New Castle County Vacant Home Purchase Program for Delaware
New Castle County Vacant Home Purchase Program commonly called VHAP rolled out November 2, 2011. This is a Delaware down payment assistance program for specific zip codes in New Castle County, Delaware. You can apply for the program by calling 302-703-0727.
The NCC Homeowner Vacant Home Purchase Program (VHAP) is a deferred loan for up to $10,000 for down payment assistance and/or closing costs that are secured against the property as second mortgage lien. The borrower must occupy the property as their primary residence. You DO NOT have to be a first time home buyer.
The loan is for homebuyers that are purchasing homes in the following zip codes: 19701, 19702, 19709, 19720, 19802, and 19805. The loan is for 6% of the purchase price up to a maximum of $10,000. The interest rate is 0% and there are no monthly payments required. If you live in the property for 5 years as primary residence loan is forgiven and you owe nothing.
The maximum sales price is $335,400 and all properties must be inspected by ASHI or NACHI certified home inspectors. All homes built before 1978 must also have a visual lead inspection done by a certified lead-based paint inspector but no repairs are required. You must buy the property at 1% below appraised value.
The borrower complete 8 hours of home counseling with a New CastleCounty recognized HUD-approved housing counseling agency.
Eligible Income Limitations for VHAP Program for 2011
Household size Maximum Income
1 Person $67,550
2 Person $77,200
3 Person $86,850
4 Person $96,500
5 Person $104,200
6 Person $111,900
7 Person $119,650
8 Person $127,350
PROS:
- No payments, no interest for 5 years then forgiven!
- Can use any first mortgage program and approved lender
- High-Income Restrictions
- Not counted in DTI calculations
CONS:
- Must buy in 19701, 19702, 19709, 19720, 19802, 19805
- Must buy vacant property
- Must live in the property for the next 5 years as a primary residence
You can apply for the program by calling 302-703-0727 or you can APPLY ONLINE HERE.
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
