(302) 703-0727

(302) 703-0727

New Castle County IDEA Down Payment Program

John Thomas December 9, 2016 Tags: , ,
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New Castle County IDEA Down Payment Program

A Delaware down payment assistance program that provides loans up to $5,000 at 0% interest is the New Castle County IDEA Down Payment Program.  IDEA stands for Innovative Development Empowerment Area and is a down payment and settlement assistance program to help home buyers purchasing homes in eligible census tracs in New Castle County Delaware.  Call 302-703-0727 to apply for the program or APPLY ONLINE

What is the New Castle County IDEA Program?

The IDEA provides home buyers with second mortgage loans at 0% for the purchase of homes in approved census trac areas for down payment and/or settlement assistance.  It is a 10 year loan at 0% interest with no required payments for the first year of the program then the loan will be paid back during the remaining 9 years on a monthly basis.

What are the requirements to qualify for the IDEA?

In order to be eligible for a New Castle County IDEA Loan you must meet the following requirements:

  • Purchasing the home as your primary residence
  • Purchase a home in an eligible census trac in New Castle County
  • You DO NOT have to be a first time home buyer
  • Home Must be inspected by certified home inspector
  • If house built prior to 1978, required to have a visual lead base paint inspection
  • Must be under the maximum household income for your household size
  • Must complete HUD Approved home buyer counseling
  • Max Selling Price of the Home is $379,500

The NCC IDEA may be combined only with other New Castle County down payment programs such as the New Castle County DPS Program.

What are the Maximum Household Income Limits for IDEA?

The IDEA Down Payment Program has maximum household income restrictions based on the number of people that are going to be living in the home.  The income of ALL people that will be living in the home must be considered whether they are going on the loan application or not.  The maximum household income is 120% of the median income.

The maximum household income limits for IDEA for 2016 are as follows:

  • 1 Person Household: $68,160
  • 2 Person Household: $77,880
  • 3 Person Household: $87,600
  • 4 Person Household: $97,320
  • 5 Person Household: $105,120
  • 6 Person Household: $112,920
  • 7 Person Household: $120,720
  • 8 Person Household: $128,520

Where are the eligible properties located?

Eligible homes to purchase with the NCC IDEA program are found in one of the following eligible census tracs:

101.01, 101.04, 107.02, 127.00, 129.00, 138.00, 141.00, 142.00, 148.08, 149.03, 149.07, 149.08, 150.00, 152.00, 154.00, 155.02, 156.00, 158.02, 160.00, 162.00, 163.05
The census tracs are located in Bear, Christiana, Claymont, Newark, Newport, and New Castle.

What are the Terms of the IDEA Down Payment Loan?

The New Castle County IDEA Loan is a 10 year loan at 0% and home buyers may borrower up to $5,000.  The loan will be recorded as a second mortgage loan against the property so it will be a lien.  Most home buyers use a FHA loan as the first mortgage to purchase the home and the IDEA as a second mortgage to help with down payment and/or settlement assistance.

The loan term is broken up into two parts, the first year and the 9 remaining years.  The first year has no required payment and no interest is charged,  The 9 remaining years require the home buyer to pay back the principle balance in monthly installments over 1o8 months.  There is no pre-payment penalty attached to the loan so you can the money back prior to the 10 year period.

Applying for NCC IDEA Down Payment Assistance Program

You can apply for the New Castle County IDEA Down Payment Program by calling 302-703-0727 or Apply Online at www.PRMILoanApplication.com

John R. Thomas – Branch Manager – NMLS 38783

Primary Residential Mortgage, Inc.

248 E Chestnut Hill Rd

Newark, DE 19713

302-703-0727 Office








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.