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DSHA Mortgage help
The premier state organization providing mortgage assistance in Delaware is the Delaware State Housing Authority. The Organization was established in 1968 and was later incorporated into the Community Affairs Department in 1970, and the Delaware Economic Development Office in 1987. Finally, it was incorporated in 1998.
In 1968 the DSHA started with a working budget of $100,000. Those initial assets have since grown to $500 million, mainly thanks to the issuing of tax-exempt revenue bonds.
The DSHA has a number of programs designed to help homeowners purchase and maintain their homes as well as protecting low-income homeowners from foreclosure. This series of three articles will provide an overview of the main programs offered by the Delaware State Housing Authority and the steps homeowners must take to benefit from them.
This article begins with the Delaware Mortgage Assistance Program, also known as DEMAP. DEMAP is designed to provide emergency assistance to homeowners who are at risk of losing their home due to no fault of their own. This includes families who have lost a source of income, have seen their income reduced, have suffered medical problems or whose interest rate has increased. The program provides loans of up to $15,000. Although repayment is encouraged once a family’s financial situation improves, repayment is not required until a family refinances or sells the mortgaged home. These loans can be contracted as a second or even a third lien and is based a simple 3 percent interest.
Step 1. The first step you should take if you are interested in benefiting from a Delaware Emergency Mortgage Assistance loan is to talk to an approved housing counselor.
There are eight approved housing counseling agencies that participate in this program:
CCCS of MD & DE, Inc., Hockessin Community Center, Housing Opportunities of Northern Delaware, Inc., Interfaith Community Housing, NCALL Research, Neighborhood House, Inc. and YWCA Centers for Homeownership Education.
Contact any of these agencies for more information on a DSHA mortgage help program.
Step 2. Check you are eligible.
To qualify you must have a family income of $89,47 or less, if you leave in New Castle, and $81,420 or less if you live in Kent or Sussex. You must also be 90 days or more behind your mortgage payments, have a maximum of two mortgages and a good payment history prior the financial hardship that put you in a bad spot. Your good credit history must range for at least a year from sending the application.
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