Delaware News

DSHA Celebrates $500 Million in Mortgage Financing with Discover Bank, Launches New Mortgage Products

Delaware State Housing Authority | News | Date Posted: Monday, July 22, 2024


Delaware State Housing Authority event outside Summer 2024

Dover, Del. – July 22, 2024 –The Delaware State Housing Authority (DSHA) and Discover Bank announced a significant milestone in their long-standing partnership to expand homeownership opportunities for low-to-moderate-income residents across the state. Over the past decade, the collaborative lending program has provided more than $500 million in mortgage financing to 2,780 first-time homebuyers with household incomes at or below 80%of the area median income.

Complementing the over $500 million in mortgages originated, the program generated more than $5 million in additional subsidies. These subsidies enabled DSHA to offer mortgages with consistently below-market interest rates, furthering affordable homeownership prospects for Delaware families.
“Surpassing half a billion in financing takes work. I’m grateful for Discover Bank and the DSHA team’s commitment to serving Delawareans,” said Cynthia Karnai, Director of DSHA. “This milestone is a testament to how public-private partnerships can positively impact the surrounding community, and I look forward to making the next ten years just as successful.”

“We strongly believe that one of the most influential ways for a bank to serve its community is to help make homeownership accessible and achievable for all,” said Matthew Parks, Vice President at Discover Bank. “Homeownership has long been considered the primary means to build wealth for low and moderate-income families, and our collaboration with DSHA allows us to provide funding in a meaningful way by leveraging the agency’s mortgage and downpayment packages, resulting in the dream of homeownership becoming a reality for many Delawareans.”

Throughout the month of June, DSHA joined Governor John Carney, elected officials, and key partners in each county throughout Delaware to celebrate Home Ownership Month. DSHA announced the launch of its newest mortgage product to expand opportunities for home ownership and investing in our communities.

“We are extremely proud to launch the Diamond in the Rough program, which embodies our mission to make homeownership more attainable for Delaware residents,” said Cynthia Karnai, Director of DSHA. The Diamond in the Rough combines a FHA mortgage to purchase and repair a home in one mortgage. DSHA buyers can purchase and update a home with up to $35,000 in renovation costs. Also, DSHA will support the purchase with 5% in down payment and closing costs assistance. “We provide a comprehensive product that helps homebuyers turn houses that need a little love into their dream homes,” Director Karnai added.

“Owning a home is a powerful way to build wealth,” said Wes Stefanick, CEO of the Delaware Association of REALTORS®. “These programs empower many in our community to achieve this goal. Data supports this: a Federal Reserve study shows homeowners’ median net worth soared from $295,500 in 2019 to $396,200 in 2022, while renters’ median net worth only rose slightly, from $7,300 to $10,400.”

Financial institutions interested in positively impacting communities throughout Delaware through mortgage financing partnerships with DSHA are invited to call (302) 739-4263. To learn more about DSHA’s innovative homeownership programs and the exciting National Homeownership Month activities, please visit www.KissYourLandLordGoodbye.com or call (302) 739-4263.

About Delaware State Housing Authority
The Delaware State Housing Authority (DSHA), formed in 1968, provides quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it serves as a Public Housing Authority and a Community Development Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties.

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Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

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DSHA Celebrates $500 Million in Mortgage Financing with Discover Bank, Launches New Mortgage Products

Delaware State Housing Authority | News | Date Posted: Monday, July 22, 2024


Delaware State Housing Authority event outside Summer 2024

Dover, Del. – July 22, 2024 –The Delaware State Housing Authority (DSHA) and Discover Bank announced a significant milestone in their long-standing partnership to expand homeownership opportunities for low-to-moderate-income residents across the state. Over the past decade, the collaborative lending program has provided more than $500 million in mortgage financing to 2,780 first-time homebuyers with household incomes at or below 80%of the area median income.

Complementing the over $500 million in mortgages originated, the program generated more than $5 million in additional subsidies. These subsidies enabled DSHA to offer mortgages with consistently below-market interest rates, furthering affordable homeownership prospects for Delaware families.
“Surpassing half a billion in financing takes work. I’m grateful for Discover Bank and the DSHA team’s commitment to serving Delawareans,” said Cynthia Karnai, Director of DSHA. “This milestone is a testament to how public-private partnerships can positively impact the surrounding community, and I look forward to making the next ten years just as successful.”

“We strongly believe that one of the most influential ways for a bank to serve its community is to help make homeownership accessible and achievable for all,” said Matthew Parks, Vice President at Discover Bank. “Homeownership has long been considered the primary means to build wealth for low and moderate-income families, and our collaboration with DSHA allows us to provide funding in a meaningful way by leveraging the agency’s mortgage and downpayment packages, resulting in the dream of homeownership becoming a reality for many Delawareans.”

Throughout the month of June, DSHA joined Governor John Carney, elected officials, and key partners in each county throughout Delaware to celebrate Home Ownership Month. DSHA announced the launch of its newest mortgage product to expand opportunities for home ownership and investing in our communities.

“We are extremely proud to launch the Diamond in the Rough program, which embodies our mission to make homeownership more attainable for Delaware residents,” said Cynthia Karnai, Director of DSHA. The Diamond in the Rough combines a FHA mortgage to purchase and repair a home in one mortgage. DSHA buyers can purchase and update a home with up to $35,000 in renovation costs. Also, DSHA will support the purchase with 5% in down payment and closing costs assistance. “We provide a comprehensive product that helps homebuyers turn houses that need a little love into their dream homes,” Director Karnai added.

“Owning a home is a powerful way to build wealth,” said Wes Stefanick, CEO of the Delaware Association of REALTORS®. “These programs empower many in our community to achieve this goal. Data supports this: a Federal Reserve study shows homeowners’ median net worth soared from $295,500 in 2019 to $396,200 in 2022, while renters’ median net worth only rose slightly, from $7,300 to $10,400.”

Financial institutions interested in positively impacting communities throughout Delaware through mortgage financing partnerships with DSHA are invited to call (302) 739-4263. To learn more about DSHA’s innovative homeownership programs and the exciting National Homeownership Month activities, please visit www.KissYourLandLordGoodbye.com or call (302) 739-4263.

About Delaware State Housing Authority
The Delaware State Housing Authority (DSHA), formed in 1968, provides quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it serves as a Public Housing Authority and a Community Development Agency. As a Public Housing Authority, DSHA receives funding from HUD to build, own, and operate public housing in Kent and Sussex counties, two of Delaware’s three counties.

###

image_printPrint

Related Topics:  , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.