Delaware State Housing Authority. DSHA Homeownership Loan Programs

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1 Delaware State Housing Authority DSHA Homeownership Loan Programs

2 DSHA is committed to following all aspects of the Fair Housing Act in our efforts to promote responsible homeownership and obtaining competitive and safe financing for same.

3 Overview of DSHA Mortgage Programs DSHA Mortgage loan products are designed to enable incomequalified families to achieve the dream of homeownership. Advantages for DSHA borrowers include: Competitive interest rates Downpayment Assistance Options 30 year fixed rate loans When DSHA funds are used to finance mortgage loans, certain criteria are required including: Loan limits Income limits Owner-occupancy requirements Property must be located in Delaware 3

4 DSHA Eligibility There are three components used to determine eligibility for DSHA Financing: 1. Income 2. Loan Limits 3. First-Time or Repeat Homebuyer Status *Additional credit criteria may apply based on loan product selected. 4

5 Homeownership Program Income Limits County Limit New Castle, Kent & Sussex $97,900 Income limits in effect as of 3/10/15 and are subject to change annually 5

6 Homeownership Program Loan Limits COUNTY New Castle Kent Sussex I UNIT $417,000 Loan limits above are as of 3/10/2015 and are subject to change annually. 6

7 Current Products Offered Welcome Home Loans Mortgages For First-Time Homebuyers Home Again Loans Mortgages for Repeat Homebuyers 7

8 DSHA Definitions Welcome Home Product- First-Time Homebuyer Definition: A person who has not had an ownership interest in his/her principal residence at any time during the last three years prior to the closing date. Mobile homes not permanently affixed to the ground are not considered real estate; the owner would be eligible for first-time homebuyer rates. Qualified Veterans as defined in 38 USC Section 101, are exempt from the First-Time Home Buyer requirement. Must provide a copy of their DD 214 Form demonstrating military discharge or release under conditions other than dishonorable. Home Again Product For Homebuyers who do not meet the First-Time Homebuyer definition. 8

9 Advantage 4 Advantage 4 provides a grant equal to 4% of the first mortgage amount and is applied toward required downpayment and closing costs, and then principle reduction: Welcome Home and Home Again loans with Advantage 4 rates Standard 1 st Mortgage documents No repayment is ever required from the borrower No additional lien is recorded on the property DSHA provided downpayment assistance funds are considered borrower s own funds for the purposes of meeting agency downpayment requirements. 9

10 Second Mortgage Assistance Loan (SMAL) Available to any borrowers that meet DSHA eligibility based on income and purchase price limits. Loan amounts up to $8,000. Can be used with either Welcome Home or Home Again loans Funds must be used toward downpayment and settlement costs. 3% Simple interest. Repayment is deferred for 30-years, or until the first mortgage is refinanced, or the property is sold or transferred; whichever comes first. The SMAL is secured by a second lien against the property. 10

11 Second Mortgage Assistance Loan (SMAL) Additional Requirements The SMAL is only available in conjunction with a DSHA first mortgage product. Household income and purchase price limits are the same as for the DE First-Time Homebuyer Tax Credit. Borrowers must participate in a U.S. Department of Housing and Urban Development (HUD)-approved housing counseling product/home ownership education. 11

12 SMAL Program Income Limits County 1-2 Person Households 3+ Person Households New Castle $81,100 $93,265 New Castle County Targeted $97,320 $113,540 Kent & Sussex $74,400 $85,560 Sussex County Targeted $89,280 $104,160 Income limits in effect as of 3/25/15 and are subject to change annually 12

13 SMAL Program Purchase Price Limits County Kent New Castle Sussex Property Type of Home Census Tract 1 Unit 2 Units 3 Units 4 Units Non-Targeted $265,158 $339,456 $410,307 $509,918 Targeted N/A N/A N/A N/A Non-Targeted $371,250 $475,238 $574,483 $713,934 Targeted $435,750 $580,847 $702,146 $872,587 Non-Targeted $309,375 $396,048 $478,711 $594,929 Targeted $378,125 $464,059 $585,092 $727,136 Purchase Price limits in effect as of 3/10/15 and are subject to change annually 13

14 SMAL vs. Advantage 4 SMAL (Second Mortgage) ADVANTAGE 4 (Grant) 1 st Mortgage Amount $175, $175, Interest Rate 4.0% 4.5% Term (months) P & I Payment $ $ Difference $51.22 Down Payment Assistance Provided $8, $7, Repayment Amount $15, $

15 Available Loan Products FHA VA USDA Rural Housing Conventional Loans 15

16 Rates 1 st Mortgage Program FHA, VA, USDA Conventional** DSHA Down Payment Program With SMAL Advantage 4 With SMAL Advantage 4 Current Rates 3.5% 4.0% 4.5% 4.0% 4.5% 5.0% (Sample rates as of 3/10/15 and are subject to change ) 16

17 17 Process 1. DSHA recommends that potential homebuyers meet with one of Delaware s HUD approved Housing Counseling Agencies to determine if they are purchase ready. 2. Meet with one of the DSHA Participating Lenders listed on our website: DeStateHousing.com to be pre-qualified for financing. Mention that you want to use DSHA financing. 3. Once prequalified, work with a realtor to identify a property and put together an offer to purchase the property. 4. When your offer is accepted by the seller, notify your lender and work with them to submit all required paperwork to complete your loan application. 5. Your lender will take care of the rest of the process directly with DSHA.

18 Contacting DSHA Telephone: Website: DeStateHousing.com 18

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