Delaware Introduces New Homeownership Program for First time and Repeated Buyers

The Delaware State Housing Authority (DSHA) has announced the launch of innovative mortgage programs aimed at increasing homeownership prospects for first-time and repeat homebuyers in Delaware.

These initiatives, WELCOME HOME AND HOME AGAIN, are part of a concerted effort to make the dream of homeownership a reality for First State residents.

Together with the relaunch of down payment and closing cost assistance programs, DSHA is poised to drastically reduce obstacles to homeownership, marking a watershed moment in the state’s housing finance landscape.

Expanding Homeownership Opportunities

Delaware Introduces New Homeownership Program for First time and Repeated Buyers

The newly created Welcome Property program is specifically for first-time homeowners, who are defined as those who have not purchased a property as their principal residence in the previous three years.

Meanwhile, the HOME AGAIN PROGRAM is intended for people who do not qualify for Welcome Home or are looking to buy a home again. Both efforts are part of the SMART START HOME LOAN PROGRAM, which provides competitive financing choices such as conventional, FHA, VA, and USDA loans at reduced rates as low as 5.5%.

Innovative Funding and Assistance Programs

To fund these activities, DSHA has given state monies together with a $75 million “single-family” bond, the agency’s first since 2013. These funds will support a variety of downpayment assistance programs, including the Home Sweet Home and Delaware Diamonds Home Loan programs, which provide substantial financial assistance to qualified homebuyers in the form of zero-interest forgiving second loans.

Furthermore, the First State Home Loan offers a zero-interest second loan to help new homeowners manage their finances.

Governmental Support and Community Impact

Delaware Introduces New Homeownership Program for First time and Repeated Buyers

Governor John Carney and DSHA Director Eugene R. Young, Jr. have both emphasized the value of these initiatives in making homeownership more accessible and affordable for Delaware families.

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The programs present a broader commitment to improving community well-being and economic stability through supportive housing policy. Prospective purchasers must meet specific eligibility requirements, such as income limits and a minimum credit score, to participate in these schemes.

Resources and Counseling for Home Buyers

DSHA also provides financial counseling through HUD-approved housing counselors to help prospective homebuyers improve their credit scores and navigate the route to homeownership.

This assistance, along with a full list of partner lenders, is easily accessible to Delaware citizens, ensuring that vital resources are available to people wishing to buy a house in the state.

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