Thinking about buying a home in Delaware? We found programs that could help you out if you’re a first time home buyer in Delaware, low-income or you don’t know a thing about buying a house!
Get more help buying a house with low income here!
If you’re a first time home buyer in Delaware, you could get help with your down payment!
Are you a first time home buyer in Delaware? You might be able to get help through the DE housing authority for purchasing your home. Down payment assistance is available and could help you with up to the full amount of your down payment. You might also be able to qualify for help with closing costs and other fees associated with your home. The Delaware Housing Authority has guidelines you’ll need to meet if you want to qualify for the assistance program.
If you live in a rural area of Delaware and you meet other USDA requirements, you might be able to qualify for their 100% financing mortgage. The mortgage could help you pay for a home and not have to pay for the down payment on the home. Since the program is an effort to help more low-income buyers find affordable homes in rural areas, the rural home requirement is strict and dependent on the USDA’s definition of a rural area. Funding might not always be available at all times and in all areas of Delaware.
We found more buyer help!
The USDA might also be able to help with a guaranteed mortgage. The mortgage program is different than the direct because it does not provide 100% financing. This mortgage might be easier to get approved for if you’re moderate income. In addition to the rural area requirement, you will have to meet credit and income requirements to qualify for the mortgage. You might also have to meet other guidelines the USDA and your lender have in place to get assistance.
The Housing Authority could help you find a home that’s lower than the market average if you’re in Delaware. As a first time home buyer in Delaware, the authority could connect you with FHA loan resources and a variety of other programs you might be able to use to help you purchase your home. While the housing authority doesn’t have requirements for home searches or homebuyer education, they might have income requirements if you’re using one of their purchasing programs.
The Habitat for Humanity might provide assistance in some situations. While the Habitat is generally on a waitlist schedule, you might be able to get help if you’re in need of safe and affordable housing. The program has a requirement for people who want help to put in sweat equity under the direction of a general contractor. You’ll be required to meet the organization’s guidelines including being able to afford a mortgage among other things.
Veteran loans could help you buy a home in DE.
Are you a veteran entitled to VA benefits? Along with other benefits you could get as a veteran, you might be able to get a home loan. Generally, these loans come with better rates than traditional loans and might make it easier for you to get into a home. You could save on your mortgage rates because their rates are usually around 1% below the market rate. You might also be able to take advantage of better terms when it comes to the down payment. In addition to being a veteran, you must meet other obligations to get this loan.
Delaware counties might be able to help.
If you’re a first time home buyer in Delaware, help could be available through your county in addition to the help that’s available in the state. Even though there are only three counties in Delaware, they pack a lot of punch with the homeownership assistance programs they offer! We found resources in counties throughout Delaware that might be able to help you!
Kent County
Are you a resident of Kent County? You might be able to get help through the county programs if you’re a first time home buyer in Delaware. The programs available could help you save money on your down payment, get a loan for closing costs and find a home in Kent County that’s affordable for you. Kent County has requirements for income, creditworthiness and residency.
New Castle County
If you’re in Wilmington, you might be able to get help as a first time home buyer in Delaware. The city has programs available that might be able to help you save money on your down payment. The down payment settlement program could help you save money on your down payment by making it more affordable and providing you with the money you need to make your down payment. You will have to meet requirements including income and residency requirements. In addition to the DPSP, you might be able to get help finding an affordable home in Wilmington.
New Castle offers help throughout the county to people who qualify. You will need to meet the county’s requirements. They also offer the down payment settlement assistance program for low- and moderate- income buyers who are hoping to purchase a home in the county. You will need to meet the county’s requirements for down payment assistance and for any other housing programs they have.
Sussex County
If you’re a first time home buyer in Delaware and you want a home in Sussex County, you might be able to get it through the community development division. In addition to providing options to make your home search easier and more affordable, the county could help you save money on your down payments and closing costs. You’ll need to meet their requirements to get help. The county could require you to meet income requirements and residency requirements. Buyers who are coming in from out of state or other areas of Delaware may be able to get special incentives for purchasing a home in Sussex County.
