Delaware First-Time Home Buyer Programs

Buying a home is expensive, but first-time home buyers can use programs from the Delaware State Housing Authority, or DSHA, to put home ownership within reach.

First-time home buyers in Delaware can also take advantage of several national loan programs that feature relaxed credit score requirements or a lower minimum down payment. Explore all the options available for buying your first home in Delaware.

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National first-time home buyer programs

Available through many mortgage lenders, these loans allow a lower credit score and smaller down payment, which can be helpful for first-time home buyers.

Conventional mortgage

Best for:

Low down payments, limited mortgage insurance premiums

What you need to know:

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.

REVIEW THE BEST CONVENTIONAL MORTGAGE LENDERS

VA loans

Best for:

Military, low down payments

What you need to know:

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, providing competitive interest rates, often requiring no down payment or mortgage insurance. Although there is no official minimum credit score, most VA-approved lenders require scores of at least 640.

REVIEW THE BEST VA MORTGAGE LENDERS

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