Delaware Valley Real Estate - OnPoint with Letitia Stevenson

DSHA Update September 2010 - 3.99% Rate Historic Low (Delaware First Time Home Buyers Program)

Delaware State Housing Authority (DSHA) has reduced first-time buyer rate to 3.99% - a historically low rate. The low interest rate for the First-Time Homebuyers Program on a 30-year mortgage with zero points can be combined with a deferred second mortgage up to $10,000 for down payment and/or closing cost assistance through DSHA's Second Mortgage Assistance Loan (SMAL).

The Delaware First Time Home Buyers Program offers two types of mortgages: the low-rate option and the assisted loan option with a slightly higher interest rate, which gives the borrower a grant equal to 2% of the mortgage amount. All mortgages are for 30 years, with a fixed interest rate. For the purpose of this program, a first-time homebuyer is defined as one who has not owned a principal residence within the past three years.

Qualified buyers can use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance 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 error free. For the latest information and updates on DSHA's affordable homebuyers programs, please contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2009 Top Producing Lender), or, contact DSHA at 302.577.5001 in Wilmington, 302.739.4263 in Dover or toll free at 888-363-8808. Or, visit DSHA's Homeowenership online.

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.