The First State Home Loan Program, managed by the Delaware State Housing Authority (DSHA), is a remarkable opportunity for first-time homebuyers in Delaware seeking financial support and accessible homeownership. With attractive interest rates and down payment assistance options, this program empowers residents to achieve their dream of owning a home in the First State.
What Is the First State Home Loan Program?
The First State Home Loan Program is designed specifically for first-time homebuyers in Delaware. Administered by DSHA, this initiative provides low-interest mortgage loans and down payment assistance to help qualified buyers purchase a home affordably. Whether you’re purchasing your first home or haven’t owned a home in the past three years, this program could be your gateway to secure homeownership.
Who Qualifies for the Program?
To be eligible for the First State Home Loan Program, you must:
- Be a first-time homebuyer or not have owned a home in the past 3 years.
- Meet the income and purchase price limits set by DSHA.
- Complete a homebuyer education course approved by the agency.
- Use the home as your primary residence.
Down Payment and Closing Cost Assistance
One of the major highlights of the program is the availability of down payment and closing cost assistance. Eligible borrowers can access additional support through the Preferred Plus Assistance, which offers a no-interest second loan to cover upfront home-buying expenses.
Loan Terms and Benefits
Here are some of the key benefits of the First State Home Loan Program:
- Fixed-rate 30-year mortgages.
- Competitive interest rates through participating lenders.
- Assistance up to 5% of the total loan amount.
- No repayment on assistance if you stay in your home for a specific period.
How to Apply
Applying for the program is a straightforward process. Start by:
- Visiting the official DSHA program page.
- Reviewing eligibility guidelines and preparing your documentation.
- Connecting with an approved lender through DSHA’s partner list.
- Completing your application and the required homebuyer education.
🔗 Apply for the First State Home Loan Program
Why Choose DSHA’s First State Home Loan Program?
This program offers more than just funding. It provides education, guidance, and resources to help first-time buyers succeed. Delaware residents benefit from a comprehensive homeownership experience backed by local experts and consistent support from DSHA.
Additional Resources for Delaware Homebuyers
If you’re considering buying your first home in Delaware, you may also benefit from related housing programs. Explore more through the links below:
- 🏡 Delaware Public Housing
- 📊 How to Apply for Section 8 in Delaware
- 📌 Housing Choice Voucher Delaware
- 📝 Delaware First Time Homebuyer
- 💵 Down Payment Assistance Programs in Delaware
The First State Home Loan Program from DSHA is a smart and supportive choice for first-time buyers in Delaware. With flexible terms, educational tools, and trusted lenders, you can take confident steps toward homeownership in your state.