Delaware Mortgage Loans

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Delaware First Time Home Buyers have several options for first time home buyer programs.  The State of Delaware has several programs available for home buyers in all 3 counties (New Castle, Kent, and Sussex) of Delaware.  The program is governed by The Delaware State Housing Authority.  The program is called The Single Family Mortgage Revenue Bond Program.  The program is commonly referred to as the Delaware First Time Home Buyer Program but is only one of many different programs available in Delaware.

This statewide program provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a home in the past three years.  The state does not make these loans, you must contact one of the participating lenders.  If you would like to apply or get more information please call 302-588-3665 and ask for John Thomas.

The program has income limitations for people to be eligible for the program.  The income limits are based on the number of people in the household and the county where the property is located.

New Castle County  -  $77,800 for 1-2 person          $89,400 for 3 or more people

Kent & Sussex County - $70,800 for 1-2 person       $81,420 for 3 or more people

There are also restrictions on the maximum purchase of the property.  For New Castle County the maximum purchase price is $366,920 for a 1 unit property.  Kent County has a maximum purchase price of $328,762 for a 1 unit property.  Sussex County has a maximum $327,670 for a 1 unit property.

The interest rate on the loan is set by the state of Delaware and is the same no matter which lender you use to get the loan.  The lender must be on the approved list.  There are two loan options, asssited and unassisted.  The assisted loan gives you a 3% grant for down payment assistance.  The current rates are;

Unassisted – 5.5% fixed for 30 years

Assisted – 6.25% fixed for 30 years

The Delaware State Housing Authority also offers a 2nd mortgage program for up to $10,000.  This can be used for down payment and/or closing costs.  This 2nd mortgage can be used with the assisted loan or the unassisted loan.

If you would like to apply for one of these programs or would just like more information please feel free to call me at 302-588-3665 (John Thomas) or send an e-mail to DelawareMortgages@yahoo.com

John R. Thomas – Certified Mortgage Planner – FHA & USDA Loan Specialist

Primary Residential Mortgage, Inc.

42 Reads Way, New Castle, DE 19720

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office