New castle county home buyer programs

This program IS a loan - it is an 8 year loan with the first 3 years allowing for deferred payments. There are a few eligibility guidelines that will exclude some buyers. Here are a few of the requirements to be eligible for the program:.

Property Eligibility. Borrower Eligibility. IF you owned a mobile home, you still qualify. If the home is sold or converted to an investment property, the loan must be repaid. In many areas of New Castle county it is cheaper to own a home than to rent, and the DPS program makes it even easier for low and moderate income families to afford home ownership.

DPS is currently the only New Castle county specific first time home buyer program, as HIP another home buying program currently lacks funding.

Ask an expert! Looking to buy a home outside of New Castle County? Borrower Eligibility - Must be a first time home buyer Definition - Must not have owned a principal residence in the last 3 years. Comments 1 Subscribe to Comments Comment. Income limits and credit requirements may apply, so be sure to check out the DSHA website for details.

The DSHA customizable Preferred Plus Assistance program provides a no-interest second mortgage loan of 2—5 percent of the overall loan amount to be applied toward down payment or closing costs. See DSHA website for details and to contact a participating lender. In addition to statewide programs, there are often homebuyer assistance programs based in different cities and regions of a state.

In Delaware, buyers in New Castle County have an opportunity to take part in a special program exclusively for first-time homebuyers. Other restrictions may apply. See website for details and how to apply.

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. If a loan is paid off in the first 3 years then no interest is charged. The loan must be paid in full when a home is sold or if no longer primary residence. The program is only available in identified targeted neighborhoods.

You do not have to be a first time home buyer to qualify for this program.