New Castle County DPS Program – Delaware First Time Home Buyer Down Payment Assistance Program
New Castle County DPS Program
New Castle County DPS Down Payment Assistance Program is a Delaware down payment assistance program for First Time Home Buyers to help with down payment and/or closing costs. The program will lend Delaware first time home buyers up to $5,000 that is recorded as a second mortgage loan against the property being purchased. The New Castle County DPS Program loan is an 8 year loan at 3% interest but payments are deferred for the first three years. In order to qualify for the program you must used a Delaware approved mortgage company. Call 302-703-0727 to apply for the program or to get more information.
New Castle County DPS Program – What are the income restrictions?
The program does have income restrictions based on the size of the household. Total household income may not exceed 80% of median income for the New Castle County, Delaware area. The 2016 income limits are as follows:
1 Person Household: $45,450
2 Person Household: $51,950
3 Person Household: $58,450
4 Person Household: $64,900
5 Person Household: $70,100
6 Person Household: $75,300
7 Person Household: $80,500
8 Person Household: $85,700
NCC DPS Down Payment Program Guidelines:
In order to qualify for the NCC DPS Down Payment Program, you must also be a Delaware first time home buyer. A Delaware first time home buyer for the New Castle County DPS Program is defined as not having owned a home in the last 3 years. If you owned a mobile home that you lease the lot then you still qualify as a first time home buyer. You must purchase the property as your primary residence and must occupy the property as your primary residence throughout the duration of the loan.
You are required to complete 8 hours of HUD approved home buyer counseling credit through a HUD approved counseling agency. You can take one of the free monthly introduction classes every month in Newark, DE and Dover, DE by visiting Delaware Home Buyer Seminars
NCC DPS Program – What are the property eligibility requirements?
In order for the property you are purchasing to be eligible it must be in New Castle County but outside the City of Wilmington. The maximum purchase is $379,500. The property must be inspected by an ASHI, NAHI or InterNACHI certified home inspector. The property must also have Visual Lead Inspection is built prior to 1978.
New Castle County DPS Settlement Assistance Program – What are the terms of the loan?
The terms of the NCC DPS second mortgage loan are as follows:
8 Year Loan with 2 Periods
Period 1: First 3 years – No payments required and no interest if paid off in first three years
Period 2: Remaining 5 years – requires monthly payments to New Castle County at 3% interest.
For more information or to apply for the program please call 302-703-0727 or you can APPLY ONLINE for New Castle County DPS
John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage, Inc.
248 E Chestnut Hill Rd
Newark, DE 19713
APPLY NOW for Mortgage Pre-Approval