DSHA Logo and HeaderDSHA Home
Services for Homebuyers
Return to Homebuyers Page


Single Family Mortgage Revenue Bond Program (SFMRB)

Commonly referred to as the First-Time Home Buyers Program, this statewide program provides first mortgage financing at below-market interest rates to low- and moderate-income Delaware homebuyers who have not owned a home in the past three years.

How To Apply

  1. Contact a participating mortgage lender and say you want to participate in this program.
  2. Make sure you (the borrower) meet all borrower requirements.
  3. Ensure the property you want to purchase meets all property requirements.
  4. Understand the loan terms, contract requirements, and related details.
  5. Please view Home Buyers' Information Guidebook

Targeted Areas
Throughout this page the terms "targeted areas" and "non-targeted areas" are used. Different qualification requirements apply if a targeted or non-targeted area is selected by a borrower. You can see if the property you want to purchase is in a targeted area by clicking on a Census Tract number below.

  • Borrowers purchasing in targeted areas do not have to meet first-time homebuyer status requirement.
  • Targeted areas include the following Census Tracts:
    • New Castle County: 1, 7, 17, 20, 21 and 22. Or, see all tracts.
    • Kent County: 411 Or, see the CT 411 area.
    • Sussex County: none at this time
    • To see if your selected property is in a qualified targeted area census tract, please click here:
  • Prior-issue targeted funds are still available.

Borrower Qualifications
To qualify, a borrower's current gross family income cannot exceed:

County Area 1 or 2 Person Households 3 or More Person Households
New Castle Non-targeted $77,800 $89,470
  Targeted $93,360 $108,920
Kent & Sussex Non-targeted $70,800 $81,420
  Targeted $84,960 $99,120

Notes

  1. A first-time homebuyer is defined as a borrower who has not owned a principal residence in the past three years. (The only exception to this rule is a borrower purchasing a home in a targeted area.)
  2. A mobile home on rented land or a temporary foundation does not count as homeownership.

Property Qualifications
To qualify, a property's purchase price cannot exceed:

County Type of Loan Type of Home
1 Unit 2 Units 3 Units 4 Units
New Castle Non-targeted $366,990 $469,791 $567,874 $705,757
  Targeted $448,544 $574,189 $694,068 $862,592
Kent Non-targeted $328,762 $420,859 $508,718 $632,228
  Targeted $401,820 $514,383 $621,767 $772,723
Sussex Non-targeted $327,670 $419,461 $507,058 $630,131
  Targeted N/A N/A N/A N/A

Notes

  1. Purchase price limit includes all consideration passed from buyer to seller, including lot (if acquired less than two years before settlement), improvements such as well and septic, and the cost of the house.
  2. A mobile home may be financed if it is deemed real estate, secured to a permanent foundation.
  3. Conventional loans with loan-to-values up to 100% are acceptable.
  4. Lenders are advised to visit the Program Underwriting Manual for guidelines and more information.

Loan Terms

  1. Interest rate is fixed for 5.50% for thirty years.
  2. "Assisted Loan" interest rate is fixed for 6.25% for thirty years.

Related Details
Delaware banks and other financial institutions may apply to DSHA to become approved lenders to originate below-market interest rate first mortgages. Banks and financial institutions can also purchase the mortgage revenue bonds in order to make the proceeds available at below-market rates to low- and moderate-income first-time homebuyers. "Assisted Loan" mortgage money is available throughout the state. The "assistance" comes in the form of a grant equaling 3% of the mortgage amount which is available to pay closing costs.


Participating Mortgage Lenders
Once you know you have met all requirements for this program, contact the lender of your choice.

Lender County
New Castle Kent Sussex
Bank of America 302.432.0033
302.498.7300
302.674.5708 866.69.4593
302.644.6450
Chase Home Mortgage 302.453.4455 302.678.9696 302.226.8182
Chesapeake Mortgage Funding 302.628.7663
Community Residential Mortgage 302.698.4130
Countrywide Home Loans 302.479.8700
302.731.3700
302.498.7300
302.674.5379
302.644.3060
302.226.4300
302.674.5379
302.644.3060
302.226.4300
Delaware National Bank 888.291.2400 888.291.2400 888.291.2400
Gilpin Financial Services, Inc. 302.656.5400 302.656.5400 800.656.5400
Mason Dixon Funding 302.239.1355
Met Life Home Loans 302.456.0776 302.734.5770 800.238.6662
Mortgage America 302.239.0600 302.239.0600 302.239.0600
PNC Mortgage 302.234.9204
302.286.0270
302.734.9316
302.736.1701
302.644.1711
302.644.0183
Prosperity Mortgage 302.838.4838 302.838.4838 800.798.8679
Superior Mortgage Corp 302.299.1129 302.346.6000 302.346.6000
Trident Mortgage 800.334.6170 800.334.6170 800.334.6170
Vision Mortgage Capital 302.355.1828
Weichert Financial Services 302.832.9200
302.478.3800
302.992.9500
   
Wells Fargo 302.661.2500
302.239.6300
302.731.1400
302.672.1200 302.227.5710
Weststar Mortgage 302.725.0723 302.725.0723 302.725.0723
Wilmington Mortgage 302.633.1660 302.633.1660 302.633.1660
Wilmington Trust 866.826.1929 866.826.1929 866.826.1929


DSHA Contact Person
Do you have questions about this program? Would you like to suggest an improvement to this Web page? Please contact DSHA at  302.577.5001


Return to Homebuyers Page

Last Updated: Wednesday, 10-Jun-2009 09:04:25 EDT
site map   |   about this site   |    contact us   |    translate   |    delaware.gov