DSHA Homes for Grads Program
DSHA Homes for Grads Program is perfect for someone who has been kept from purchasing a home because of not being able to save for down payment and closing costs. The DSHA Preferred Plus Program with the Homes for Grads program provides down payment and closing costs assistance as well as reduced interest rate mortgage loans. Homes for Grads receive a 0.50% reduction in interest rate! For more information call John Thomas at 302-703-0727 or APPLY ONLINE NOW
Who is Eligible for the DSHA Homes for Grads Program?
In order to be eligible to apply for a Homes for Grad Home Loan you must have graduated from a college with a four year degree or higher. The borrower or co-borrower must have completed the required courses withing three years pf the date of reservation rate lock with DSHA.
You MUST provide the following documents to prove your are dates and level of education:
- Official Transcript from College
- Copy of Diploma
You MUST meet the requirements for DSHA’s homeownership loan program.
Minimum Credit Score of All Borrowers is a 620 middle score.
Applicants with middle credit score of 659 or below must participate in HUD approved housing counseling with a DSHA approved counseling agency in the State of Delaware.
The subject property may not have a mortgage loan amount above $417,000.
How Does the Program Work?
All applicants for the Delaware State Housing Authority Homes for Grads program can use the flexible, customizable down payment assistance program called the DSHA Preferred Plus Program. The preferred plus program provides a no interest second mortgage loan of 2 percent up to 5 percent of your total loan amount. The percentage of assistance you select will determine the interest rate on your DSHA first mortgage loan.
You can apply the preferred plus DPA toward down payment and/or closing costs.
The second mortgage loan must be repaid upon the sale of the home, transfer or refinance of the home, or when it is no longer your primary residence.
Homes for Grads borrowers will also receive a 0.50% reduction in the first mortgage interest rate for the life of the loan on any of the preferred plus DPA options.
Must Use one of the following mortgage loan programs through DSHA first mortgage program:
What are the Income Restrictions for the DSHA Homes for Grads Program?
Applicants for the Homes for Grads program must meet all the requirements set by DSHA and therefore must be under the household income limit that is set. The 2019 DSHA Income Limits are as follows:
How Do You Apply for the DSHA Homes for Grads Program?
If you meet the eligible requirements set forth by Delaware State Housing Authority for the program then all you need to do to apply is call 302-703-0727 or APPLY ONLINE with the John Thomas Team with Primary Residential Mortgage. We are certified by DSHA to provide all of the programs offered by Delaware State Housing Authority.