Funds Available for Sussex County Home Buyers
SUSSEX County Council’s Housing Trust Fund is helping home buyers with funding their down payments and/or closing costs. These funds are offered at zero interest. If the home buyer lives in the home for ten years the note is considered satisfied.
The amounts of the funds are $10,000, $20,000, and $30,000. The amounts are based on the number of people in the household and income. The initial seed funds in the 2022 County budget are $500,000. Funds are available through December 31, 2024. The funds are considered a soft second at 0% interest.
There are some events that may cause the second lien to be called in to be paid in full. These include transferring the home to another person, if the home loan is refinanced, when the borrower leaves the property, the home is leased out, the buyer defaults on their first mortgage, or borrower provided incomplete, false, or misleading information when making application.
Fees for the loan are: $112 for mortgage recording at the courthouse, $200 for document preparation. Liquid assets of the household cannot be more than $15,000.
The program is not limited to first time home buyers. Funds can be used to purchase a single family residence, duplexes, townhomes, manufactured homes (Class C), modular and new construction homes.
A home inspection is required. Home buyer must complete at least 8 hours of pre purchase home ownership counseling through a HUD- approved agency and receive a completion certificate.
These funds can make a huge difference for people seeking a home in Sussex County. They help bridge the gap of having to have enough funds for a down payment and closing costs. Contact a trusted mortgage broker to help you navigate the process.
Written by: JoAnn Moore, Licensed Mortgage Broker, The Mortgage Market of Delaware, LLC. NMLS #165477. 302.236.1229.