Delaware Announces Down Payment Assistance Program
Neighborhood Stabilization Program in New Castle Co. Delaware
Are you in the market to purchase a home in New Castle, Delaware but down payment was holding you back? Now New Castle County in Delaware can help. Here’s How: New Castle County was just awarded $11.3 million in funding by the Delaware State Housing Authority, through the U.S. Department of Housing and Urban Development to purchase and rehabilitate homes in many communities hardest hit by the foreclosure crisis.
Not every home qualifies, but a lot do and there are many homes to choose from in Delaware. Here are the zip codes that have vacant and foreclosed homes in the following zip codes: 19701, 19702, 19709, 19720, 19802 and 19805. The NSP has about 50 homes in these zip codes and each home has been extensively rehabilitated and updated with various green technology improvements to provide new owners with long-term affordability.
Here is the Homebuyer Qualifications
- Your income must fall below 120% Area Median Income ($96,500 for a family of 4)
- Complete 8 hours of HUD approved housing counseling
Buyers may qualify for special down payment and settlement assistance programs available for these properties. To find out more call (302) 266-9500.
More Good News for Delawareans, the Vacant Homebuyer Assistance Program (VHAP)
Here is another New Castle Delaware Program that might help you get your dream home. Eligible homebuyers may qualify for a 5 year, 0% interest, and forgivable loan of 6% of sale price (up to $10,000) for downpayment and settlement assistance. This new program has been created to address the issue of long-term vacant homes in communities throughout New Castle County and stimulate sales of these properties. Note the qualifications below:
Homebuyer Qualifications
All properties must be seller certified as 90+ days vacant
- Eligible purchase areas include 19701, 19702, 19709, 19720, 19802, 19805. Call for eligibility in Edgemoor and Claymont.
- Buyers must be below 120% Area Median Income
- Must complete 8 hours of HUD-approved housing counseling
Property Qualifications
The appraised values must be at least 1% above the purchase price. Please have your agent contact us for more clarity regarding this qualification.
Here is more good news!
Suppose the house you are looking at needs some TLC and little fixing up. At DEFCC we can help you with our FHA 203K Program, which allows up to $35,000 in rehab assistance. The other program we have is the Fannie Mae Homepath. This program is for Fannie Mae owned properties only, but allow for funds to fix up vacant properties.
Maybe the timing is right for you to become a homeowner, with these special Delaware down payment and purchase asistance programs. To get more information on this and other programs here in Delaware, either call (302-266-9500) or contact us HERE
When you contact us, we will send you out a VHAP, Vacant Housing Assistance Program Packet, FREE.