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Delaware Mortgage and Refinance Rates
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. As of Sunday, November 13, 2022, current rates in Delaware are 6.84% for a 30-year fixed and 6.12% for a 15-year fixed. Bankrate has offers for Delaware mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. Delaware mortgage overview
In Delaware, the median list price among homes for sale is slightly higher than the national median. There are many mortgage programs available for homebuyers, including for those shopping for their very first home. First-time homebuyer programs in Delaware
The Delaware State Housing Authority (DSHA) offers programs designed to help first-time homebuyers as well as those who may want to upgrade from their existing property. Options include below-market rate mortgages and down payment assistance programs. DSHA Homeownership Loans
The DSHA has 30-year, fixed-rate , which provide affordable financing to low- and moderate-income state residents. The loans can be conventional, FHA, VA or USDA, with eligibility requirements, including income limits that vary by where in the state the purchase property is located. In addition, applicants must have a minimum credit score of 620, and any applicant with a credit score below 659 is required to attend housing counseling. If your credit score is less than 699, the DSHA requires a 45 percent debt-to-income ratio (DTI), as well. With DSHA Homeownership Loans, the maximum loan amount is $417,000, though there is no purchase price limit. DSHA Preferred Plus
One of the most challenging parts of purchasing a home for first-time buyers can often be saving for a down payment or paying closing costs. DSHA Preferred Plus helps with this hurdle by offering a no-interest second mortgage, between 2 percent and 5 percent of the loan principal on the property. The funds can be used for the down payment or closing costs. The loan does not have to be repaid until the property is refinanced, sold or transferred, or if it no longer serves as your primary residence. Assistance through Preferred Plus is only open to those who have a DSHA Homeownership Loan. The eligibility requirements for Preferred Plus are the same as those for DSHA Homeownership Loans. Delaware First-Time Homebuyer Tax Credit
Specifically for first-time home buyers, the Delaware First-Time Homebuyer Tax Credit allows participants to claim 35 percent of their annual mortgage interest as a special federal tax credit. The maximum credit allowed is $2,000 - a deduction that directly reduces your annual federal tax bill. Available for the life of the mortgage, the federal deduction saves thousands. The program is open to any first-time homebuyer, meaning it's not restricted to those participating in other DSHA programs. There are program eligibility requirements to keep in mind, however, including household income and purchase price requirements. Delaware mortgage refinancing
If you're ready to , it's a good idea to shop around. Remember that you're not required to refinance with the same company that provided your original mortgage - in fact, you may get a far better rate by looking elsewhere. The Delaware State Housing Authority does not offer any refinancing programs, but there are plenty of private lenders in the state who do. As you shop around, be sure to review and compare fees carefully, including closing costs associated with each lender. You'll want to be sure the costs of obtaining the new mortgage are not steeper than any savings you may be realizing by refinancing. Delaware mortgage resources