Delaware Mortgage Loans

What is a USDA Rural Housing Home Loan?
USDA Stand for the United States Department of Agriculture.  The loan is designed to provide financing for borrowers in designated areas who wish to borrower up to 100% of the appraised value.  The loan is guaranteed by the government through the Rural Housing Division [...]

The income limits for obtaining a Delaware USDA Rural Housing loan have been increased for 2010.  There are two limitations for applying for a USDA Rural Housing Loan, income limitations and geographical limitations.  The income limitations are county specific.  Delaware has three counties: New Castle County, Kent County, and Sussex County.
The income limits are as [...]

Can you still get a USDA Rural Housing Loan for the purchase of a home in Delaware even though they have run out of guaranteed funds?  There answer is YES if you call me 302-703-0727, we are still are to provide funding for USDA Rural housing loans for Delaware, Maryland, Virginia and Pennyslvania.  But you [...]

The Delaware State Housing Authority offers the Delaware mortgage revenue bond program to assist Delaware First Time Home Buyers.  They offer a 3% grant for down payment assistance with one of the programs.  The funds for 2009 have run out on this program so Delaware home buyers can no longer receive the 3% down payment [...]

The income limits for Delaware USDA Rural Housing Loans are based on the number of people in the house and the county that the property is located.
New Castle County Maximum Income Limits for 2009
1 Person    2 Person    3 Person   4 Person   5 Person   6 Person    7 Person
$61,100     $69,800   $78,550    $87,250    $94,250    $101,200   $108,200
Kent County & Sussex County [...]

Delaware USDA Rural Housing Loans can be used to purcahse a home and allow you to borrower up to 102% of the appraised value.  This is a big different from Delaware conventional loans and other government loans.  Every other loan bases the maximum amount you can borrower off the LOWER of the purchase price or [...]