DOVER – Governor John Carney and Delaware State Housing Authority (DSHA) Director Anas Ben Addi announced the launch of a new homeownership program for recent college graduates at an event recognizing Homeownership Month. The new program, Homes for Grads, will offer discounted rates on DSHA’s down payment assistance loans for homebuyers who have graduated college with a four-year degree or higher in the last three years.

Joining the Governor and Director Ben Addi to launch the program were elected officials, higher education officials, realtors, lenders and housing counselors.

Homes for Grads will provide a reduced mortgage rate of 50 basis points or one-half of a percentage for recent college graduates when they are accessing one of DSHA’s Preferred Plus loans which include down payment and settlement assistance.

“Having an educated workforce is critically important to our state, but one of the economic development challenges we face is attracting college graduates to our state and keeping them here,” said Governor Carney. “The Homes for Grads program is another incentive we can offer to encourage these graduates to make Delaware their home. We think this can have a lasting impact on our state’s economic wellbeing by encouraging our best and brightest residents to stay here in Delaware, contributing to our economy and to our communities.”

With the cost of a college education continuing to rise each year, many graduates will leave school with student debt, including 65 percent of Delawareans. This debt can be a significant barrier to affording monthly payments and saving for a down payment.

“We want to make buying a home a reality for more Delawareans throughout our state. The Homes for Grads program will help us reach this recent college graduate population who may be struggling with student debt and facing other barriers to homeownership,” said Director Ben Addi. “The program will make the home-buying process easy and affordable for those who have just completed their college education.”

“The Homes for Grads program offers a great opportunity for Delaware State University graduates to put down roots here in our state,” said Provost Tony Allen. “Our graduates have the knowledge and skills that Delaware employers are looking for, and this new program provides an additional incentive to encourage them to buy a home and stay in Delaware after they finish their schooling.”

Homes for Grads is being funded with a $10 million commitment from DSHA and will be subsidized by revenues from DSHA’s primary homeownership loan programs. In addition, the program is financed with support from Discover Bank.

“Discover Bank is proud of our successful partnership with DSHA to provide mortgages to low- and moderate-income borrowers throughout our state,” said Bank President James J. Roszkowski. “This Homeownership Month, I am pleased to say that, through our partnership with DSHA, we helped over 2,200 families reach the goal of homeownership last year, with over $350 million in mortgage financing. The Homes for Grads program is an excellent example of DSHA’s creative strategies to improve the mortgage program. Discover Bank has $50 million in commitment remaining to DSHA for mortgage financing in 2019 to support this effort, and others, to help our neighbors, and our communities.”

DSHA will work with its participating lenders to offer the Homes for Grads program to recent college graduates. Tracy Chongling, vice president of mortgage lending at Guaranteed Rate, a participating DSHA lender, said she sees great potential in the new Homes for Grads program and is thrilled to be able to offer it to potential homebuyers. “I hear every day from Delawareans who do not think they will be able to afford to buy a home, including many college graduates who have not been able to save for a down payment due to student loan debt,” she said. “This new program will help so many of these individuals and families achieve the American dream of buying their own home.”

Buyers who participate in the Homes for Grads program must meet eligibility requirements for DSHA’s homeownership loan programs, including credit score and income limits. They will be required to have a minimum credit score of 620. If their credit score is not at this number, DSHA offers financial coaching to help buyers improve their score and get on the path to homeownership.

In correlation with the launch of this new program, DSHA is also adjusting the income levels for its homeownership programs in order to provide more opportunities for residents to purchase homes in Delaware. The new income limits are based on the area median incomes for Delaware’s three counties and are tied to the number of people living in a household. Previously, DSHA used a flat household income limit for all buyers. The new income limits can be found on DSHA’s homeownership website.

Recent college graduates who are interested in learning more about how to participate in Homes for Grads should visit DSHA’s homeownership website or contact a participating lender.

DOVER, DE – For anyone in Delaware looking to buy a home, Delaware State Housing Authority (DSHA) has launched a new website that provides convenient and detailed information about the authority’s homeownership programs and the home-buying process. The website, www.kissyourlandlordgoodbye.com, connects potential homebuyers in the state with resources on low interest mortgage loans, down payment assistance, the Delaware First-Time Homebuyer Tax Credit and more.

“Purchasing a home can be one of the most rewarding decisions someone can make. Owning a home can provide a sense of security, independence and pride,” said DSHA Director Anas Ben Addi. “In addition to the benefits owning a home has for the individual or family, we also know that encouraging homeownership helps strengthen and support our communities and can reduce crime. This new website will be an invaluable tool for DSHA and will allow us to help more Delawareans achieve the dream of homeownership.” 

“This is an incredible resource for our customers,” said Don Byrom Jr. (NMLS#709360), a loan officer at M&T Bank, CRA Mortgage Division. “We often hear from those looking to buy a home that they are unsure of where to start in the process. DSHA’s new website will now be that starting point where potential homebuyers can go for more information to begin their journey to buying a home.”

For potential homebuyers who are ready to take the next step in the process, DSHA’s new website provides information on participating lenders, housing counselors and realtors who work directly with the authority to offer homeownership loans and down payment and closing cost assistance.

