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
- Contact a me and say you want to participate in this program
- Make sure you (the borrower) meet all borrower requirements.
- Ensure the property you want to purchase meets all property requirements.
- 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:
- New Castle County: 1, 7, 17, 20, 21 and 22. Or, see all tracts.
- Kent County: 411 Or, see the CT 411 area.
- Sussex County: none at this time
- 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
- 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.)
- A mobile home on rented land or a temporary foundation does not count as homeownership.
- 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
- 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.
- 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.
- Conventional loans with loan-to-values up to 100% are acceptable.
- Lenders are advised to visit the Program Underwriting Manual for guidelines and more information.
Loan Terms
- Interest rate is fixed for 6.25% for thirty years.
- "Assisted Loan" interest rate is fixed for 6.75% for thirty years.
- FHA, VA and RHS loans may be made under the mortgage program following FHA, VA and RHS underwriting guidelines.
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