Delaware First Time Home Buyer

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Delaware First Time Home Buyer
Delaware is experiencing a double whammy effect of the housing bust and shrinking auto industry. Also, business bankruptcy filings are high, job losses are escalating, and foreclosures are rising which will continue to hurt the economy. Home prices have fallen 30% from the peak and the inventory of homes have saturated the marketplace. Today, a Delaware first time home buyer can purchase an FHA foreclosure with $100 down and secure a 30 year fixed loan in 5.00% range. What are you waiting for?

**Delaware First Time Home Buyer Stats**
Average Home List Price	$356,042
Average Property Tax	.40% or $800 for $200,000 home value-one of lower rates in nation
Foreclosure Rate-Wilmington	1 in 225 Homes
Fastest Growing Job Markets	Healthcare
Unemployment Rate	8.2%

Special Programs
The My Community Delaware First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse, and Military Personnel. This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.

Delaware First Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.

FHA Single Family Mortgage Limit range from $375,000 to $420,000 in Delaware. Please visit FHA mortgage limits.

	Single Family	2-Unit	3-Unit	4-Unit
Dover	$376,250	$481,650	$582,200	$723,550
Wilmington	$420,000	$537,650	$649,900	$807,700
Seaford	$375,000	$480,050	$580,300	$721,150

VA Program
Zero down payment up to $417,000 loan amount

If you served during wartime for at least 90 consecutive days or during peacetime for at least 181 consecutive days then you are eligible for the VA Home Loan Program. If you are currently on active duty then you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps.

Delaware USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits. The income limit for most counties is $74,050 and Wilmington has $89,500 income limit.

List of Eligible COUNTIES: Sussex

Visit USDA website to determine if a specific home is eligible for the program. You will need full address with zip code.

Gerald Tribuzio© 2001-2010
Phone: (847) 516-5743
Fax: (800) 351-1184
Email:jtrib@firsthomebuyers.net
Chicago Headquarters
421 Wentworth Circle
Cary, IL 60013
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