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New Castle County Down Payment Settlement Program

Delaware

Available Assistance

The Down Payment Settlement loan amount is a minimum of $1,000, and a maximum of $5,000. The amount received by each borrower is determined by a housing counselor. The 8-year loan term is split into two segments: Period 1, consists of the first 3 years which is the deferral period where 3 percent simple interest is accruing and payments are optional. Period 2, is the remaining 5 years when monthly payments are required. If the loan is repaid in full within Period 1, all interest is forgiven. The loan must be repaid in full upon sale of property or transfer of ownership.

Eligibility Requirements

To be eligible for the Down Payment Settlement Program all applicants must meet a certain set of requirements. Applicants must be first-time homebuyers; those who have owned a principal residence in the previous 3 years are not eligible. They are also responsible for contributing at least $500 in cash.

Property Guidelines

The property being purchased must serve as the buyer’s primary residence for the life of the loan. Properties eligible under the Down Payment Settlement Program include existing, residential structures or new constructions located in New Castle County, outside the City of Wilmington. The program’s maximum purchase price for a single dwelling structure is $379,500.

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