New Castle County Delaware has Two First Time Home Buyer Programs:
New Castle County Down Payment Settlement Program (DPS)
The New Castle County Down Payment Settlement Program is a Delaware first time home buyer program that gives first time home buyers deferred payment loans for up to $5,000 to cover customary settlement costs and required down payment to purchase a home located in New Castle County, Delaware. The loan is an 8-year loan that requires no payment for the first 3 years of the loan. The loan is then repaid over the last 5 years at an interest rate of 3%. If a loan is paid off in the first 3 years then no interest is charged. The residence must be borrower’s primary residence throughout the duration of the loan. Call 302-703-0727 to apply for the program or APPLY ONLINE
New Castle County Home Owner Incentive Program (HIP)
The New Castle County Home Owner Incentive Program (HIP) is a Delaware first time home buyer program that is a deferred loan program to help home buyers purchase homes in targeted neighborhoods. The program will give a loan for up to 6% of the sales price for a maximum of $10,000. The interest rate is 0% and no payments are required. The loan must be paid in full when a home is sold or if no longer primary residence. The program is only available in identified targeted neighborhoods. The maximum sale price is $178,100. You do not have to be a first time home buyer to qualify for this program.
Both programs have income restrictions. The income guidelines for DPS and HIP are as follows;
1 Person Household: $43,600
2 Person Household: $49,800
3 Person Household: $56,050
4 Person Household: $62,250
5 Person Household: $67,250
6 Person Household: $72,200
7 Person Household: $77,200
8 Person Household: $82,150
Delaware First Time Home Buyer Programs require all borrowers on the loan application to complete 8 hours of homebuyer counseling credit from an approved HUD counseling agency. You can register for Delaware Home Buyer Seminar by calling 302-703-0727 or online at www.DelawareHomeBuyerSeminar.com
The Seminar is sponsored by the Neighborhood House and will provide credits toward required homebuyer counseling.
If you would like to see if you can qualify for one or both of these Delaware first time home buyer programs or would like to receive more information, please feel free to contact us at 302-703-0727 or send an e-mail to JohnThomasTeam@primeres.com. You can also APPLY ONLINE HERE. Primary Residential Mortgage is an approved lender for all of the New Castle County Down Payment Assistance Programs.
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