June 26, 2009

First-time Homebuyers Program

The Single Family Mortgage Revenue Bond Program (SFMRB) offers first mortgage financing at below-market, fixed interest rates to low- and moderate-income Delaware homebuyers who have not owned a principal residence within the past three years. The current interest rate is 5.5% (30 Year).

• Assisted Loans provide downpayment assistance in the form of a grant equal to 3% of the mortgage amount. These loans are currently available at 6.25% (30 Year).

Second Mortgage Assistance Loan (SMAL)

The SMAL loan (providing up to $10,000 in down-payment and settlement assistance) is available for low- and moderate-income homebuyers who utilize the SFMRB loan for their first mortgage product. Principle and interest (8%) are deferred for 30 years or until the home is refinanced or sold, whichever occurs first.

Live Near Your Work (LNYW) Program

The LNYW Program is an "employer driven" incentive providing employees of participating companies a grant of up to $3,000 in downpayment assistance toward the purchase of a home near their place of work.

Current Income & Purchase Price Limits
(For all of the above programs)

LOCATION	1 to 2 Person Household Income Limit	3 + Person Household Income Limit	Maximum Purchase Price
New Castle County Non-Targeted Targeted	$77,800 $93,360	$89,470 $108,920	$366,990 $448,544
Kent and Sussex Counties Non-Targeted Targeted	$70,800 $84,960	$81,420 $99,120	Kent    Sussex $328,762    $327,670 $401,820    N/A

For more information, please call Delaware State Housing Authority at 888-363-8808 or visit
http://www.destatehousing.com/services/forhomebuyers.shtml