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Wilmington Delaware Down Payment Assistance Program

John Thomas December 22, 2017 Tags:
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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:

Wilmingotn Delware Down Payment Program

 

 

 

Sales Price Limits for 2018:

Wilmington Delaware Down Payment Grant

 

 

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

There are three main qualifications your possible home must meet:

  • Must be within the City of Wilmington
  • Must be a primary residence you will live in for at least five years
  • Must be a 1-unit property that you are purchasing

Wilmington Delaware Down Payment Assistance Program

Where Can I Learn More About First Time Home Buyer Programs in Wilmington?

There are many other options for down payment assistance programs in Wilmington that can help with your home buying journey. First time home buyer programs in Wilmington can help you understand the home buying process, find a home, and even understand your credit score and how it affects your search. The John Thomas Team offers a monthly First Time Home Buyer Seminar for the city of Wilmington. You will receive information and tools like a copy of your tri-merge credit report, tips on improving or establishing your credit score, and how to negotiate for the best price and terms. We’ll also go over all of your possible mortgage loan options like Delaware FHA loansDelaware VA loansDelaware USDA Rural Housing LoansFirst Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans. If you’re looking for other options for down payment assistance programs in Wilmington, we’ll be able to walk you through those as well.

 

How do I complete my 8 Hours of Home Buyer Counseling Required for Wilmington Delaware Down Payment Assistance Program?

Each person applying for the Wilmington Employee HomeBuyer Assistance Program must complete 8 Hours of HUD Approved counseling.  Home Buyer Counseling classes are held monthly and you can find the time and location of the next one by visiting the Delaware First Time Home Buyer Seminar to learn the date of our next seminar.

 

How Do I Get Started With the Down Payment Assistance Program?

Applying for the Wilmington Delaware Down Payment Assistance Program is as easy as calling The John Thomas Team at 302.703.0727 or get started by APPLY ING ONLINE.  We’ll walk you through the entire process and get you started.

Note that all down payment funding is subject to availability from the City of Wilmington, so contact us as soon as possible to get started.

#delawaredownpayment

#delawaredownpaymentgrant

#delawarefirsttimehomebuyer

 

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

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