Delaware State Housing Authority does offer a tax credit bridge loan per se. Rather, DSHA offers a second mortgage assistance loan to those first time home buyers using the Delaware Single Family Mortgage Revenue Bond Program for their first mortgage.
Unlike the short term tax credit bridge loans offered in some other states, Delaware's tax credit mortgage is a real second mortgage that amortizes over 30 years, however there is no payment due on the mortgage as long as the home owner lives in the property or refinances.
Delaware first time buyers looking to use this program can get up to $10000 for use towards their down payment and closing costs. Eligible qualified buyers will have to attend a HUD approved housing counseling program or home ownership program offered by a HUD approved non profit agency in Delaware.
Similar to the first mortgage revenue bond program certain income and property price limits apply depending on where the home to be purchased is located. Also, home buyers looking to use this program must apply for their mortgage through a Delaware Housing approved mortgage lender.
For more eligibility requirements for the Delaware first time home buyer mortgage program visit: Does Delaware Have Down Payment Assistance and First Time Home Buyer Programs? or Delaware State Housing Authority.
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