The Delaware State Bond Program is out of money for the 3% grant assistance for the rest of this year. New Castle County has two programs that are still available and the City of Newark has several programs. You can also look into a USDA Rural Housing Loan which will lend you up 102%. For more information on Down payment assistance programs in Delaware visit
http://www.delawaremortgageloans.net/archives/category/down-payment…

John Thomas
Certified Mortgage Planner
Primary Residential Mortgage, Inc.
302-703-0727 Office
302-588-3665 Cell

It is an exciting time for you as a 1st time buyer. There are several programs out there, interest rates are low and sellers are motivated. Even with credit scores tightening up, you are doing good with your score. Congratulations! Delaware State Housing (DSHA) is an option for you as well as FHA loans. Some lenders have programs from their company as well. It is important that you find a lender that you are comfortable with, one that understands the programs available and who works with buyers in your price range. That is also true for the realtor you choose. Good luck and enjoy the experience.

In addition to what Jaqueline posted, you should know that if you use the DSHA bond programs you may not be eligible for the new federal tax credit program that can be as much as 7500.00. Also if you do use the State bond program allow yourself at least 30-45 days for settlement. The state needs to approve you for the pogram in addition to loan approval fro the banks underwriting dept.

Hi Amy,

There are state and local programs but the criteria depend on your income. Check my web site for more information (under For Buyers).

You definitely qualify for a mortgage based on your scores so your next step may be to contact a lender and get the ball rolling. I have a lender in my office if you want the info. And yes, paying points will lower your interest rate.

Good luck!