Delaware down payment assistance programs are the real deal for people who want to own homes but the lack down payment is holding them back. This is possible because the Delaware State Housing Authority has down payment assistance programs. Delaware been a community area affected by the foreclosure crisis will finally buy and rehabilitate homes. Furthermore, the amount of the down payment affects the size of the monthly mortgage payments. It also affects how much one can borrow as well as the amount available for extra home buying costs.
One such program is the Neighborhood Stabilization Program (NSP), for new homeowners in these zip codes: 19805, 19802, 19720, 19709, 19702 and 19701. There are some home buyer qualifications for this program. The applicant should have an income below 120% the median income (for a family of four, $96,500). The applicant should also complete an 8 hours housing counseling approved by HUD.
Among the Delaware down payment assistance programs is the Vacant Homebuyer Assistance Program (VHAP). This program is an ideal to make your dream to own a home a reality. Successful new homeowners qualify for a 0% interest, 5 years and explicable loan of 6 % of the sale price for down payment. The qualifications for this loan are the same with those of the NSP.
An FHA loan is a government program that requires a down payment of a low 3% down. However, there are several limitations for this loan qualification. To be eligible the applicant should have a good credit history, borrow an amount set by the Delaware State Housing Authority. The borrower should occupy the home he/she is buying as opposed to rental or vacation purposes.
Another government program is the VA loan. This is a program for any interested applicant who is a U.S military veteran. Any U.S military veteran with satisfactory credit history and have enough income to cover monthly mortgage payments. However, there is a small VA fee based on the amount of down payment applied.
Below is a list of Delaware Down Payment Assistance Programs:
No Down Payment Mortgages – mortgages that require no down payment
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VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
Delaware Down Payment Assistance Programs
First-Time Homebuyer Tax Credit This Delaware down payment program is for first time home buyers. Commonly known in other states as mortgage credit certificates, Delawares first time home buyer tax credit is a federal income tax credit that allows Delaware borrowers to claim up to 35 percent of the annual interest paid on their mortgage. As per federal standards, the annual amount of the credit cannot exceed $2,000 per year. This tax credit can be used in conjunction with Delaware down payment and closing cost assistance programs.
Second Mortgage Assistance Loan This Delaware down payment program is a 3 percent, 30 year deferred loan capped at $8,000 which can be used to cover Delaware down payment and closing cost expenses. Down payment assistance can be paired with any of Delaware home ownership loans.
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
Delaware Housing Agencies
Delaware housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.