I use these sites on occasion and found them usefull for refiance transactions

I have found that values have been a moving target and advise anyone to consult a liscened realestate appraiser.

Please feel free to post any other websites that would be handy

http://www.realestateabc.com/home-values/

http://realestate.yahoo.com/Homevalues

http://www.homeinsight.com/

http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular

https://www.quickenloans.com/mortgage-calculator/home-value

https://www.quickenloans.com/mortgage-calculator/home-value

and of course....

http://www.zillow.com/howto/Zestimate.htm

please add to the list!!

Borrowers participating in the Rural Development Program may have an income of up to 115% of the median income for the area. The allowable income depends on the county where the subject property is located and the number of members in the household. For more information regarding the income limits for this program, visit the income guidelines page on USDA Rural Development web site. 

Find the county or metropolitan statistical area (MSA) listed vertically on the chart for the subject property and the number of household members listed horizontally to find the gross income allowance. (There are two income lines for each county or MSA. The top line applies USDA's Direct housing program and the bottom line to USDA's Guaranteed housing program at the bottom. Use the bottom line.)

Common adjustments to the gross income include childcare for children 12 years and younger; a $480 deduction for each child under 18 years, 18 years or older and handicapped, or a full-time student who is not the applicant or spouse or co-applicant; and a $400 deduction for each elderly household member.

1 person   49,550

2 person   56,600

3 person   63,700

4 person   70,750

5 person   76,400

John Cashion

Wells Fargo Home Mortgage

250 Beiser Blvd Suite 201
Dover, Delaware 19904
302-672-1213 Tel
888-678-3250 Toll-free

302-242-1975 Cell

302-678-7134 Fax
john.w.cashion@wellsfargo.com

http://www.johncashion.com

All of Sussex County

in Kent County the City of Dover is ineligible

but the rest of the county qualifies

 No First-Time Buyer Requirement

The Rural Development Loan is available to borrowers in need of housing?even when they have owned a home in the past. The loan is also available to borrowers who currently have a home that is not in the local commuting area or is not structurally sound or functionally adequate.

Flexible Credit Criteria

The Rural Development Loan offers manual underwriting that benefits borrowers who have not yet established credit or who suffer from lagging credit scores despite a sustained recovery from past difficulties.

Our underwriters consider all factors, including extenuating circumstances, in order to make appropriate decisions regarding applicants who indicate a reasonable probability of successful homeownership. This gives an advantage to those who do not qualify for loan programs involving credit score based technology as the basis for loan approval.

No Down Payment

The Rural Development Loan offers financing up to 102 percent of the appraised value of the property. Therefore, a down payment is not required.

Financed Settlement Costs

The Rural Development Loan amount (based on value) above the purchase price may be used to pay related insurance premiums, loan closing costs, escrow deposits, and incidental expenses. With no down payment and financed settlement costs, borrowers can acquire homes with little or no money.

John Cashion

302-672-1213 Tel
888-678-3250 Toll-free

302-242-1975 Cell

302-678-7134 Fax
john.w.cashion@wellsfargo.com

http://www.johncashion.com

Listing Agents!

At Wells Fargo Home Mortgage, we understand the challenges you face in today's market.

The Wells Fargo Listing Edge^SM program offers you unique financing and marketing capabilities with the intent to give you the edge you need including:

• Special financing options
• Marketing
  • Financing flyers
  • Co-branded listing invitations
  • Yard signs
  • Reference in the MLS that special financing is available
  • Other promotional tools
• Single Source® financing expertise
• PriorityBuyer® preapproval
• Close-on-time^SM money-backed guarantee

https://www.wfhm.com/wfhm/john-cashio/index.page

REO Simplified

What does REO mean anyway? How is this different from the typical buying process? When considering a REO property - as with all properties - it is important to be well informed so you're well aware of the process from the first handshake through the closing.

Q. What does REO mean?
A. REO is an acronym for Real Estate Owned. REO is a financial industry term referring to properties that an institution has foreclosed upon and now owns.

Q. If I submit my offer directly to you rather than through the listing agent, will Premiere Asset Services accept a lower price?
A. We only accept offers that have been submitted through the listing agent. We price our properties in accordance with the local market and expect to sell at market value. As with any property listing, our asking price takes into account its condition as compared with the local market.

Q. After submitting my offer, how long should it take to receive a response?
A. We will provide either an offer acceptance or counter offer to our listing agent within 48 hours of receiving the offer from our listing agent. The listing agent will inform your buyer's agent of our response if you are working with a separate agent, or you directly. If an offer is submitted during the weekend, it will be reviewed on the next business day.

