2015 First Time Home Buyer Programs for Delaware FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Advantage 4 Program Advantage 4 Program is a grant. This loan ‘ which covers up to 4 percent of the first loan amount can be paired with any of Delaware’s homeownership loans. Qualified buyers in Delaware may apply. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. Second Mortgage Assistance Loan Second Mortgage Assistance Loan is a 3 percent, 30 year deferred loan capped at $8,000 which can be used to cover down payment and closing cost expenses. Down payment assistance can be paired with any of Delaware’s homeownership loans. Qualified buyers in Delaware may apply. Delaware First-Time Homebuyer Tax Credit Delaware First-Time Homebuyer Tax Credit is for first time home buyers. Commonly known in other states as mortgage credit certificates, Delaware’s first time homebuyer tax credit is a federal income tax credit that allows borrowers to claim up to 35 percent of the annual interest paid on their mortgage. As per federal standards, the annual amount of the credit cannot exceed $2,000 per year. This tax credit can be used in conjunction with down payment and closing cost assistance programs. Qualified buyers in Delaware may apply. Welcome Home Program Welcome Home Program is designed for first time homebuyers in Delaware. Welcome Home offers a 30 year first mortgage loan at a below market fixed rate loan through participating lenders. Income and purchase price limits will be set by region. Qualified buyers in Delaware may apply. Home Again Program Home Again Program is for repeat buyers. Qualified buyers in Delaware may apply.
To apply visit http://buyerprograms.net/delaware