Tag Delaware Down Payment Program

Tag Delaware Down Payment Program

Dover Delaware First Start Down Payment Assistance Program

John Thomas October 13, 2019 Tags: , , ,
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Dover Delaware First Start Down Payment Assistance Program is a down payment and closing cost assistance program provided by the City of Dover to encourage home ownership within the city limits of Dover, Delaware. The program is designed to assist low income families and moderate income families purchase an eligible property in the City of Dover. Call 302-703-0727 to get more information or to Apply. You can also APPLY ONLINE.

How Do You Qualify for the Dover First Start Down Payment Program?

In order to be eligible to qualify for the City of Dover Delaware Down Payment Assistance Program you must NOT have owned a principal residence in the last 3 years. There is one exception for single parents who have not owned a home for at least one year except as part of a joint ownership. You must also meet the following qualifications: Keep Reading...

Wilmington Delaware Down Payment Assistance Program

John Thomas December 22, 2017 Tags:
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Wilmingotn Delware Down Payment Program

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.

Wilmington has designated a portion of its own funding to help its employees buy a home within city limits. This is one of a number of great first time home buyer programs in Wilmington and could potentially put you in a home. Employees that meet the Wilmington City requirements (outlined below) can receive a grant of up to $4,000 (the amount cannot exceed down payment and settlement costs).  The down payment assistance money does not have to be paid back by the employee if they live in the property for 5 years as it is a Delaware down payment grant.

 

How do I Qualify for the Wilmington Delaware Down Payment Assistance Program?

The program has a few restrictions, including:

  • You must purchase a home within the City of Wilmington to be Eligible for City of Wilmington Live Near Your Work Grant Program
  • You must be a City of Wilmington employee who has finished their probation period
  • You must complete Homeowner Counseling with approved Delaware HUD Counseling Agency.
  • You may only receive funding once in a five year period
  • You must provide a minimum of $1,000 cash contribution toward the total transaction
  • You must get a fixed-rate mortgage with no option for cash out
  • You must live in the home as your primary residence for a minimum of 5 years.
  • Employee will receive a 1099 form from the City for the grant amount and it will be taxable as income.
  • Must meet the household income restrictions and be within maximum sales price limit

Once you’re approved, your awarded funding will be reserved for six months after the date of signing. It’s important to take advantage of this within the time frame – funds are based on availability.

 

What are the household income and sales price restrictions for the Wilmington Down Payment Grant?

In order to qualify for the City of Wilmington Live Near Your work (LNYW) program you must meet the household income guidelines and the property must be within the maximum sales price limit outlined below:

Household Income Limits for 2018:

 

 

 

Sales Price Limits for 2018:

 

 

What are the Qualifications my Potential Home Must Meet for City of Wilmington Live Near Your Work? Keep Reading...

PRMI Dream Maker Down Payment Program

John Thomas September 25, 2017 Tags: ,
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PRMI Dream Maker Down Payment Program

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)
  • Keep Reading...