In an effort to help residents purchase homes instead of staying in rented apartments for years to come, the Delaware State Authority offers eligible applicants affordable home loans and down payment assistance.  

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Delaware State Housing Authority (DSHA) Preferred Plus Program

Financial Assistance for Homebuyers in Delaware

In an effort to help residents purchase homes instead of staying in rented apartments for years to come, the Delaware State Authority offers eligible applicants affordable home loans and down payment assistance.  

Available Assistance 

A DSHA mortgage is a 30-year, fixed-rate loan with interest rates at or below the standard market rate for qualified buyers. These loans work through standard mortgage programs, including conventional, VA, FHA, and USDA mortgages. All applicants using a DSHA Homeownership Loan can use the flexible, customized Preferred Plus assistance, which provides a no-interest second mortgage loan of 2% to 5% of the overall loan amount. These funds can be applied toward the down payment or closing costs. The loan must be repaid upon the sale, transfer, or refinance of the home, or when it is no longer the borrower’s primary residence. 

  

Eligibility 
  • Maximum household income must be at or below the following limits:  
    • New Castle County. 1-2 people: $113,400. 3 or more people: $141,750 
    • Kent & Sussex County. 1-2 people: $99,600. 3 or more people: $124,500 
  • Minimum credit score of 620. (Applicants with credit scores of 659 or below must participate in housing counseling.) 
  • Maximum loan amount is $417,000. There is no purchase price limit. 


*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State 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.           
  

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information  spacer

Down payment 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.

Down Payment Grants in Delaware

In an effort to help residents purchase homes instead of staying in rented apartments for years to come, the Delaware State Authority offers eligible applicants affordable home loans and down payment assistance.  

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. 

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