Delaware Valley Real Estate - OnPoint with Letitia Stevenson

DSHA Update August 15, 2011 - Rate Change (Delaware First Time Home Buyers Program)

DSHA has reduced the interest rates under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years.

Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change): 

• 3.5% (formerly 4.25%) - New, Existing or 203K Acquisition/Rehab Homes Loans (without SMAL)
• 4.5% (formerly 4.875%) - New, Existing or 203K Acquisition/Rehab Homes Loans (with SMAL)

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender).

 If you have any real estate questions, please contact me (Letitia Stevenson).

DSHA Update June 30, 2011 - Rate Change (Delaware First Time Home Buyers Program)

DSHA has changed interest rates under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years.

Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change): 

• 4.25% - New, Existing or 203K Acquisition/Rehab Homes Loans (without SMAL)
• 4.875% - New, Existing or 203K Acquisition/Rehab Homes Loans (with SMAL)

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender).

 If you have any real estate questions, please contact me (Letitia Stevenson).

DSHA 2010 Top Producing Lender: Trident Mortgage (Delaware First Time Home Buyers Program) 

Trident Mortgage Did It Again... Two (2) Years in a Row! Trident Mortgage Company (a member of Prudential Fox & Roach and Trident family of companies) was recently recognized by the Delaware State Housing Authority (DSHA) as 2010 Top Performing Lender for assisting first time homebuyers with DSHA's affordable homeownership programs. 

Trident Mortgage Company's Delaware team consist of five (5) professional Mortgage Consultants. I would like to give special mention to Gail Frederick, a Trident Mortgage Consultant in the Greenville Office. Gail has effectively assisted my clients with DSHA's first time home buyer program. 

Gail Frederick is a long-time mortgage professional with more than 20 years in the business. She has secured financing for her wide range of clients by satisfying their needs through hard work, quick response to any and all questions, and attention to detail. 

The content provided in this post is presented as a courtesy to be used only for informational purposes. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage, or, contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update December 28, 2010 - Rate Change (Delaware First Time Home Buyers Program)

DSHA has changed interest rates for new and existing home mortgages under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e.,  buyers who have not owned a principal residence within the past three years.

Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change): 

4.125% - Existing Homes (previously 3.99%)

3.625% - New Homes (previously 3.49%)

3.49% - 203K Acquisition/Rehab Homes (remains unchanged)

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2009 Top Producing Lender), or, contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update December 02, 2010 - Adds 203K Rehab Loan - Rate 3.49% (Delaware First Time Home Buyers Program)

DSHA adds a new product "203K Rehab Loan" to the Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e.,  buyers who have not owned a principal residence within the past three years. Eligible veterans are exempt from the 3 years rule, i.e., they may take advantage of this program, regardless of whether or not they have previously owned a home.

203K Streamline Loan Highlights:   

Rate*: 3.49%

General Purpose: allows buyer to purchase home and finance repairs, e.g., new windows, roof, painting, flooring, etc., making it possible for the buyers to purchase a home that needs some Tender Loving Care (TLC). 

Minimum: None

Maximum: $35,000

*As of this post. Subject to change.

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online or contact a participating mortgage lender/mortgage consultant. Or, call DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover), or toll free at 888-363-8808.

If you would like a list of DSHA's participating lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update November 2010 - Plans to Add FHA 203K Rehab Loan! (Delaware First Time Home Buyers Program)

I just received notification from Gail Frederick (Mortgage Consultant, Trident Mortgage Company) that the Delaware State Housing Authority (DSHA) is planning to add the FHA 203K program to their the Delaware First Time Home Buyers Program (SFMRB).

This is Great News for first-time home buyers! Qualified first-time buyers will have the opportunity to purchase and rehabilitate their new home while taking advantage of below-market interest rates.  The Second Mortgage Assistance Loan (SMAL) will also be available to assist with the down payment and closing costs.

DSHA hopes to roll out the program by the end of the year.  I'll keep you posted, so check back often for changes and updates.

Gail Frederick is a long-time mortgage professional with more than 20 years in the business. She has secured financing for her wide range of clients by satisfying their needs through hard work, quick response and attention to detail. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online or contact a participating mortgage lender/mortgage consultant. Or, call DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover), or toll free at 888-363-8808.

