(302) 703-0727

(302) 703-0727

Delaware FHA 203k Loans – Can you still use Down Payment Assistance?

John Thomas March 17, 2010 Tags: , ,

Delaware FHA 203k Rehab Loans are used to repair or renovate properties all in one loan when you purchase a property. A typical question for a first time home buyer is if you can use one of the down payment assistance programs with an FHA 203k loan such as the Delaware State Bond Program. The answer is “no” because the bond loan is originated by a bank and then bought by the Bond program investor.

The 203k Loan can’t be bought right away because a repair escrow is set up for the repairs to be done and the distribution of those funds must be managed by the lender which the bond investor is not going to do.  Most down payment assistance programs also require that the property meet occupancy requirements.

If you have questions on buying a home in Delaware with an FHA 203k loan feel free to contact me at 302-703-0727. I am a local rehab and renovation loan specialist that can help you with applying for an FHA 203k loan. You can APPLY ONLINE for a 203k Loan.

You can also purchase a copy of  Your Guide to Buying Your First Home in Delaware Book which has a chapter on Delaware FHA 203k Loans.

You can also register for one of our monthly Free Delaware First Time Home Buyer Seminars


John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713


About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

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