Delaware Down Payment Assistance Programs for First Time Home Buyers

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Real Estate Agent with BHHS Fox & Roach | www.DelawareValleyRE.com
http://actvra.in/d8V

Delaware Down Payment Assistance Programs (First Time Home Buyers)

Many first time home buyers find it nearly impossible to save cash for the upfront costs associated with purchasing a home. Down payment assistance programs (DAPs) and other buyer assistance/financing programs help home buyers overcome two common barriers to buying a first home:

  • DOWN PAYMENT
  • CLOSING COSTS

 

Looking for down payment and closing cost assistance? Here are a few potential options to consider:

1 | Delaware First Time Home Buyer Program (SFMRB) with SMAL (for down payment/closing cost assistance)

The Delaware First Time Home Buyers Program (SFMRB) offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years. Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with SFMRB program. With the SMAL program, buyer must participate in HUD-approved housing counseling program.

To get started today, contact Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender) for more details. Also, visit DSHA's Homeowenership Website for more information.

 

2 | USDA Rural Development Loans (require no downpayment)

USDA Rural Development (RD) Loans offer 30-year mortgages with a fixed interest rate, 100% financing (no down payment), and no monthly mortgage insurance. Also, any difference between the contract price and the appraisal value can be used to finance normal closing costs.  

USDA Home Loans are available in rural areas of the country, provided a market exists for the property, funding is available, and the home meets HUD's minimum property standards. Currently, there are two types of USDA loans available for new and existing single family homes:

  1. USDA Rural Housing GUARANTEED Loan
  2. USDA Rural Housing DIRECT Loan

Contact a Delaware RD Representative for specific details, requirements and borrower qualifications. Also, check out these additional resources:

 

3 | Delaware Down Payment Assistance Programs (DAPs)

Delaware Down Payment Assistance Programs (DAPs) offer financial assistance for qualified buyers. Depending on the program, DAPs may be used for down payment and/or closing costs. Of course, all programs are subject to provider restrictions including availability of funds.  

PROGRAM NAME

Note: NCC = New Castle County

LOAN TYPES*

DAP Maximum Assistance Amount

Contact  Name

Phone #

IDA: Delaware First State Community Loan Fund Delawareans Save Individual Development Account (IDA) Program

 

F

$3,000

Jan Slattery

(302) 652-6774

DAP: NCC Hometown Heroes First Time Homebuyers Program

 

F V C

$5,000

Mindy Bennett

(302) 395-5602

DPS: NCC Down Payment Settlement Program

 

F V C

$5,000

Mindy Bennett

(302) 395-5602

ADDI: NCC American Dream Down Payment Initiative Program 

 

F V C

$10,000

Carrie Sawyer Casey

(302) 395-5616

HIP: NCC Homeowner Incentive Program

 

F C

$10,000

Mindy Bennett

(302) 395-5602

SAP: Dover First Start Home Ownership Down Payment and Settlement Assistance Program

 

F V C

$10,000

Tracey Harvey

(302) 736-7175

NSP: NCC Neighborhood Stabilization Program

 

F V C

$40,000

Carrie Sawyer Casey

(302) 395-5616

 *Loan Types (for Eligible 1st MTG):  F = FHA  |   V = VA  |  C = Conventional

Contact a DAP representative (see above matrix) for specific details about a particular program and borrower qualifications. 

 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on homebuyers programs, please contact a mortgage consultant and/or use the contact information and links provided throughout this post. 

I highly recommend that you contact a qualified mortgage consultant to obtain a pre-approval for financing that fits with your unique needs prior to shopping for a home. If you have any real estate questions, please contact me (Letitia Stevenson).

 

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delaware down payment assistance programs
delaware downpayment assistance programs
first time home buyers
letitia stevenson

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Anonymous
shamira Bryant

just seeking information to the process of buying a home

May 29, 2012 07:10 PM #1
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Rainmaker
445,797

Letitia Stevenson

Delaware Valley Real Estate, Lic'd in DE, PA & MD
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