FHA Loans in Delaware
Here is some great information on FHA Loans. FHA loans in Delaware are now the most popular loan in the marketplace! When the market was moving very fast and Conventional loans were offered at 100% loan to value ratio and even higher, FHA was on the brink of going out of business as sellers and their agents stayed away from them due to the highly stringent guidelines for repair items and possible seller paid fees.
FHA Loans in Delaware were rarely used and rarely accepted in that market place so they revamped their whole system and loosened up on their guidelines. Since then FHA has tightened up a little and increased their down payment requirement, but they are much easier to work with nowadays. With conventional loan guidelines tightening up and their down payments increasing, FHA Loans in Delaware are the way to go for many of today's buyers! Check out some great interest rates on FHA Loans in Delaware.
Don't miss out on the new and expanded $8,000 tax credit for First Time Buyers and the $6500 tax credit for existing homeowners!
Click here to search for a home and get more information. Call Dave and Diane Iliff at 302 234-6073 for more information on finding your home!
My work number 561-616-2661
My cell number 561-262-5366
FHA loans in Palm Beach Florida are gaining market share at an incredible pace. Four years ago very few sellers would accept an offer from a buyer who wanted to take advantage of FHA loans in Palm Beach Florida. This is because it was a sellers market. In fact most sellers wouldn't accept an offer that wasn't as is. This meant that the buyer would be responsible for any repairs needed to the property uncovered in the home inspection. Since they seller could just kill the contract, wait 2 weeks and more than likely have a higher priced offer to work with.
FHA loans in Palm Beach Florida were less than 5% of the market back then. Most sellers didn't want to be responsible for a tougher appraisal that most FHA loans were known for. In today's market most sellers would be happy for any offer. Since it is a buyers market now the added appraisal requirements no longer are an impediment to a offer being accepted. FHA loans in Palm Beach Florida now make up over 30% of the market. It is even higher in some counties.
With FHA loans being more popular, realtors closing agents and mortgage companies are getting more comfortable with them. This is great for homebuyers since they have some protections that most other loans do not have. These include streamline refinances and an assumable feature. Conventional loans do not have these same advantages. Also most conventional loans now require a 10% down payment compared to a 3.5% down payment for FHA loans in Palm Beach Florida.
FHA loans in Palm Beach Florida also have one other big advantage. The borrower can get the entire down payment as a gift. They can also have the seller pay up to 6% of the closing costs. The conventional loans are not as flexible with their requirements. You also don't need to be a first time home buyer to use FHA. You can only have one FHA loan at a time (except under rare circumstances), and it needs to be a primary residence. I would not be surprised to see the FHA loans in Palm Beach Florida secure an even greater market share in the coming year.
This Blog is my opinion and does not represent the views of my employer Wells Fargo Home Mortgage in any way.
Here is a fun mortgage calculator you can find at quiz-tree.com
Michael Cantwell
My website - www.Reno-Mike.com
My cell 877-226-3517 or local in Palm Beach County at 561-262-5366
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