Wilmington Delaware Down Payment Assistance Program
What is the Wilmington Delaware Down Payment Assistance Program?
The Wilmington Employee Homebuyer Assistance Program is a grant program offered by the City of Wilmington where an employee can earn up to $4,000 in down payment and settlement assistance toward the purchase of a home. Homes must be within the City of Wilmington boundaries and meet specific requirements set by the City of Wilmington for their Liver Near Your Work Program. The John Thomas Team can help get you prepared for homeownership with our first time homebuyer programs in Wilmington – call (302) 703-0727 or Apply Online. Keep Reading...
Are ready to buy a home but don’t have the 3.5% down payment required by FHA? Or can’t get a gift for the down payment? We have a loan program for you that will lend you 100% financing with a FHA Loan and our PRMI Dream Maker Down Payment Program. Call us today at 302-703-0727 to started on the process or go online at Dream Maker Online Application
What are the Qualifications for the PRMI Dream Maker Down Payment Program?
The requirements to qualify for the Down Payment Assistance are as follows:
620 Minimum FICO score for all borrowers
No Income Limits to qualify!
Must be purchasing the property as Primary residence
Eligible to get as much as $13,700 for down payment
No Home Buyer Education Required
Second Mortgage Amount up to 3.5% of purchase price
Forgivable Soft Second Mortgage if under 115% of Average Median Income (AMI)
Non-Occupant Co-Borrowers are Allowed
Must Receive Approve/Eligible Response from Automated Underwriting System (AUS)
What are the terms of the Down Payment Assistance Loan?
The down payment assistance is for home buyers purchasing a primary residence with a FHA loan only. Down Payment Funds are not available if using a conventional, VA or USDA loan. You are allowed to use a non-occupying co-borrower on the loan in order to income qualify but all borrowers must have a minimum 620 middle FICO score. If you are under the 115% limit for Average Median Income Limit for the area you are purchasing the home then you are eligible for a Soft Second Mortgage for 3.5% of the purchase. After you make 36 on time payments to the first FHA mortgage loan then the soft second mortgage is forgiven and you do not have to pay it back.Keep Reading...