New Castle County Vacant Home Program - VHAP - Delaware Down Payment Assistance

New Castle County Vacant Home Program called VHAP is a Delaware down payment assistance program for the purchase of homes that have been vacant for 90 days or more. You must apply for the program through an approved mortgage lender. You can apply by calling 302-703-0727 to apply with Primary Residential Mortgage which is one of the approved mortgage lenders for the program.

The loan is for home buyers that are purchasing homes in New Castle County Delaware in the following zip codes: 19701, 19702, 19709, 19720, 19802, and 19805. The loan is for 6% of the purchase price up to a maximum of $10,000. The interest rate is 0% and there are no monthly payments required. If you live in the property for 5 years as primary residence loan is forgiven and you owe nothing.

The NCC Homeowner Vacant Home Purchase Program (VHAP) is a deferred loan for down payment assistance and/or closing costs that is secured against the property as second mortgage lien. The borrower must occupy the property as their primary residence. You DO NOT have to be a first time home buyer in order to qualify for the program.

The maximum sales price is $335,400 and all properties must be inspected by ASHI or NACHI certified home inspectors. All homes built before 1978 must also have a visual lead inspection done by a certified lead based paint inspector but no repairs are required. The property must be purchased at 1% below the appraised value. The borrower must complete 8 hours of home counseling with a New CastleCounty recognized HUD approved housing counseling agency. There are also income restrictions on qualifying for the program.

Eligible Income Limitations for VHAP Program for 2011 are as follows:

Household Size Maximum Income

1 Person $67,550
2 Person $77,200
3 Person $86,850
4 Person $96,500
5 Person $104,200
6 Person $111,900
7 Person $119,650
8 Person $127,350

You can get more information or apply for the program by calling 302-703-0727 or sending an e-mail to jthomas@primeres.com

John R. Thomas
Certified Mortgage Planner NMLS 38783
Primary Residential Mortgage
302-703-0727 Office
248 E Chestnut Hill Rd
Newark, DE 19713
www.DelawareMortgageLoans.net