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State launches housing program for college grads

Milford Housing

Delaware is helping recent college grads to purchase their first homes in the state.

Gov. John Carney (D) recently announced the launch of the state’s “Homes for Grads” program. It offers people who have graduated college with a four-year degree or higher in the past three years discounted rates for home loans through the Delaware State Housing Authority.

Housing Authority spokeswoman Jessica Eisenbrey says this isn’t just a homeownership initiative but an economic one.  

“We have employers here in the state who need an educated workforce. They need these people who have the skills and the knowledge to fill the jobs that they have,” said Eisenbrey. “We want graduates to come to Delaware from other states to study at our schools and then we want to keep them here if we can.”

The Housing Authority has set aside $10 million in revenue from mortgage loans to launch the program. Discover Bank is also lending financial support.

“We’ve put that forward. We’re going to see what kind of response we get and if we go through that $10 million we’re going to assess our budget and revenue and stuff like that and see if we can put some more money towards it, if we get a good response,” Eisenbrey said.

Homes For Grads will provide qualifying homebuyers with a reduced mortgage rate of 50 basis points or one-half of a percentage.

The program has county-based income limits and requires a credit score of 620 or better.

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