During a Lender’s Meeting recently, DSHA announced the following changes to Homeownership Programs:

Effective immediately, Homeownership program income limits will no longer be based on county and family size. The new statewide income limit is as follows:

New Homeownership Program Loan Income Limit Effective March 10, 2015

DSHA is also announced the elimination of Homeownership Program Purchase Price Limits and has replaced that limit with a statewide maximum loan amount.

New Homeownership Maximum Loan Amount Limit Effective March 10, 2015

End of Advantage 3 and the launch of Advantage 4 grant program

Also announce during the meeting was the Advantage 3 grant program would be replaced by Advantage 4. Advantage 4 will provide a larger grant amount equal to 4% of the 1st mortgage that is used to cover downpayment and closing costs. Advantage 3 reservations will be accepted until 5:30 PM on March 13^th and Advantage 4 reservations will begin being accepted at 9:00 AM on March 16^th.

Changes to Second Mortgage Assistance Program (SMAL)

Also announced were the following changes to SMAL. Effective immediately, SMAL income and purchase price limits will no longer mirror the Homeownership Program limits, but will be tied to the limits established for the Delaware First-Time Homebuyer Tax Credit program. This means in some cases, borrowers who are eligible for a first mortgage through DSHA may exceed income or loan amount limits for SMAL.

 Advantage 4 eligibility criteria will match those of the Homeownership Program, so borrowers who do not qualify for SMAL may want to consider using Advantage 4 instead.

Also announced, while DSHA strongly encourages a home inspection it was announced this was being eliminated as a requirement for SMAL applicants effective immediately.

Click here to request more information or to see if you qualify!