Foreclosed homes and other houses being sought by Delawareans looking for affordability are often not in the best of shape.
A new mortage program offers families the opportunity to qualify for a 3.49%, 30-year fixed-rate mortgage if they’re able to take a “gently used” home, and obtain a loan to cover the mortgage and any repairs.
Governor Jack Markell says this program not only helps first-time homebuyers – it also will give a boost to Delaware’s economy.
“It helps the local construction community, because it means more of the work can actually get done,” Markell says. “The work to do the renovation is actually going to be packaged, all as an actual part of the loan.”
The Delaware State Housing Authority developed the Acquisition Rehab mortgage program, which grew out of the New Issue Bond Program that was introduced in March. The DSHA utilizes its bonding authority to fund the program and uses loan payments to pay back the bond holders, therefore not costing the state any money.