DSHA officially unveiled the new website at the 2019 Delaware Homebuyer Fair on April 13, where more than 400 potential homebuyers received information on finding properties, obtaining low-cost financing, down payment assistance, home inspections and maintenance and budgeting.

Revitalizing Delaware Downtowns

Dover, DE – In the weeks ahead, the Governor’s office will release a series of videos highlighting the progress the state has made over the past eight years through the voices of Delawareans. They will address ways in which the lives of Delawareans today, and generations to come, are being affected by efforts to strengthen our schools, develop cleaner and more efficient energy, make the state a safer and more welcoming place for all people, improve recreational and cultural options, and create more economic development and opportunity.

In conjunction with today’s event recognizing Homeownership Month, the below video addresses the impact of one initiative: the Downtown Development Districts program, which has leveraged almost $10 million into $160 million in private investment across all three counties. Through the DDD program, the state is encouraging private developers to re-invest in Delaware’s downtown areas. In Downtown Dover, as you’ll see below, the program already is helping support new, affordable homeownership opportunities.

In addition to improvements as a result of the DDD program, the Delaware State Housing Authority has continued to promote homeownership through low-cost mortgage loans, its down payment assistance programs and first-time homebuyer tax credits. Since 2009, more than 5,500 Delaware families have purchased a home with DSHA assistance, and growth of Delaware’s homeownership rate has outpaced regional and national trends. Access to low rates and settlement assistance through DSHA’s programs helped sustain demand through the economic recovery.

Excerpts from the video:

“As we start to transform some of the neighborhood blocks, bring in homeownership and provide affordable housing that helps to stabilize the area makes the business investment more attractive,” Ann Marie Townshend, Director of Planning and Community Development for the City of Dover, said. “We’re working equally as hard to work with the business community to bring in additional businesses to get some of the commercial properties renovated and built.”

“What we’re able to do is create that affordable homeownership by keeping the cost of construction down and by also raising funds to use the DDD funds and leveraging those to other organizations, so we can make this affordable homeownership possible,” Jonathon Gallo, Executive Director of Central Habitat for Humanity, said.

“I think the state should always invest in their communities. This isn’t a bad place,” Alicia Jarvis, Kirkwood Street Homeowner, said. “Dover is a great place and what I see what’s coming along on this street alone is an awesome experience.”

The video series will be released via email as well as on the Governor’s YouTube channel. This week’s video is available on:

YouTube: https://youtu.be/pixtyzQxLsA
Delaware.Gov: http://governor.delaware.gov/podcast_video.shtml
By email: Please contact our press team to subscribe to our press list
Facebook: http://www.facebook.com/governormarkell
Twitter: http://www.twitter.com/governormarkell

DOVER – Governor Jack Markell, joined by DSHA Director Anas Ben Addi, Major General Frank Vavala and Dover Mayor Carleton Carey today celebrated Homeownership Month and honored participants in the newly-launched state initiative Loans for Heroes. This program offers a reduction of one-half percentage point below the current mortgage rate to qualified veterans who obtain financing through DSHA. The rate reduction is made available through a special DSHA set-aside of $5 million and all first mortgage loan products available through DSHA are eligible for this rate reduction (e.g., VA, USDA, FHA, or conventional).

“Creating housing opportunities for all Delawareans is an integral part of building a strong economy here in the First State.  Part of honoring our military means giving them a chance to invest in their future through homeownership,” Governor Jack Markell said. “We want to ensure Delaware welcomes our returning military with open arms through homeownership, investment, and employment opportunities.”

Major General Frank Vavala of the National Guard commented, “This is a unique initiative, and our veterans will benefit greatly from it.  Service members and their families make so many sacrifices.  This is one way we can thank and support them.”

“We are always looking for innovative ways to provide all Delawareans with the opportunity to reap the many benefits of homeownership – including the financial investment rewards that can be passed on to future generations,” said DSHA Director Anas Ben Addi. “From reduced-rate mortgages to closing cost and downpayment assistance, there are numerous programs available to help Delawareans to achieve their homeownership goals.”

Recent homebuyer Bridget Benson, veteran of the United States Army, commented on the new program, “I want very much to thank everyone involved in creating this program and for their support during my journey through the homeownership process, and for making it possible for me and my family.”

Along with Loans for Heroes, DSHA offers qualified Delawareans reduced mortgage rates through its Homeownership Loan Program as well as closing cost and downpayment assistance through the Rebuilding Our Communities and Second Mortgage Assistance Loan programs. For more information on all of DSHA’s homeownership programs visit: http://destatehousing.com/HomeOwnership/HomeOwnership.php

About the Delaware State Housing Authority

The Delaware State Housing Authority (DSHA), formed in 1968, is dedicated to providing quality, affordable housing opportunities and appropriate supportive services to responsible low- and moderate-income Delawareans. In addition to its role as the State’s Housing Finance Agency, DSHA is unique in that it also serves as a Public Housing Authority and acts as a Community Development and Planning 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. For more information about the Delaware State Housing Authority, please call: (302) 739-4263 or visit our website at: www.destatehousing.com.