The Delaware State Housing Authority is not only rebranding its single-family mortgage lending program, more loan products are added.
The goal is to offer greater flexibility for first-time and repeat homebuyers.
DSHA is launching the Delaware Mortgage Program which replaces the longtime homeownership campaign and website, “Kiss Your Landlord Goodbye.”
Now, all single-family mortgage lending information will now live under the DSHA brand and website to offer greater exposure.
Loan products fall under two main areas. Open Door is for expanding opportunities for homeownership, and Welcome Home for first-time homebuyers.
DSHA’s director of single-family mortgage lending Megan Faries describes the Welcome Home program.
"Under that program we have our First State, which gives 3% of the final loan amount in down payment and closing cost assistance. And then we also have our Keys4You, which is 4% in down payment and closing cost assistance. Take5, which is 5% and also our Diamond in the Rough. This program is really unique and special because it is a renovation program which gives 5% in down payment and closing cost assistance," said Faries.
There’s also the Smart Start program which offers a first mortgage loan with no down payment and closing cost assistance.
"So you can visit our website at www.destatehousing.com/mortgages. On the website you can get an overview of all our programs that are available and our approved lender list,” said Faries. “The best thing to do would be to reach out to one of our approved lenders to see if you qualified to purchase a home, and let them know that you do have interest in DSHA homeownership products."
For every loan with down payment assistance, payment is deferred until either refinance, sale of home, transfer of title or property is no longer used as a primary residence.
