Quantcast

The Delaware State Housing Authority's tax credit program helps make homebuying a little more affordable for first-time homebuyers.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for October 28, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

First-Time Homebuyer Tax Credit Program

The Delaware State Housing Authority introduced a tax credit program for first-time homebuyers to incentivize and help them afford the purchase of their first home.

Available Assistance
The State of Delaware has a special tax credit for first-time homebuyers that can help make homebuying more affordable. Residents can claim part of the annual interest paid on their mortgage (35% of the interest) as a special federal tax credit of up to $2,000 a year. The tax credit can be used along with down payment and closing cost assistance programs through participating lenders.

Eligibility Requirements
To qualify for this tax credit, individuals must purchase a home within the State of Delaware. They must be first-time homebuyers—those who have not owned a home in the past three years, unless they are purchasing a home in a Targeted Area or the homebuyer is utilizing the Qualified Veteran Exemption. The program mandates that the household income and the purchase price not exceed the maximum limits (shown below).

Income Limits
New Castle County Non-Targeted areas
1 or 2-person household: $90,100
3 or more person household: $103,615

New Castle County Targeted Areas
1 or 2-person household: $108,120
3 or more person household: $126,140

Kent and Sussex Counties Non-Targeted Areas
1 or 2-person household: $78,900
3 or more person household: $90,735

Kent and Sussex Counties Targeted Areas
1 or 2-person household: $94,680
3 or more person household: $110,460
 
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.

First-Time Home Buyer Programs in Delaware

The Delaware State Housing Authority's tax credit program helps make homebuying a little more affordable for first-time homebuyers.

spacer

First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

spacer

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED