it.
Step 5 - Accepted Contract
Once your offer is accepted you are officially under contract
Appraisal is ordered, title search is ordered, inspections are ordered, and official loan applicaiton is made.
If you have questions on buying a home or would like to receive a Free Home Buying Handbook, please e-mail me at DelawareMortgages@yahoo.com
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.
5 Important Ways to Protect Your Interests during a home purchase
1) A Written property disclosure statement from the seller will reveal any problems with the house and the surrounding area that you need to know about.
2) Professional Inspections can reveal structural, roof, termite, and other problems with the property that the seller will need to remedy.
3) A home Warranty can give you peace of mind by providing repair-or-replace coverage of major home operating systems and appliances.
4) A preliminary title report informs you of any problems with the property's title and a policy of title insurance protects your rights to the property.
5) A walk-through before closing will allow you to make sure all required work has been taken care of and that the property is ready to become yours.
For more information on the home buying process or for a free Home Buying Handbook, please e-mail me at DelawareMortgages@yahoo.com
John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage
There is still room left for both sessions of the First Time Home Buyer Seminar on October 24, 2009 at the Christiana Hilton Hotel in Newark, DE. The first session is from 10 AM till Noon and the 2nd session is from 1 PM till 3 PM.
We will be covering Delaware FHA loans, Delaware USDA rural housing loans, DE VA loans, DE conventional loans, DE 203k Rehab loans, and Delaware First Time Home Buyer programs.
Each participate will recieve free Home Buying Handbook and free credit handbook.
Delaware Mortgage Rates improved slightly today Tuesday October 20, 2009 based on the reading on inflation coming out better than expected. Next month's number for inflation will probably much worse than expected because oil has hit almost $80 a barrel and the dollar is very weak against other currencies. This is all inflationary which is bad news for mortgage rates next month. This all means now is the best time to refinance your current mortgage or to buy a new home.
If you need help with a home loan feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com
John Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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