DSHA Announces New Program and Reduces the SMAL Interest Rate (Delaware State Housing Authority)

Introducing The "ROC"

DSHA has launched a new program, Rebuilding Our Communities "ROC", that will help families purchase and refurbish foreclosed and abandoned homes. 

ROC is a $15,000 interest-free second mortgage, forgivable over a 10 year period.  These loans will provide eligible homebuyers with money to be used towards down payment and closing costs and must be used in connection with DSHA's First-Time Homebuyer Program. Presently, First-Time Homebuyer mortgages combined with ROC are available at 4.50% with 0 points. For homebuyers who don't require downpayment or closing cost assistance, DSHA also offers first mortgage loans with rates as low as 3.5%.

Individuals who do not meet the qualification criteria for the ROC program may still meet the qualifications for our SMAL program and are encouraged to apply. SMAL is also a DSHA program that provides loans to individuals for down payment and closing cost assistance up to $10,000.

The Second Mortgage Assistance Loan (SMAL) has been a popular program at DSHA for many years.  We are pleased to announce that SMAL is now available at 0% interest!

This $10,000 no-interest loan can be used toward down payment and settlement costs, and will be secured by a second lien position on the property. The SMAL can only be used with one of DSHA's First-Time Homebuyer Program loan as a first mortgage product.

All First-Time Homebuyer Program compliance requirements apply to SMAL, so if the borrower qualifies for one of DSHA’s 1st mortgage programs, they are eligible for SMAL.  For homebuyers who don't require downpayment or closing cost assistance, DSHA also offers first mortgage loans with rates as low as 3.5%.