New Issue of Delaware Bond Money

By
Mortgage and Lending with Academy Mortgage NMLS#329710
https://activerain.com/droplet/4qnQ

Single Family Mortgage Revenue Bond Program (SFMRB)

Commonly referred to as the First-Time Home Buyers Program, this statewide program provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a home in the past three years.

How To Apply

  1. Contact a me and say you want to participate in this program
  2. Make sure you (the borrower) meet all borrower requirements.
  3. Ensure the property you want to purchase meets all property requirements.
  4. Understand the loan terms, contract requirements, and related details.

 

Targeted Areas
Throughout this page the terms "targeted areas" and "non-targeted areas" are used. Different qualification requirements apply if a targeted or non-targeted area is selected by a borrower. You can see if the property you want to purchase is in a targeted area by clicking on a Census Tract number below.

  • Borrowers purchasing in targeted areas do not have to meet first-time homebuyer status requirement.
  • Targeted areas include the following Census Tracts:
  • Prior-issue targeted funds are still available.

 

Borrower Qualifications
To qualify, a borrower's current gross family income cannot exceed:

County Area 1 or 2 Person Households 3 or More Person Households
New Castle Non-targeted $74,300 $89,160
  Targeted $85,445 $104,020
Kent & Sussex Non-targeted $67,500 $77,625
  Targeted $81,000 $94,500

 

Notes

  1. A first-time homebuyer is defined as a borrower who has not owned a principal residence in the past three years. (The only exception to this rule is a borrower purchasing a home in a targeted area.)
  2. A mobile home on rented land or a temporary foundation does not count as homeownership.
  3. Borrowers must provide copies of their federal tax returns for the past three years.

 

Property Qualifications
To qualify, a property's purchase price cannot exceed:

County Type of Loan Type of Home
1 Unit 2 Units 3 Units 4 Units
New Castle Non-targeted $456,054 $513,661 $624,074 $720,085
  Targeted $557,399 $627,808 $762,757 $880,104
Kent Non-targeted $444,189 $500,298 $607,839 $701,352
  Targeted $542,898 $611,476 $742,914 $857,208
Sussex Non-targeted $384,868 $433,484 $526,662 $607,687
  Targeted N/A N/A N/A N/A

 

Notes

  1. Purchase price limit includes all consideration passed from buyer to seller, including lot (if acquired less than two years before settlement), improvements such as well and septic, and the cost of the house.
  2. A mobile home may be financed if it is deemed real estate, secured to a permanent foundation, and meets the standards of the mortgage lender and mortgage insurer.
  3. Conventional loans with loan-to-values up to 100% are acceptable.
  4. Lenders are advised to visit the Program Underwriting Manual for guidelines and more information.

 

Loan Terms

  1. Interest rate is fixed for 6.25% for thirty years.
  2. "Assisted Loan" interest rate is fixed for 6.75% for thirty years.
  3. FHA, VA and RHS loans may be made under the mortgage program following FHA, VA and RHS underwriting guidelines.

 

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Anonymous
Anonymous

Isn't the interest rate a little high?

Jan 12, 2009 05:22 AM #1
Rainer
23,420
John Cashion
Academy Mortgage - Dover, DE

When this bond money was issued it was a competitive rate

It will be interesting what the do on the next issue.

you can check back I wil post it when it is issued or check here http://www.destatehousing.com/

Jan 12, 2009 12:25 PM #2
Rainer
23,420
John Cashion
Academy Mortgage - Dover, DE

Current issue is 4.375%and 3,875% for renovation funding (203k)

Mar 25, 2011 01:52 AM #3
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Rainer
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John Cashion

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