Tag Delaware First Time Home Buyer Programs

Tag Delaware First Time Home Buyer Programs

DSHA Home Sweet Home DPA Program

John Thomas June 6, 2023 Tags: , , ,
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DSHA Home Sweet Home Down Payment Assistance Program provides $12,000 toward down payment and closing costs to eligible home buyers purchasing in Delaware and was just refunded January 30, 2024. If you are a Delaware home buyer then you don’t want to miss out on your chance to get from the State of Delaware to help you purchase your home. You don’t even have to be a Delaware First Time Home Buyer, you can be a repeat home buyer. Find out if you qualify by calling the John Thomas Team at 302-703-0727 or APPLY ONLINE. Keep Reading...

New Castle County DPS Program – Delaware First Time Home Buyer Down Payment Assistance Program

John Thomas July 14, 2012 Tags: , , , , ,
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New Castle County DPS Program

New Castle County DPS Program 2022

New Castle County DPS Down Payment Assistance Program 2022 is a Delaware down payment assistance program for First Time Home Buyers to help with down payment and/or closing costs. The program will lend Delaware first time home buyers up to $10,000 that is recorded as a second mortgage loan against the property being purchased.  The New Castle County DPS Program loan is an 15-year loan at 0% interest but payments are deferred for the first two years.  In order to qualify for the program, you must use a Delaware approved mortgage company.  Call 302-703-0727 to apply for the program or to get more information or APPLY ONLINE.
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Delaware State Bond Program for First Time Home Buyers

John Thomas August 7, 2011 Tags: , , , ,
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Delaware State Bond Program for First Time Home Buyers

The Delaware State Bond Program provides home mortgages for first time home buyers purchasing homes in all three counties of the state of Delaware.  The program is overseen by the Delaware State Housing Authority (DSHA).  The program offers first mortgage loans to people who have not owned a home in the last 3 years.  The mortgage loans must be obtained by an approved lender for the program.  Call 302-703-0727 to apply for the Delaware State Bond Program or APPLY ONLINE.

The mortgage interest rate for the program changes each time the state of Delaware Issues a new bond.  There are income restrictions for the program which are determined by the median income for the county.  There are three counties in Delaware; New Castle County, Kent County, and Sussex County.  There are also maximum purchase price limits per county as well.  The income limits can change each year as the median household income changes.

Delaware State Bond Program SMAL Loan

The DSHA also offers a Delaware down payment assistance loan in conjunction with this program.  This loan program is called the Second Mortgage Assistance Loan (SMAL).  This is a loan for up to $8,000 to help with down payment and/or closing costs.  The loan is secured as a second mortgage against the property.  The interest rate on this loan is 3%.  There are no payments required for the first 30 years but it will accumulate interest each year.  So if you make no payments the balance of the loan will keep going up.

The SMAL loan must be paid off if you refinance your first mortgage, sell the home, transfer title to the property, or no longer occupied the property as your primary residence.  You are also required to get a Home Inspection on the property that you are buying and this inspection must be done by an ASHI or NACHI home inspector.

Delaware State Bond Program Advantage 4 Grant

DSHA offers a second program called the Advantage 4 Grant Program which offers a 4% grant toward down payment and/or closing costs for the purchase of a home in Delaware.  The 4% grant is based on 4% of the total loan amount on the first mortgage.  The Advantage 4 Grant does not have to be paid back after closing.  You must be a first time home buyer in order to qualify for the program.

How Do You Apply for a Delaware State Bond Program?

You can only apply for a Delaware State Bond Program using the DSHA SMAL loan or the DSHA Advantage 4 Program from a participating lender.  You must also complete 8 hours of home counseling through a HUD-approved counseling program.  If you would like to sign up for a 2-hour introductory class for your first 2 hours of counseling, you can sign up at www.DelawareHomeBuyerSeminar.com.

If you would like more information or would like to apply for a Delaware Mortgage Bond Loan or a SMAL Loan or Advantage 4 Grant you can call 302-703-0727 or send an e-mail to johnthomasteam@primeres.com or APPLY ONLINE

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