First Time Homebuyers Low to Moderate Income (LMI) Down Payment Assistance (DPA) Closing Costs
Down Payment & Closing Costs
Deferred Second Mortgage
HUD, Community Development Block Grant Program funding
$0.00
melissa.moore@newcastlede.gov
The DPA program offers deferred payment loans for low to moderate income, first time homebuyers to help with downpayment and settlement costs. The loan is for 8 years, the first 3 years are a deferral period and payments are optional, the remaining 5 years require monthly payments. The interest rate is 0%. The amount of the loan is between $1,00 to $5,000 and is determined based on a Housing Counselor's certified estimate of financing needed. Borrower must contribute a minimum of $500. The borrower must occupy home as principal residence for duration of loan, the loan must be repaid in full upon sale of the property or transfer of ownership. The borrower must complete a Homeownership Education Program with a New Castle County recognized HUD approved counseling agency
The total household income must be at or below 890% of the median income for New Castle County, adjusted by family size.
1 person: $50,500
2 person: $57,700
3 person: $64,900
4 person: $72,100
5 person: $77,900
6 person: $83,650
7 person: $89,450
8 person: $95,200
The property must be located in New Castle County, outside the city of Wilmington. The maximum selling price $379,500 (set by FHA limit). Property must be inspected by ASHI, NAHI or InterNACHI certified home inspector. Other inspections may be required for certain DPS funding. Homes built before 1978 must have lead visual inspection. Repairs must be completed according to HUD guidelines.
Yes
at or below 80%
Yes
* Total household income at or below 80% of median income for New Castle County * First time home buyer (can't have owned a principal residence for the past 3 years) * Qualified as first time home buyer if owned a mobile home * Existing residential structures or new construction located in New Castle County, outside the city of Wilmington * Maximum selling price $379,500 (set by FHA limit) * Property must be inspected by ASHI, NAHI or InterNACHI certified home inspector. Other inspections may be required for certain DPS funding * Homes built before 1978 must have lead visual inspection * Repairs must be completed according to HUD guidelines
Yes
Gilliam Building, 77 Reads Way, New Castle, DE 19720
3023955600
melissa.moore@newcastlede.gov