Kiss your landlord goodbye
Homeownership is a dream for many, but financial barriers can make it seem out of reach. Fortunately, the Delaware State Housing Authority (DSHA) offers a variety of loan and down payment assistance programs to help both first-time and repeat homebuyers achieve their dreams. So, whether you are just starting out or need a bigger home, these programs aim to make the homebuying process more affordable and accessible. Mortgage Equity Partners is a trusted participating lender with DSHA.
The Delaware State Housing Authority (DSHA) offers 30-year fixed-rate mortgages at highly competitive rates. Qualified buyers often get mortgage interest rates at or below the industry average.
If you are a first-time homebuyer who hasn’t owned a home in the past three years, you may qualify for the Welcome Home Program. The Welcome Home Program offers a Smart Start unassisted first mortgage that can be combined with four different second mortgage options through the Welcome Home Program.
Pat Brunner, Delaware Branch Manager says, “If you want to buy a home but don’t think you have enough money for down payment, think again because we have people buying homes using the DSHA loan programs with very little money out of pocket. We have flexible underwriting, low down payments and highly experienced professionals who can give you expert advice!”
Welcome Home: First-Time Homebuyer Program
Home Sweet Home
Type: Funding is limited, and once it is gone, the program will end until new funding is released the following year.
Benefits: Offers a zero-interest, forgivable second loan of $12,000
Terms: The loan is forgiven after 10 years if the homeowner remains in the property
Sales Price Cap: Homes with a maximum sales price of $285,000
Delaware Diamonds Home Loan
Type: Funding is limited, and once it is gone, the program will end until new funding is released the following year.
Target Audience: Specific professionals, including state employees, healthcare workers, and first responders.
Benefits: Provides a zero-interest, forgivable second loan of $10,000
Terms: Loan is forgiven after 10 years of residency
First State Home Loan
Benefits: Offers a zero-interest second loan, providing 3% of the final loan amount of the first mortgage
Terms: Debt is deferred until the mortgage is refinanced, the home is sold, or the title is transferred
Diamond in the Rough
Benefits: Offers a zero-interest second loan, providing 3% of the final loan amount of the first mortgage
Terms: Debt is deferred until the mortgage is refinanced, the home is sold, or the title is transferred. Must qualify for FHA 203K Limited Program.
Home Again: Repeat and First-Time Homebuyer Program
The Home Again program is open to repeat and first-time homebuyers. It is a wonderful option for borrowers who exceed the income limits for the previously mentioned Welcome Home Program. Borrowers using this program must follow the purchase price limits for single-family homes in non-targeted and targeted areas. They can apply for The Smart Start unassisted first mortgage and combine it with one of the four down payment and closing cost assistance options listed above. There are some additional features and benefits that you can review with your loan officer to see which program is best for you.
The mortgage programs through DSHA provide opportunities for Delaware residents looking to buy a home. Whether you’re a first-time buyer or looking to purchase again, these programs can help turn your dream of homeownership into reality. Contact your authorized DSHA loan officer at Mortgage Equity Partners today to learn more about these generous programs.
