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Delaware State Housing Authority

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Need Down Payment Assistance?

If saving enough for a down payment and closing costs have kept you from buying a home of your own, DSHA’s Second Mortgage Assistance Loan (SMAL) may be able to help. All applicants who are eligible for any of DSHA’s Homeownership Loans can access up to $10,000 that can be used to cover down payment and closing cost expenses associated with buying a home.
•DSHA will provide up to $10,000 interest free and payments are deferred for 30* years.
•You can use 100% of the SMAL loan to pay for the down payment, normal and customary closing costs, or reimburse yourself for other expenses incurred prior to closing, such as appraisal, application fees or earnest money down payment provided when you signed your sales contract.

* Payments are required beginning in the 361st month. The balance becomes due upon refinancing, sale, transfer of title or when the property is no longer the primary residence, whichever occurs first.

Do I Qualify?
To qualify for the Second Mortgage Assistance Loan, you must meet all requirements for a DSHA Homeownership Loan

Borrower Qualifications
Maximum household income for eligibility are as follows:

County

Area

1 or 2 Person Households

3 or More Person Households

New Castle

Non-targeted

$79,200

$91,080

Targeted

$95,040

$110,880

Kent & Sussex

Non-targeted

$73,100

$84,065

Targeted

$87,720

$102,340

Property Qualifications
Property’s purchase price limits are as follows

County

Type of Loan

Type of Home

1 Unit

2 Units

3 Units

4 Units

New Castle

Non-targeted

$387,692

$496,292

$599,907

$745,569

Targeted

$473,845

$606,579

$733,220

$911,251

Kent

Non-targeted

$347,307

$438,972

$530,613

$659,438

Targeted

$424,486

$536,521

$648,527

$805,979

Sussex

Non-targeted

$346,153

$437,514

$528,881

$657,250

Targeted

N/A

N/A

N/A

N/A

Additional Requirements:•Complete a Homebuyer Education course offered by a HUD-approved housing counseling agency, and
•Obtain a Home Inspection by a ASHI, NACHI or NAHI-CRI certified home inspector.
Learn more about your homebuyer education options.

How do I apply?
Contact a participating DSHA Mortgage Lender.

Questions?
Your lender can help you choose the down payment option that is right for you. You can also check out our Home Buyer’s Information Guidebook for more information.

Contact DSHA
Do you have questions about this program? Please contact DSHA toll-free at (888) 363-8808 or via email at ContactDSHA@DeStateHousing.com.