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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.
Why Consider an FHA Loan in Delaware
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!
Benefits of choosing an FHA Loans in DE
FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
FHA mortgage rates are typically lower than conventional mortgage rates.
FHA down payment and credit score requirements are typically lower than conventional loans
Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
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 $331.760. See the table below to get a full list of Delaware FHA loan limits for 2021 by county.
Buyers must be able to provide the following information and documents as requested by lenders:
The addresses of all your residences over the past two years.
The names of your employers over the past two years.
W2's for the past two years and current paycheck stubs.
Your current gross monthly salary.
Your Social Security Number.
Names, addresses, and account numbers with balances on all checking and savings accounts.
Addresses and loan information of any other real estate you owned.
Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.
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.