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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
- Contact a participating mortgage lender and say you want to participate in this program.
- Make sure you (the borrower) meet all borrower requirements.
- Ensure the property you want to purchase meets all property requirements.
- Understand the loan terms, contract requirements, and related details.
- 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
- A first-time homebuyer is defined as a borrower who has not owned their principal residence during the past three years. There are two exceptions to this rule:
- A borrower purchasing a home in a targeted area
- A Veteran with a Qualifying Veteran’s Exemption
- A mobile home on rented land or a temporary foundation is not considered 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
- A first-time homebuyer is defined as a borrower who has not owned their principal residence during the past three years. There are two exceptions to this rule:
- A borrower purchasing a home in a targeted area
- A Veteran with a Qualifying Veteran’s Exemption
- A mobile home on rented land or a temporary foundation is not considered homeownership.
Loan Terms
- Low rate loans are available with a 1.5% discount/origination fee. The current rate is 4.55%. (30 Year)
- The current interest rate for Zero Point Loans is 4.90% (30 Year).
- Assisted Loans provide down payment assistance in the form of a grant equal to 2% of the mortgage amount. These loans are currently available at 5.70% (30 Year).
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 2% 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 |
302.674.5379 | 866.469.4593 302.644.3060 |
Chase Home Mortgage |
302.453.4455 | 302.678.9696 | 302.226.8182 |
| Chesapeake Mortgage Funding | 302.628.7663 | ||
| Citizens Bank | 302.421.2233 | 302.421.2235 | 302.734.0309 |
| Community Residential Mortgage | 302.698.4130 | ||
| Delaware National Bank | 888.291.2400 | 888.291.2400 | 888.291.2400 |
| Embrace Home Loans | 302.657.0181 | 302.657.0181 | 302.657.0181 |
| Fairway Independent Mortgage Corp | 302.239.5173 | 302.877.0400 | 302.227.5626 |
| Gilpin Financial Services, Inc. | 302.656.5400 | 302.656.5400 | 800.656.5400 |
| Lincoln Mortgage Company | 302.757.7576 | ||
| Met Life Home Loans | 302.456.0776 | 302.734.5770 | 800.238.6662 |
| 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 |
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| 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
