Success Story #1

A single female client was referred to us by a realtor. She wanted to move out of her doublewide manufactured home in a park into a stick built home. The home she wanted to purchase was a bank foreclosure and needed some work. The appraisal was done and was found to have a value of $172,000 after the repairs would be done. The purchase price was $145,000 and the seller had agreed to pay $8700 (6%) in sellers help toward closing costs. The selling agent, the client’s boyfriend and her cousin pitched in during two weekends to help make the repairs. The appraiser went back out and took pictures of the completed work.    

The loan product was a USDA Guaranteed Loan with 100% financing and no limit on sellers help. There is a 2% funding fee which was added to the loan amount much like a VA loan is calculated. There is no private mortgage insurance so that helps keep the payment amount down.

Our client actually received $350 at closing because she had paid an earnest money deposit. She ended up with a $172,000 home with only a $147,900 loan amount; $24,100 (15%) built in equity right from the start.  What a nice beginning for her.

This is one of the reasons we enjoy what we do so much.

Success Story #2

A single female client was referred to us by a realtor. She wanted to move out of her doublewide manufactured home in a park into a stick built home. The home she wanted to purchase was a bank foreclosure and needed some work. The appraisal was done and was found to have a value of $172,000 after the repairs would be done. The purchase price was $145,000 and the seller had agreed to pay $8700 (6%) in sellers help toward closing costs. The selling agent, the client’s boyfriend and her cousin pitched in during two weekends to help make the repairs. The appraiser went back out and took pictures of the completed work.    

The loan product was a USDA Guaranteed Loan with 100% financing and no limit on sellers help. There is a 2% funding fee which was added to the loan amount much like a VA loan is calculated. There is no private mortgage insurance so that helps keep the payment amount down.

Our client actually received $350 at closing because she had paid an earnest money deposit. She ended up with a $172,000 home with only a $147,900 loan amount; $24,100 (15%) built in equity right from the start.  What a nice beginning for her. This is one of the reasons we enjoy what we do so much.    

Success Story #3

A young family wanted to purchase their first home. They were renting for $675 per month. They found a 4 bedroom home for $96,000 on over one acre. The seller agreed to pay the closing costs for the buyers. The total housing payment including taxes and insurance is $620 per month. This again is the USDA 100% Guarantee Rural Housing Home Loan. It is a 30 year fixed rate loan. They were reimbursed some funds at closing.  The family moved in and are now paying $55 less each month than they were paying in rent. They amended their 2008 tax return and claimed the $8000 tax credit. Wow! What a deal!

Success Story #4

A young woman wanted to purchase a brand new home and offered $189,900. The home is 1551 square feet and has 3 bedrooms and 2 bathrooms. The seller agreed to pay 3% sellers help toward her closing costs. She qualified for a USDA 100% Guarantee Rural Housing Home Loan. The sales agreement was fully signed on May 6 and she had closing on June 18.  She also is entitled to receive the $8000 tax credit.

Local businesses have benefitted from these home sales. They each were referred to our company by a local realtor, a local appraiser was engaged, their closings were handled by local attorneys and the insurance was obtained through local insurance agents. The $8000 tax credits were also spent locally. If you or someone you know would like to have a home buying or refinancing success story in their life, let us know. We’d love to help make that happen.  

The Mortgage Market of Delaware is located on Route 113 in the Sussex Professional Center in Milford. 401 S DuPont Boulevard Milford, DE 19963. 302.422.4414.