If you would like a list of DSHA's participating lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update September 2010 - 3.99% Rate Historic Low (Delaware First Time Home Buyers Program)

Delaware State Housing Authority (DSHA) has reduced first-time buyer rate to 3.99% - a historically low rate. The low interest rate for the First-Time Homebuyers Program on a 30-year mortgage with zero points can be combined with a deferred second mortgage up to $10,000 for down payment and/or closing cost assistance through DSHA's Second Mortgage Assistance Loan (SMAL).

The Delaware First Time Home Buyers Program offers two types of mortgages: the low-rate option and the assisted loan option with a slightly higher interest rate, which gives the borrower a grant equal to 2% of the mortgage amount. All mortgages are for 30 years, with a fixed interest rate. For the purpose of this program, a first-time homebuyer is defined as one who has not owned a principal residence within the past three years.

Qualified buyers can use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information and updates on DSHA's affordable homebuyers programs, please contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2009 Top Producing Lender), or, contact DSHA at 302.577.5001 in Wilmington, 302.739.4263 in Dover or toll free at 888-363-8808. Or, visit DSHA's Homeowenership online.

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA 2009 Top Producing Lender: Trident Mortgage (Delaware First Time Home Buyers Program) 

Trident Mortgage Company (a member of Prudential Fox & Roach and Trident family of companies) was recently recognized by the Delaware State Housing Authority (DSHA) as 2009 Top Performing Lender (out of 22 lenders participating in the bond program) for assisting 100+ first time homebuyers with DSHA's affordable homeownership programs.

Trident Mortgage Company's Delaware team consist of five (5) professional Mortgage Consultants. I would like to give special mention to Gail Frederick, a Trident Mortgage Consultant in the Greenville Office. Gail has effectively assisted my clients with DSHA's first time home buyer program. 

Gail Frederick is a long-time mortgage professional with more than 20 years in the business. She has secured financing for her wide range of clients by satisfying their needs through hard work, quick response to any and all questions, and attention to detail. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage, or contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update March 2010 - Interest Rate Change (Delaware First Time Home Buyers Program)

Delaware State Housing Authority (DSHA) has lowered its loan rates for qualified buyers using the Single Family Mortgage Revenue Bond (SFMRB) program, commonly referred to as the Delaware First Time Home Buyers Program.

Current interest rates (as of this post, subject to change): 

     4.55% - 1.50 points for FHA - 30 yr. fixed

    4.90% - 0 points for FHA - 30 yr. fixed

The Delaware First Time Home Buyers Program offers two types of mortgages: the low-rate option has an interest rate of 4.55% with 1.50 points - or 4.90% with 0 points; and the assisted loan option has a slightly higher interest rate at 5.70%, which gives the borrower a grant equal to 2% of the mortgage amount. All mortgages are for 30 years, with a fixed interest rate.

Qualified buyers can use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

In New Castle County, income limit for 1-2 person household is $77,800, and sale price limit $366,990. In Kent and Sussex Counties, income limit for 1-2 person household is $70,800. Sale price limit is $328,762 in Kent County and $327,670 in Sussex County. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2009 Top Producing Lender), or, contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

DSHA Update August 2009 - New Bond Money $35M (Delaware First Time Home Buyers Program)

I just received notification from Gail Frederick (Mortgage Consultant, Trident Mortgage Company) that the Delaware State Housing Authority (DSHA) has just released $35 million in new bond money for 2009. The Single Family Mortgage Revenue Bond Program (SFMRB) provides low-interest first mortgage financing for Delaware first-time home buyers in low-to-middle income brackets. This program is commonly referred to as the Delaware First Time Home Buyers Program. For the purpose of this program, a first-time homebuyer is defined as one who has not owned a principal residence within the past three years.

Funds are available throughout the state from various lenders on a first-come, first-served basis. The program's lending institutions will offer 5.90% (0 Points) and 5.65% (1.50 points) interest rates, or 6.40% if a borrower gets a grant for the down payment and other loan costs. 

For eligibility, the gross income level is limited to $70,800 for an individual or a two-person household in Kent and Sussex Counties and to $77,800 in New Castle County. For larger households, the income limits are $81,420 and $89,470, respectively.  The maximum purchase price for an existing home in New Castle County is $366,990. The maximum is $328,762 in Kent County and $327,670 in Sussex County.

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2009 Top Producing Lender), or, contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.