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Homeownership seems like an impossible dream for many people, especially those with low to moderate incomes and in these COVID-troubled times.
The Delaware State Housing Authority is trying to make that dream a reality through their “Kiss Your Landlord Goodbye” promotion.
“In Delaware, people can often buy a home with a lower mortgage payment than they are paying in rent,” said spokeswoman Jessica Welch. “People often think our programs are only for low income families, but that is not the case.
“In Kent and Sussex County, for a household with one or two people, the income limit is $98,280 while families of three or more can have income up to $122,850. We also offer our programs to repeat home buyers, not just first-time buyers.”
Connecticut
The Connecticut Housing Finance Authority gives loans for down payment assistance. You must borrow at least $3,000, but you can t borrow more than the minimum down payment for your home.
You might find assistance specific to where you live through the Housing Development Fund.
Delaware
You can receive 2% to 5% of your mortgage amount as a loan from the Delaware State Housing Authority, and put that loan toward a down payment or closing costs. You won t pay interest, and you ll pay back the loan when you move, refinance, or pay off your mortgage. You can also get up to $2,000 per year in tax credits.
Rental assistance in Delaware threatened to run up against a spending deadline this month. But the state expects to be able to use it all, and have much
DSHA seeking applicants for Community Block Grants
On Monday, December 14, Milford City Council heard a presentation from Brad Whaley, Director of the Community Block Grant Program in Sussex County and Michael Miles, Supervisor of the same program in Kent County, explaining how the program benefits low- to moderate-income property owners. The program is funded by the Delaware State Housing Authority.
“This is HUD funding designed to assist low to moderate income residents with housing issues,” Whaley said. “We primarily use that for housing rehabilitation projects, small infrastructure, demolition, sewer and water hookups. In order to qualify, a household must be at 80 percent of the median income. For a one-person household in Sussex County, this means an annual income of no more than $42,000. The annual income rises by about $6,000 for each additional person who lives in the home. The funding is designed to keep housing stable and we complete a lot of repairs on roofs, door