The Delaware State Housing Authority (DSHA) recognizes that many individuals can afford monthly mortgage payments, but don’t have the funds for a down payment on a home. In order to help people get over this hurdle, the DSHA offers eligible homebuyers down payment assistance in the form of the Advantage 4 Program.

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Advantage 4 Program

Financial Assistance for Homebuyers in Delaware

The Delaware State Housing Authority (DSHA) recognizes that many individuals can afford monthly mortgage payments, but don’t have the funds for a down payment on a home. In order to help people get over this hurdle, the DSHA offers eligible homebuyers down payment assistance in the form of the Advantage 4 Program.

Available Assistance
Under Advantage 4, applicants can receive funds equal to 4 percent of their total first mortgage amount which can be put toward covering down payment and closing cost expenses associated with purchasing a home. The funds come in the form of a grant, so there are no repayment requirements at any point.

Eligibility Requirements
All applicants who are eligible for any of DSHA's Homeownership Loans are eligible to receive down payment assistance under Advantage 4.

Income limit (in Kent, New Castle, or Sussex): $97,900
Maximum loan amount (in Kent, New Castle, or Sussex): $417,000

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people in a permanent rental situation.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Delaware

The Delaware State Housing Authority (DSHA) recognizes that many individuals can afford monthly mortgage payments, but don’t have the funds for a down payment on a home. In order to help people get over this hurdle, the DSHA offers eligible homebuyers down payment assistance in the form of the Advantage 4 Program.

The New Castle County Department of Community Services offers first-time homebuyers the Down Payment Settlement Program. This program comes in the form of a deferred payment loan, to help cover down payment and closing/settlement costs associated with the purchase of a new home.

The New Castle County Department of Community Services promotes homeownership through the ReVaMP program, or "Remediating, Vacancies Making Progress.” This program helps to cover the down payment and closing costs for vacant homes in New Castle’s identified areas. 

The Delaware State Housing Authority offers the Second Mortgage Assistance Loan (SMAL). This program provides eligible applicants with a loan of up to $8,000 that can be put toward down payment and closing cost expenses associated with mortgage transactions.

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