DSHA Update December 02, 2010 - Adds 203K Rehab Loan - Rate 3.49% (Delaware First Time Home Buyers Program)
DSHA adds a new product "203K Rehab Loan" to the 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. Eligible veterans are exempt from the 3 years rule, i.e., they may take advantage of this program, regardless of whether or not they have previously owned a home.
203K Streamline Loan Highlights:
Rate*: 3.49%
General Purpose: allows buyer to purchase home and finance repairs, e.g., new windows, roof, painting, flooring, etc., making it possible for the buyers to purchase a home that needs some Tender Loving Care (TLC).
Minimum: None
Maximum: $35,000
*As of this post. Subject to change.
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 error free. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online or contact a participating mortgage lender/mortgage consultant. Or, call DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover), or toll free at 888-363-8808.
If you would like a list of DSHA's participating lenders or have any real estate questions, please contact Letitia Stevenson.
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