Delaware offers residents a variety of programs for homebuyers and homeowners through its agency, the Delaware State Housing Authority (DSHA). First time homebuyers can qualify for financial assistance through low cost Delaware loans or tax credit programs. Homebuyer education classes and referrals to DSHA approved Delaware lenders are available at the Delaware State Housing Authority.

The term "first time homebuyer" refers to anyone who has not owned a home within three years prior to applying for first time homebuyer programs. Delaware mortgage programs for first time buyers provide down payment assistance and favorable mortgage terms to qualified first time buyers. Low down payments required for FHA loans can also help first time buyers in Delaware.

Federal and State Programs Assist Delaware Residents

Federal programs for Delaware homebuyers include FHA loans, VA loans, reverse mortgage programs, and housing and credit counseling programs. DSHA and community homebuyer programs work with Delaware lenders to provide affordable mortgage loans; the Wilmington Department of Real Estate and Housing offers housing rehabilitation programs and other services for Delaware homeowners. Information about home loans for Delaware military veterans, and more is also available.

Facing Foreclosure? Help is at Hand

Delaware mortgage foreclosure is handled through the court system. The proceedings can take several months or more. Delaware foreclosure law is unusual in that it requires you (the homeowner) to prove that you are not in default under the terms of your mortgage.

When your home is being sold through foreclosure, you can redeem ownership by paying the full mortgage amount and costs before the foreclosure sale is confirmed. After a Delaware foreclosure sale is confirmed, there is no right of redemption. If the foreclosure sale yields less than the amount of your original mortgage, your lender has the right to seek a deficiency judgment for the difference between the foreclosure sale proceeds and your original mortgage amount. Taking immediate action can help prevent the cost and consequences of foreclosure.

Mortgage Calculator: Compare Home Loan Options and Prepare to Buy a Home

If you're buying a home, you can use mortgage calculator tools to estimate how much you can afford to borrow, payment amounts, and to compare mortgage terms. As you go from researcher to homebuyer to homeowner, please continue to make use of our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.