Delaware State Housing Authority

DSHA’s Homeownership Loan Program provides affordable financing to low- and moderate-income Delawareans. These are the products offered:

 

FHA, VA, RD, Smart Start*

FHA, VA, RD, First State Home Loan**

FHA, Diamond In The Rough***

Freddie Mac, Smart Start*

Freddie Mac, First State Home Loan**

 

Program Highlights

Welcome Home: Applicant must meet the definition of a First-Time Homebuyer
Home Again: Available for First-Time and Repeat Homebuyers

Asterisks (*) next to program name describes the down payment assistance associated with the loan product.

* Unassisted Loan, no down payment or closing costs assistance.
** Applicants will be provided 3% of their final loan amount, applicants(s) must meet the qualifications of the First State Home Loan Program.
*** Applicants will be provided 5% of their final loan amount, applicants(s) must meet the qualifications of the Diamond in the Rough Program.

Available loan products include:

1. FHA, VA and USDA 30 year fixed-rate loans.
2. Conventional 30-year fixed-rate loans.

The mission is to provide quality, affordable housing opportunities and supportive services to low- and moderate-income residents of Delaware. Artisans' Bank collaborates with the Delaware State Housing Authority (DSHA) to connect Delawareans with housing resources and opportunities throughout the state. As a committed community partner, we aim to improve the neighborhoods where we live and work.

Generally, there are four types of affordable housing: Public Housing; Housing Choice Voucher (Section 8 Voucher); Site-Based Subsidized Housing; and Tax Credit sites.

• Public Housing: These are apartment complexes owned and managed by a Housing Authority. The tenant pays a portion of the rent each month, and the federal government pays the remainder of the rent.
• Housing Choice Voucher: Formerly called Section 8 vouchers, voucher holders locate their own rental unit (apartment, house, condo, townhouse, manufactured home). The voucher holder pays a portion of the rent each month, and the voucher pays the remaining portion.
• Subsidized sites (site-based Section 8, USDA Rural Development, Rental Assistance) offer rents based on household income in accordance with federal regulations. The tenant pays a portion of the rent each month, and the federal government pays the remaining portion. The majority of these sites are privately owned and managed, although subsidized by the federal government. Unlike a Housing Choice Voucher, the tenant cannot take the subsidy with them when they move out of a site-based subsidized apartment.
• Tax Credit sites, though not subsidized by the federal government, are considered affordable. They offer lower than market rate rents to families and individuals with modest incomes. The tenant is required to pay the full rent and utilities and must have a minimum income to qualify (as opposed to subsidized housing, which has provisions for those with no regular income).