About Kent County, DE

We are all familiar with the final walk-through. You know, that magic (hold your breath) time just before settlement when the new owners walk through the home one last time before they sign all the papers. Well how about this little nightmare? (One of the agents in the office relayed this at our sales meeting the other day.) You take your clients through the house and everything is just as you expect it to be. Nice, clean, quiet, ready to move in. Then, the unthinkable happens. You turn the corner into the the kitchen and to your utter gut wrenching shock, you and your buyer discover- there is no kitchen! It's been gutted from top to bottom, front to back. Just the bare walls stand in testimony to what once was a kitchen. As you gasp and clutch your pearls, you feel a flush of red-hot blood coursing through your head and you see today's settlement slip right through your fingers and hit the floor like a echoing thud in a deep canyon. Your client screams "What the &*#*@ happened?"

And all that comes to your mind is Fred Sanford grasping his chest saying "I'm coming Elizabeth, I'm coming!" So how could this scenario happen? Well, a well meaning contractor, with a not-so-well meaning method, decided to take it upon himself to start remedying some of the repair work that was agreed upon between buyer and seller. The only trouble is, the contractor did not get permission to commence work, nor was he provided authorized access to enter the home. He evidently gained access through an unwitting Realtor that mistakingly left the combination lock unscrambled and the contractor made note of the combination on a previous visit. Talk about a sad day for everyone. Buyer and seller get delayed, REALTORS are dismayed, and contractor, well what a baaaad boy and what a legal mess he's created for himself. Lessons to be learned: For the REALTOR, never allow anyone access to your listing without you being present and if you must use a combination lock, never give out the combo. To the contractor, get your work in writing and never commence work without a written contract.

Delaware FHA Cash-Out Refinance, is often the best route for borrowers in the State of Delaware to go when refinancing their homes to consolidate debt, pay off a 1st and 2nd mortgage (be it a home equity loan, line of credit, or equity note), or to simply pull out some cash. Cash can be used for any reason, be it for home repairs, investments, debt consolidation, or college tuition. The main reason a Delaware FHA Cash-Out Refinance often makes the most sense is because Fannie Mae loans often have high pricing adjustments for credit scores falling under 740, and loan to values over 60%. With a Delaware FHA Cash-Out Refinance, fewer pricing hits apply all the way up to a loan against 85% of a home's value.

FHA Loan limits in the State of Delaware have increased in many areas as well for 2009. The current single family FHA loan limits are as follows: New Cast County: $420,000, Kent County: $376,250, and Sussex County: $376,000. Check here for FHA and Fannie Mae loan limits in your County in Delaware, or anywhere else in the US. 2-4 Unit Properties have a higher loan limit.

Many consumers here Delaware FHA Cash-Out Refinance and the first thought many consumers have is "I don't want monthly mortgage insurance and I don't want a Mortgage Insurance Premium of 1.75%". While it is true you WILL have both monthly MI and a Mortgage Insurance Premium on ALL 30 Year Delaware FHA Cash-Out Refinances, even those below an 80% Loan to Value, it may be more cost effective to go with an FHA Cash-Out Refinance rather than a traditional Fannie Mae loan. Here are a couple examples based on pricing as of 9/11/2009*:

#1: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 639

FHA Loan 5.25% (5.83% APR) 0 pts 1.75% MIP .55% Monthly MI

Fannie Mae Loan 5.625%(6.068 APR) 4pts N/A MIP NO MI

Fannie Mae pricing adjustment: 5.75 points, credit score under 640 to an 80% LTV

#2: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 675

FHA Loan 5.25% (5.79% APR) 0 pts 1.75% MIP .55% Monthly MI

Fannie Mae Loan 5.625%(5.88% APR) 2.5pts N/A MIP NO MI

Fannie Mae pricing adjustment: 4 points, credit score under 680 to an 80% LTV

These 2 cases can be argued to be a bit extreme, but the point is made: rates advertised often for Fannie Mae rates often don't take into account credit score adjustments made on loans these days. Couple this with the fact that FHA loans allow for a Delaware FHA Cash-Out Refinance up to 85% of a home's value and allow credit scores as low as 620 currently, and you will find an FHA loan will benefit more consumers. Another option gaining more notice as of late is the FHA 5/1 ARM as well, which offers interest rates in the 4's currently for Delaware FHA Cash-Out Refinance financing as well.

If you are considering refinancing, contact a mortgage professional who knows their way around the guidelines and pricing adjustments for various programs.

* Not a commitment to lend. Other programs available. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MO,MT, NJ, NY,PA,TX,SC,VA

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We would like to show our appreciation and gratitude to the members of our Armed Forces who have served our country in Iraq or Afghanistan, by offering "for free" the Florida classroom 63 hour Real Estate course. We will also extend this offer to the spouse of any member of the armed forces who is currently serving in Iraq or Afghanistan. (OEF/OIF Vets)

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I constantly have clients who insist on buying a home under short sale status. Here's my advise to those buyers that have this strange penchant for aggravation. There are some great buys out there, provided you are a very patient person.

If you are the type person that has to honk your horn at the car in front of you the micro-second the light turns green, if you are the type person that constantly checks your watch to see only 15 seconds has passed since you last checked it, if you are the type of person that jumps on the phone because the repairman has yet to show and it's only 30 seconds past the due time, or if you are the type of person that would rather run over the squirrel in the road rather than wasting a split second by braking, then perhaps a short sale may not be what you are looking for. On the other hand, if you are the type of person that can sit for hours on end and simply stare off into space (alcohol stupor notwithstanding,) the type of person that can hold off eating this week because your local grocer is going to have a big sale next week, or the type of person that can actually watch paint dry, then perhaps you have what it takes to join the short sale market.

While it may be uncommon, most short sales are anything but short on time, and very long on aggravation and heartache. The purchase you may want to make, may have 3 or 4 offers already sitting on the assest manager's desk and they are simply waiting for... who knows what! Your offer can be rejected without you ever finding out about it, or finding out it was rejected 3 months ago, it may be rejected only to have a lesser offer ultimately accepted, your offer may be rejected if you are a cash buyer. Meanwhile, the other sweet home you were considering while your short sale offer was tendered, may be gone, and in most instances already settled before you finally get the call your offer was rejected.

So, if you insist on telling me you must have a short sale home and you are an impatient person, please don't blame me when things don't go your way and please don't blow your horn at me. On the other hand, if you want a short sale home, and you have nothing but time on your side, let's do it! Just keep in mind, you can blow your horn all you want, I can't make the light turn green.

On Oct 5, 2009, the Kent County Department of Public Safety will be holding an open meeting to present the update of the Hazard Identification and Risk Assessment (HIRA) and to get your input. The meeting will be held at 6:00 p.m. at the Kent County Emergency Services Building on Rt 113. If you have an interest in properties located in hazard-prone areas, or have property that could be affected by regulatory changes, be sure to attend. This is the first public meeting in the planning process. The second meeting will be on Oct 21, 2009 to present to the public further updates.