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Current mortgage rates in Delaware

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First-time homebuyer programs in Delaware

Each year, more than 1,200 families use Delaware State Housing Authority (DSHA) programs to buy a home.

DSHA offers qualified buyers 30-year fixed-rate mortgage loans, with interest rates at or below the standard market rate. The loans work through the standard mortgage programs, including conventional, VA, FHA and USDA mortgages.

Both first-time homebuyers and repeat buyers can qualify for these loans through a DSHA approved lender.

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DSHA Preferred Plus loan

DSHA also offers help with down payment and closing costs.

All applicants using a DSHA loan can apply for Preferred Plus assistance, which provides a no-interest second mortgage loan of 2% to 5% of the overall purchase price. You can use this second loan for your down payment or closing costs.

The Preferred Plus amount must be repaid upon the sale, transfer or refinance of the home, or when it is no longer your primary residence.

Delaware first-time homebuyer tax credit

When you buy your first home in the state of Delaware, you may also qualify for a special tax break.

You get to claim 35% of the interest you pay on your mortgage as a federal tax credit, reducing what you owe on your federal taxes by up to $2,000 a year.

The credit can be used along with CHFA’s down payment and closing cost assistance program; you’ll just need to apply for the credit through your mortgage lender.

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About the Author

Sigrid Forberg

Sigrid Forberg

Associate Editor

Sigrid’s is Moneywise.com's associate editor, and she has also worked as a reporter and staff writer on the Moneywise team.

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Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.