DSHA Update December 28, 2010 - Rate Change (Delaware First Time Home Buyers Program)
DSHA has changed interest rates for new and existing home mortgages 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):
4.125% - Existing Homes (previously 3.99%)
3.625% - New Homes (previously 3.49%)
3.49% - 203K Acquisition/Rehab Homes (remains unchanged)
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, 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 2009 Top Producing Lender), or, contact 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 approved lenders or have any real estate questions, please contact Letitia Stevenson.
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