New Castle County ReVaMP Down Payment Program
New Castle County ReVaMP Down Payment Program
New Castle County ReVaMP Down Payment Program launches October 26, 2016 and is a 5 year forgivable loan of up to $5,000 for the purchase of a vacant home in designated census tracts in New Castle County Delaware. ReVaMP abbreviation for Remediating Vacancies, Making Progress Down Payment and Settlement Assistance Program. The Delaware down payment assistance program is to be used for normal and customary settlement costs and required down payment. Call 302-703-0727 for more information or to apply for the loan with New Castle County Approved Lender Partner the John Thomas Team with Primary Residential Mortgage or APPLY ONLINE
NCC ReVaMP Down Payment Program Guidelines:
The New Castle County ReVaMP Down Payment Assistance Program is a second mortgage loan that is secured against the property at 0% interest but is forgiven after 5 years if property is still your primary residence. The program is only for home buyers that are purchasing a property that has been vacant for at least 90 days and will be their primary residence. You DO NOT have to be a first time home buyer to participate in the program. In order to qualify home buyers must be below the household income restrictions for the program which is less than 120% of the Median household income for New Castle County per household size as shown in the chart below:
For each person in excess of eight, 8.00 percent for the four-person base should be added to the eight person income household income limits. All household income limits should be rounded to the nearest $50
The maximum selling price of the home in order to be eligible for the NCC ReVaMP program is $379,500. Each borrower must have at least $500 minimum cash investment into the purchase of the home. The maximum household debt to income ratio (DTI) in order to qualify for the down payment program is 52%. Borrowers are required to complete 8 hours of HUD approved home buyer counseling from New Castle County approved agency.
The NCC ReVAMP program requires a home inspection to be done by an ASHI, NAHI or InterNACHI certified home inspector. If the property was built prior to 1978 a visual lead inspection is required. No repairs will be required by New Castle County if found on either report. The property must be located in a designated census tract for the ReVaMP program. If the property requires repairs to be done to qualify for a mortgage loan borrowers may use a FHA 203k Rehab Loan to purchase the property and borrower the money to fix up the property all in one loan.
Highlights of NCC Remediating Vacancies, Making Progress Down Payment Program:
- $5,000 forgivable Loan after 5 years
- $5000 minimum cash investment from borrower
- 8 Hours of Home Buyer Counseling
- Do NOT have to be Delaware first time home buyer
- Must have Home Inspection Done & Lead Inspection if prior to 1978
- Max purchase Price is $379,500
- Property Must be in Eligible Census Tract
- Property Must be Vacant for at least past 90 days
- Must be under Household Income Limits to qualify
- Maximum Debt to Income (DTI) Ratio is 52%
- Eligible to be used with Delaware FHA 203k Loan
- Must be Your Primary Residence when buying and for the 5 year forgivable period
New Castle County ReVaMP Program Eligible Properties:
The Eligible Census Tracts where eligible homes for the NCC ReVaMP Down Payment Program are located are as follows:
101.01, 101.04, 103.00, 105.02, 107.02, 120.00, 121.00, 122.00, 123.00, 124.00, 125.00, 127.00, 129.00, 130.00, 132.00, 134.00, 136.07, 136.09, 138.00, 139.02, 140.00, 141.00, 147.03, 147.05, 148.08, 149.02, 149.03, 149.05, 150.00, 151.00, 152.00, 154.00, 155.00, 158.00, 159.00, 166.04
You can look up the census tract of any property to see if eligible ReVamP by looking up the address at New Castle County Parcel Search at http://www3.nccde.org/parcel/search/
You Input the property address in parcel search and you will see the census tract once you click on the property address which will look like the screen shot below:
You can view the map of New Castle County below which shows the eligible census tracts for the New Castle County ReVaMP Down Payment Program. Eligible areas are highlighted in PURPLE.
***New Castle County we will NOT accept applications for borrowers who are still legally married but claiming to be separated. The one and only exception to this is if the borrower can provide a legal clocked in petition for divorce.
Applying for NCC ReVaMP Down Payment Assistance Program
You can apply for the New Castle County ReVaMP 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