FHA mortgage loans are an excellent source of financing in the State of Delaware. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 414-303-1215 or via e-mail at msearing@mayfairmortgage.com.

If you have limited or even no established credit on your credit report, you may still qualify for FHA Financing with "alternative credit". You would need to show four sources of alternative tradelines paid on time for at least 1 year. Sources of alternative credit include rent, your electric bill, cable bill, cell phone, or any other monthly fee paid.

FHA allows for mobile home financing in the State of Delaware provided your mobile home is on a permanent foundation, was built after June 15, 1976, and if you own the land. FHA manufactured housing financing is particularly useful in Kent and Sussex Counties in Delaware. Contact your mortgage professional today at 414-303-1215 or msearing@mayfairmortgage.com for further information.

As of April 2007, the single family FHA Loan Limits for Delaware are as follows: $292,685 for New Castle County, $266,300 for Kent County, and $247,000 for Sussex County. The loan limits are higher for 2-4 unit properties. Consult your mortgage professional for more details on multi-family FHA Loan Limits in Delaware.

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy.

The Delaware State Housing Authority(DSHA) often has bond issues which can be used with FHA financing for reduced rates for first-time buyers. Inquire with your mortgage professional about any current bond issues being offered.

 

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