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Dover, DE

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JD Power and Associates Ranks Keller Williams Realty in the Leader Position

09-02-09
Tom Schoenbeck
Tom Schoenbeck: Real Estate Agent in Lewes, DE
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  • Office: (302) 677-1356
  • Mobile: (302) 632-7407

For the second year in a row, JD Power and Associates have ranked Keller Williams Realty the number one firm in overall customer satisfaction. This is a hard earned award for all brokerage firms and agents across the nation. As a member of Keller Williams Realty, I am proud to be associated with this award winning family of associates.

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FHA Still Outpaces the Rest

09-02-09
Tom Schoenbeck
Tom Schoenbeck: Real Estate Agent in Lewes, DE
  • view my blog
  • Office: (302) 677-1356
  • Mobile: (302) 632-7407
FHA on track for busiest year as it backs 23% of mortgages
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If you are still sitting on the fence waiting for the market to improve, here's more good news for you. By many accounts, our housing market is showing great signs of recovery. One of those signs is the financial health and the flow of money. When it comes to financing your new home, take a good look at an FHA loan. According to USA Today, FHA seems to be having a banner year. While FHA does not make loans, they do guarantee home loans through approved FHA underwriters.

By Stephanie Armour, USA TODAY, Sep 2, 2009

Almost a year after the federal government launched its rescue of the housing market, nearly one in four new mortgages is insured by the Federal Housing Administration.

With less than a month to go in the 2009 fiscal year, the FHA is on pace for its busiest year. From Oct. 1 through mid-August, applications for FHA single-family-home mortgages were up 50%, to 2.52 million, from the same period a year earlier. Approvals for purchases, refinancings and reverse mortgages rose 70% to 1.67 million.

Eighty percent of the FHA mortgages for purchasing homes went to first-time buyers drawn to the FHA's low-down payment requirements, starting at 3.5%. Private lenders making conventional loans typically require at least 10% down. The FHA's market share, about 3% in 2006, has swollen to more than 23%. With credit still tight, many borrowers could not get a mortgage without FHA help. FHA loans "are one of the most important sources in this market," says Mark Zandi of Moody's Economy.com. "Without FHA, the housing slide would be much more severe. We wouldn't be talking about a recovery now. We'd still be talking about a crash."

FHA loans also have become more popular because of the demise of many subprime lenders, which sometimes allowed buyers to purchase a property with nothing down and no documentation of income. In addition, FHA increased its loan limits at the beginning of the year. Previously, the maximum had been $362,790. The new ceiling raised that to $729,750 in high-cost areas such as Boston, New York and Washington, D.C.

Also fueling demand for FHA-insured loans is this year's tax credit of up to $8,000 for first-time home buyers.

Foreclosures on homes with FHA mortgages rose to 1.76% in June from 1.6% a year ago, and the default rate - for mortgages 90 days or more delinquent - was 6.88%, up from 5.57%. Borrowers with FHA-insured loans now have average credit scores of about 690, compared with about 630 two years ago. FHA also has tightened lending standards, requiring a 10% down payment for those with credit scores below 500.
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No HVCC on the Horizon in Dover DE?

08-31-09
Tom Schoenbeck
Tom Schoenbeck: Real Estate Agent in Lewes, DE
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  • Office: (302) 677-1356
  • Mobile: (302) 632-7407

According to the National Association of Realtors The Washington Report, post, Aug 31, 2009, it appears FHA is not (currently) supporting the Home Valuation Code of Conduct for real estate appraisers: National Mortgage News recently reported that, according to the National Association of Mortgage Brokers (NAMB), the Federal Housing Administration (FHA) will not implement the Home Valuation Code of Conduct (HVCC) for its mortgage insurance programs. According to the article, FHA Commissioner David H. Stevens met with a delegation from NAMB and discussed a variety of topics. After talking with HUD, NAR believes it is clear that FHA supports much of what the Code has accomplished. FHA is currently reviewing its appraisal policies and may adopt changes that take HVCC into account.

I think this could be of tremendous benefit for solidly financed home sales as long as direct lending staff holds to the provided prohibitions of keeping their hands out of the appraisal process.

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What's the Current Market Look Like in Dover DE?

08-28-09
Tom Schoenbeck
Tom Schoenbeck: Real Estate Agent in Lewes, DE
  • view my blog
  • Office: (302) 677-1356
  • Mobile: (302) 632-7407

According to TREND, the tri-state MLS, it appears our local market in Kent County is beginning to rebound slightly. In the 2nd quarter the average home sale price rose slightly from last quarter, from $200,700 to $200,800. Not a significant increase by any means, but it does demonstrate a positive shift. The number of homes sold however, increased from a previous quarterly 201 to 300 single family home sales, a 49% increase, and that is a significant number. Housing starts broke from the gate from a previous quarter of 119 to 149 new homes being built this past quarter, and the number of days on the market dropped from 114 to 105.

The question is, which homes are selling? The highest number of homes sold were in the $150,000 to $199,000 category, 3-bedroom and 4-bedroom homes, 32 and 6 respectively. In the $200,000 to $249,000 range, there were 17, 3-bedroom and 15, 4-bedroom homes sold. The mid range 3-bedroom, 150K to 199K homes continue to outpace the rest.

And how long did it take to sell these gems? The best sellers were the 28 homes that sold within 30 days, 21 homes sold in 31 to 60 days, and the final top performers were in the 91 to 120 day range with 24 homes making it to settlement.

And what about the money market, where do we stand right now? According to Freddie Mac, a 30-year conforming loan with 20% down hovers at 5.14% And FHA continues to lead the pack in financing. Put the entire picture together in comparison to this time last year, and leading indicators appear to show an infusion of money, housing starts, and movement of resale homes, all healthy signs of a economic upswing.

If you are still one of those buyers sitting on the fence, your time is diminishing for snapping up a steal, but there are still plenty of opportunities to take part in the American Dream of home ownership. Call your REALTOR today and make it happen!

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100% Financing!

08-24-09
Kayla Pearce - Real Estate Agent, Milford Delaware
Kayla Pearce - Real Estate Agent, Milford Delaware: Real Estate Agent in Milford, DE
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  • Office: (302) 422-8200
  • Mobile: (302) 331-9459

Things to know about!

USDA: Rural Development

Guaranteed Rural Housing Program

  • Must be a fixed rate loan for 30 years
  • Must be compliant with VA rate plus 60 basis points
  • No maximum mortgage limit
  • Adjusted Income Limits:
Kent County & Sussex County:

1 to 4 people: $74,050
5 to 8 people: $97,750

New Castle County:

1 to 4 people: $89,500

5 to 8 people: $118,150

  • You must be planning to occupy the dwelling on a permanent basis
  • Can not presently own a dwelling in the local commuting area (within 50 miles from present employment).
  • You do NOT have to be a first time home buyer.
  • No minimum credit score but there are unacceptable indicators.
  • Credit score of 620 or higher qualify for streamlined documentation. This means no documentations or explanations will be required for any problems on credit history (except Federal debt or Agency Loan).
  • Credit is always evaluated on a case by case basis.
  • A guarantee fee of 2% is charged by the Rural Development to the total loan amount.
  • This fee can be included in the loan, so the maximum loan amount may be 102% of the appraised value.
  • Closing costs & lender’s fee may also be included in the loan amount, but only if the appraisal value of the property allows.

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