Delaware - Government Backed Loans

The Delaware State Housing Authority was created in 1968 as a public corporation in the Delaware State Department of Housing. In 1970, DSHA became part of the Department of Community Affairs and later, in 1987, joined the Delaware Economic Development Office. Recognizing the critical services provided by DSHA, Governor Thomas R. Carper established DSHA as an independent authority in the Executive Department in 1998, with its Director, Susan Frank, reporting directly to the Governor as a member of the Cabinet. This historical step cemented the role of affordable housing as a key aspect of State policy.

Refinance Programs

Delaware Emergency Mortgage Assistance Program - DEMAP

This program provides homeowners with refinancing assistance in order to prevent foreclosure due to unforeseen circumstances. There is an income limit of 155% of the state's median income, and homeowners must not be delinquent in their mortgage payments for more than 60 days before inquiring for assistance.

Continue reading about DEMAP.

Purchase Programs

Single Family Mortgage Revenue Bond Program - SFMRB

First-time, low- to moderate-income homeowners are offered first mortgage financing at lower than market rates with this program. If, however, a homebuyer is purchasing a home in a targeted area, they do not have to be a first-time homebuyer.

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Delaware Housing Partnership - DHP

The Delaware Housing Partnership offers loaned funds in the amount of $10, 000 for homebuyers to use toward a downpayment and closing costs, with the principle and interest deferred for 30 years.

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Live Near Your Work - LNYW

With the Live Near Your Work program, participating employers partner with the Delaware State Housing Authority to provide homebuyers with a minimum $1, 000 grant to be used toward purchasing a home within a 3 mile radius of their employment. The state matches the employer's grant, and the homebuyer must obtain a fixed-rate first-mortgage to qualify.

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Resident Homeownership Program - RHP

The Resident Homeownership Program is designed to provide residents of assisted housing with the opportunity of homeownership by financing their existing assistance, which is to be used toward purchasing a home. A minimum income of $18, 000 is required, unless elderly or disabled, and homebuyers must provide at least 1% of the home's purchase price, which to be used toward a downpayment.

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Public Housing Home Ownership Program - PHHOP

The Public Housing Home Ownership Program provides Public Housing residents and Waiting List applicants with the opportunity for homeownership within Kent County. Borrowers move into and rent designated homes for 3 years, during which time they are to save up money to purchase the home from DSHA.

Continue reading about the Public Housing Home Ownership Program.