DOVER, Del. - The Delaware State Housing Authority announced the results of its “Home Sweet Home for the Holidays” program, which assisted nearly 40 families with home purchases. The program offered $10,000 in down payment and closing cost assistance for homes with a maximum sales price of $285,000.
Funding for the program was structured as a zero-interest forgivable second loan, reducing by 10 percent annually if the homeowner resides in the property as their primary residence. The loan is forgiven after 10 years of continuous occupancy.
According to DSHA, the program addressed upfront cost barriers identified in its 2023 Housing Needs Assessment. The report noted that government-backed mortgages are utilized by 58 percent of Black households and 41 percent of Hispanic households in Delaware.
"We know from our Housing Needs Assessment that the upfront costs for a down payment and closing on a home are a major barrier to achieving homeownership," said Cynthia Karnai, Director of DSHA. "Recognizing that, our team continues to develop impactful programs to help transform these families' dreams of homeownership into reality."
The holiday program was supported by a $75 million single-family bond deal, enabling DSHA to offer 30-year fixed-rate mortgages at rates as low as 5.25 percent to eligible buyers.
Eligibility for DSHA programs requires buyers to meet specific income and credit score criteria. Additional resources, including HUD-approved housing counseling and a list of participating lenders, are available at kissyourlandlordgoodbye.com.