Current Delaware Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is my personal information safe?
Absolutely. Your privacy and security is of the utmost importance to us. After logging into this system, your information
is encrypted so your personal information cannot be accessed or viewed by anyone without the proper privileges. We
maintain the highest level of security and data encryption available throughout your loan process.
What are credit scores?
Your credit score is an indication of your payment habits. There can be mistakes on your credit report. You should make
an effort to correct these mistakes. You can review your credit record by ordering a copy of your credit report.
How long will I be required to have PMI on my loan?
The Homeowner’s Protection Act of 1998 allows borrowers whose loans originated after July 29, 1999, to request cancellation
of PMI at 80% loan to value LTV based on amortization or actual payments if the borrower has a good payment history, if
the borrower provides evidence the property value has not decreased, and certifies there are no subordinate liens on the
property. Borrower paid PMI will be terminated at 78% LTV based on the amortization schedule if the loan is current. If
none of the above is done, PMI will terminate automatically at the midpoint of the loan term.
What are FHA loans?
FHA loans are loans that fit under the guidelines set by the Federal Housing Administration, which is a
government agency under the direction of the Department of Housing and Urban Development HUD. Some
individuals may qualify under the guidelines set by FHA that would not qualify under the guidelines set by
Fannie Mae and Freddie Mac.
Steps to Getting a Delaware Mortgage?
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Mortgage Qualification Guidlines
1.For income from a second job to be considered as part of your qualifying income, you have to have a long history of at least two years receiving that second income as part of your toal earnings.
2. If you have been receiving income through child support, you should have been receiving income consistently. You would be required to submit a history of the payments made for the child support. Usually, if your child support status has just been awarded recently, it might not be considered as a qualifying source of income.
3. It is not advisable to apply for a mortgage loan while being involved in a lawsuit or any legal matter. You should prospone your application until that legal matter is settled and resolved before you could apply for a mortgage loan.
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Can I get a FHA?
The process of applying for an FHA loan is pretty much the same as applying for a conventional mortgage. You will need to provide verified proof of your income over the past three years – yet what qualifies as income is relaxed a bit. Social security, alimony, rent paid by other family members and such qualify as income under the FHA program. In addition, short-term debt doesn’t count against you (short-term is defined as being able to be paid off in less than 10 months).
