Tag Down Payment Assistance

Tag Down Payment Assistance

Sussex County Homebuyer Assistance Housing Trust Fund

John Thomas May 13, 2022 Tags: ,
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Sussex County Homebuyer Assistance Housing Trust Fund is a Delaware Down Payment Assistance Program for homebuyers purchasing in Sussex County, Delaware. The program provides between $10,000 and $30,000 of assistance for down payment and/or closing costs. Prospective homebuyers must be purchasing the home to be their primary residence. If you would like to apply for the Housing Trust Fund Homebuyer Assistance program give the John Thomas Team a call at 302-703-0727 or APPLY ONLINE

What is the Sussex County Homebuyer Assistance Program?

The Sussex County Housing Trust Fund (SCHTF) is providing Direct Home Buyer Assistance to people purchasing a primary residence in Sussex county. The down payment assistance program is being administered by Sussex County Community Development & Housing Department (CD&H). The DPA Funds are available until December 31, 2024 or until the funds run out. Sussex County intends to use the Homebuyer Assistance funding to provide affordable homeownership opportunities to qualifying homebuyers purchasing homes in Sussex County Delaware. Keep Reading...

The Lowdown on Delaware Down Payment Grants

John Thomas August 10, 2018 Tags: , , ,
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Delaware Down Payment Grants

Delaware Down Payment Grants Bridge the Gap

For Delaware buyers that are having trouble stretching their savings for the required down payment for their desired mortgage, Delaware Down Payment Grants Down can be a life saver. The grants were designed to assist buyers who find themselves short of the down payment and usually don’t have to be repaid. This makes them an ideal helper to anyone looking to secure financing for their home buying journey.

It is definitely worth it to go through the sometimes tedious process to get approved for the grants – much of the money goes unclaimed. There are a few things you need to know about Delaware Down Payment Grants:

  • The money awarded for Down payment assistance is allocated to Delaware via HUD. 
  • The main eligibility requirements include credit score and income, the price of the home, and the area the home is located.
  • Applicants must be first-time buyers purchasing a primary residence.
  • It is essential to understand the fine print – there are strict rules that could result in the money needing to be returned.

The John Thomas Team can help you determine if you’re eligible for a Delaware Down Payment Grant – contact us by calling  302-703-0727 or simply APPLY NOW

Delaware Down Payment Assistance Programs Can Ease The Process for First Time Homebuyers

It’s no secret that first time home buyers face a number of issues, the biggest being down payment costs. Delaware Down Payment Assistance Programs can help create a more manageable experience on the home buyer journey. Programs like Delaware Down Payment Grants are designed to help eligible buyers create a bridge between their savings and the down payment costs for a mortgage.

It is important to understand the difference between a grant and a loan.  Grants do not have to be paid back if the borrower meets the guidelines for the program.  Loans have to be paid back at some point.  Some loans may have a deferment period with no payments and some have no payments only have to be paid back when the home is sold or refinanced.

If you’re in the market for a home and struggling to find funds, it’s important to understand the information below to help you navigate Delaware down payment grants successfully.

Where Should You Look For Delaware Down Payment Grants?

Before you get started, it’s important to understand how these down payment grants work. The grants are not provided directly to individuals by the government. HUD allocates money to states instead, and from there states award the funds to qualified buyers. The process works like this in Delaware – all grants are awarded at the local level. 

The Delaware Down Payment Assistance (DPA) program have different guidelines.  The main program in Delaware has been the DSHA Advantage 4 Grant program which provides a grant of up to 4% of the mortgage loan amount.  Programs can change and/or be discontinued to it is important to check with a mortgage lender to make sure which programs are currently available.

Are You Eligible for Delaware Down Payment Grants?

Although every grant and assistance program vary, here are some general qualifications that you may be expected to meet:

  • You must be a first-time buyer purchasing a primary residence for most programs.
  • Income limits apply for most programs
  • There is usually a maximum home sales price, which depends on local housing costs.
  • You will likely have to attend a homebuyer HUD approved counseling program. These courses help educate future homeowners about managing their financial responsibilities.  For list of Delaware home buyer seminars click here: http://www.DelawareHomeBuyerSeminars.com
  • Most times, the home must be located within certain geographic boundaries.

Delaware First-time Home Buyer Definition

What constitutes as a first-time home buyer in Delaware? There are a couple of exceptions in Delaware that you might not have thought about. A Delaware F

irst-Time Home Buyer Keep Reading...

Delaware First Time Home Buyer Programs – New Castle County Programs

John Thomas June 23, 2009 Tags: , , , , ,
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Delaware First Time Hom Buyer Programs

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 – Home Buyer Counseling

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