Delaware home buyer programs

The available depend on the county in which the property your are purchasing is located. The first time home buyer programs in Delaware can run out of money so you must check to make sure the program you are interested in using still has funds available.

First Time Home Buyers in Delaware can purchase homes that require repairs or renovations in order to meet minimum property eligibility guidelines using a renovation loan program. These loan programs will lend you the money to purchase the home and to fix it up all in one mortgage loan. There is still a required down payment on each loan type but down payment is based on purchase price plus the rehab amount not just the purchase price.

You must enroll in the program through a Delaware approved mortgage company such as Primary Residential Mortgage. If you use an out of state lender or an internet lender you will not be eligible for the program and you CANNOT enroll in the program after you have already bought your house.

They were created to attract new homebuyers to less populous areas in the country. Participants are encouraged to get a conventional, VA or FHA mortgage to pay for the home, but they can also pay cash.

Over the years, the federal government created their own mortgage lenders known as Freddie Mac and Fannie Mae. While technically two different entities, they offer very similar programs for first-time homebuyers.

You also will not need any credit history for this loan. Borrowers need a credit score of or above to qualify, though. You must also earn an income at or near the U. The interest rate is currently 4. Plus, closing costs also tend to be lower with NADLs. Your home must be located on allotted lands, Alaska Native corporations, Pacific Island territories or federally-recognized trusts to qualify, though.

Although anyone with a credit score as low as can apply, borrowers with a credit score below must participate in housing counseling with HUD-approved educators. The path to your dream home in Delaware is closer than you know! The links on this site were researched by NewHomeSource. This is as cohesive a list as possible. Individual homebuyers should contact entities to fully understand requirements and processes.

Melanie Theriault is a writer, counselor, and lifelong learner. She holds a B. By downloading our guide, you can also look forward to receiving our New Home short email series. You may opt out of this subscription any time you wish. Your email address will not be published. Who qualifies as a first-time homebuyer in Delaware? Statewide First-Time Buyer Programs Delaware Statewide First-Time Homebuyer Tax Credit While most Delaware programs are available to both first-time and repeat buyers, there is a special tax credit opportunity exclusively for first-timers.