Q. What if the property requires repairs, either minor or substantial?
A. Make sure that you speak with the listing agent to ensure that you understand the terms of our listing clearly. In most cases, the property will be offered in an "as is" condition, with the list price reflecting its condition. When purchasing a property "as is", ensure you've done your homework to clearly understand the structural and mechanical condition of the building, HVAC, internal plumbing, the well and septic system. Depending upon the condition of these components of the home, the types of financing available may be impacted. However, there are special loan products available that will lend on the "after improved" value of the home thereby making it possible to purchase even the most neglected property and to make it the home of your dreams. For details, visit the Homebuying Resources

Here is a  link to receive Email listing properties that match your search criteria. You will receive an Email when properties are updated, if there are new properties that match your search criteria. Simply indicate the properties that interest you by selecting the appropriate criteria in the boxes below. Secondly, please provide your Email address and hit 'Save' to begin receiving Email Property Alert notifications.

http://www.pasreo.com/pasreo/public/emailAlert.do

Feel free to apply online https://www.wfhm.com/wfhm/fullapp/AccountSelection/submit.do

Only one major player in the mortgage market has never shifted to risk-based pricing - FHA, the largest federal mortgage program for first-time and minority buyers. But that may be about to change.

Beginning July 14th, FHA will now utilize risk based pricing for mortgage insurance, giving borrowers with better credit lower closing costs for the upfront premium. The monthly premium will increase by 1 basis point.

The current upfront premium of 1.5% will be dropped to 1.25% for borrowers with the middle FICO score above 600. For borrowers below 559, the premium will increase to 1.75%. Borrowers in between the two markers will remain the same. For loan to values above 97% which is most common, the premiums increase further...up to 2.25% for the worst credit with the highest LTV. The monthly premium for high LTV goes up to .55% which is considerably lower than conforming mortgage insurance.

This change in policy will reduce costs for borrowers with decent credit, but raise them for the least qualified borrowers. Other key changes in the FHA MI policy are lowering the upfront MIP to 1% on streamline refinances and not considering gift funds in determining risk for the LTV.

Can any one give me direction on the process for getting a condominium project FHA approved? Has anyone guided one through HUD? Or can you recomend anyone who would assist in this process? I know there is a couple of firms that specilize in it.

Any help is welcome.

I am not looking to get a 'spot approval' but to get the project on the approved list.

It is for a 1100 unit project that has already sold 3 phases out. The current owner occupancy is above 71%

it is a legaly phased project in sussex co delaware...

Single Family Mortgage Revenue Bond Program (SFMRB)

Commonly referred to as the First-Time Home Buyers Program, this statewide program provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a home in the past three years.

How To Apply

1. Contact a me and say you want to participate in this program
2. Make sure you (the borrower) meet all borrower requirements.
3. Ensure the property you want to purchase meets all property requirements.
4. Understand the loan terms, contract requirements, and related details.

Targeted Areas
Throughout this page the terms "targeted areas" and "non-targeted areas" are used. Different qualification requirements apply if a targeted or non-targeted area is selected by a borrower. You can see if the property you want to purchase is in a targeted area by clicking on a Census Tract number below.

• Borrowers purchasing in targeted areas do not have to meet first-time homebuyer status requirement.
• Targeted areas include the following Census Tracts:
  • New Castle County: 1, 7, 17, 20, 21 and 22. Or, see all tracts.
  • Kent County: 411 Or, see the CT 411 area.
  • Sussex County: none at this time
• Prior-issue targeted funds are still available.

Borrower Qualifications
To qualify, a borrower's current gross family income cannot exceed:

Notes

1. A first-time homebuyer is defined as a borrower who has not owned a principal residence in the past three years. (The only exception to this rule is a borrower purchasing a home in a targeted area.)
2. A mobile home on rented land or a temporary foundation does not count as homeownership.
3. Borrowers must provide copies of their federal tax returns for the past three years.

Property Qualifications
To qualify, a property's purchase price cannot exceed:

Notes

1. Purchase price limit includes all consideration passed from buyer to seller, including lot (if acquired less than two years before settlement), improvements such as well and septic, and the cost of the house.
2. A mobile home may be financed if it is deemed real estate, secured to a permanent foundation, and meets the standards of the mortgage lender and mortgage insurer.
3. Conventional loans with loan-to-values up to 100% are acceptable.
4. Lenders are advised to visit the Program Underwriting Manual for guidelines and more information.

Loan Terms

1. Interest rate is fixed for 6.25% for thirty years.
2. "Assisted Loan" interest rate is fixed for 6.75% for thirty years.
3. FHA, VA and RHS loans may be made under the mortgage program following FHA, VA and RHS underwriting guidelines.