DSHA Update August 15, 2011 - Rate Change (Delaware First Time Home Buyers Program)
DSHA has reduced the interest rates under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years.
Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change):
- 3.5% (formerly 4.25%) - New, Existing or 203K Acquisition/Rehab Homes Loans (without SMAL)
- 4.5% (formerly 4.875%) - New, Existing or 203K Acquisition/Rehab Homes Loans (with SMAL)
Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket.
The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender).
If you have any real estate questions, please contact me (Letitia Stevenson).
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