(302) 703-0727

(302) 703-0727

New Castle County DPS Program – Delaware First Time Home Buyer Down Payment Assistance Program

John Thomas July 14, 2012 Tags: , , , , ,
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New Castle County DPS Program 2022

New Castle County DPS ProgramNew Castle County DPS Down Payment Assistance Program 2022 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 $10,000 that is recorded as a second mortgage loan against the property being purchased.  The New Castle County DPS Program loan is an 15-year loan at 0% interest but payments are deferred for the first two years.  In order to qualify for the program, you must use a Delaware approved mortgage company.  Call 302-703-0727 to apply for the program or to get more information or APPLY ONLINE.

New Castle County DPS Program – What are the income restrictions for 2022?

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 2022 income limits are as follows:

1 Person Household: $59,050
2 Person Household: $67,450
3 Person Household: $75,900
4 Person Household: $84,300
5 Person Household: $91,050
6 Person Household: $97,800
7 Person Household: $104,550
8 Person Household: $111,300

New Castle County DPS Program

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 by visiting Delaware Home Buyer Seminars

Borrower must contribute a minimum of $500 of their own money into the transaction.  Borrowers Debt to Income Ratio (DTI) cannot exceed 52% for  total debt to income.

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 $477,250.  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.

The Following are Eligible Property Types for the New Castle County DPA Program:

  • Single Family Residence
  • Townhouses
  • Row Homes
  • Condominiums
  • Manufactured Homes

New Castle County Down Payment Assistance Program

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:

15 Year Loan term with 2 Periods
Period 1: First 2 years – No payments required and no interest charged

Period 2: Remaining 13 years – requires monthly payments to New Castle County at 0% interest.

Each home buyer must also obtain a first mortgage from an approved Delaware Mortgage Lender.  The eligible mortgage loan types are as follows:

  1. FHA Loan
  2. VA Loan
  3. Conventional Loan
  4. USDA Rural Housing Loan

How do you apply for the New Castle County DPS Loan?

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 – 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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