With a low unemployment rate, excellent schools and beauty wherever you look, it’s no wonder so many Americans are making Delaware their home. Population has grown significantly in the state since 2010, and although the cost of living is higher than the US average, savvy borrowers have been able to finance their home with the FHA loan program.
An FHA loan is a mortgage option Delaware homebuyers find appealing, because FHA loans generally have lower down payments and interest rates compared to conventional loans. These benefits can save borrowers money when financing their home.
Deciding to purchase a home in this mid-Atlantic state has been an easy choice for many homebuyers. With an average weekly wage of a little over $1,100, Delaware workers are paid above the United States average. Despite the relatively small size of the state, the total FHA loan value as of April 2019 was right around $60 million!
Since there are maximum FHA loan amounts for Delaware FHA loans, you'll need to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and, for Delaware, varies depending on which county you reside in. As a starting point, the baseline limit in Delaware is $420,680. See the table below to get a full list of Delaware FHA loan limits for 2022 by county.
|County||FHA Loan Limit|
|All other areas||$420,680|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.