For first–time homebuyers, Delaware is a pretty good place, and their mortgage rates are often lower than the market. Furthermore, you could be eligible for an interest-free loan with no monthly payments to assist with your down payment if you qualify.

Therefore, do not despair! As the Delaware State Housing Authority says, "Kiss your landlord goodbye."

In December 2021, the typical sale amount for homes in Delaware was $339,000. This represents an increase of 13.6% from the prior year.
An increase in home prices of 13.6% presents a challenge to first–time home buyers trying to save for a down payment. Sometimes even the best savers feel like they're running uphill.

Don't forget to look into First State's down payment assistance programs. You'll be able to reach your down payment goal much faster that way.

If it's a first-time home buyer in Delaware with a 20% down payment, you can get a conventional loan with low-interest rates. And there's no PMI.

Most first-time buyers lack sufficient savings to make a 20 percent down payment. However, you do not need that much money for a down payment, far from it.

These low-down-payment mortgage programs allow borrowers to purchase a new home with as little as 3% or even 0% down:

Freddie Mac or Fannie Mae conventional 97. Minimum FICO score 620 and 3% down payment. You can stop paying mortgage insurance when you reach 20% home equity.

Suppose you have a Federal Housing Administration-backed mortgage. At least a 580 credit score is required. You have to pay mortgage insurance as long as you don't refinance to a different type of mortgage, move, or pay off your loan.

If you are a veteran or service member. There is no deposit required. Some lenders require 620 credit scores. Mortgage insurance is not needed after closing. Apply if you're eligible for these mortgages, which are some of the best available

USDA loan - People on low to moderate incomes buy in rural areas. No down payment is required. Many lenders require a credit score of 640, but most do not. There are low mortgage insurance rates.

Available on DSHA loans, including competitive interest rates and down payment assistance. See details below.

You must purchase a primary residence to qualify for government loan programs (FHA, VA, and USDA). You can't use them for vacation homes or investment properties.

You may be able to purchase your new home with a minimal down payment depending on the type of housing loan you choose.

The down payment and closing costs can also be covered by gifted money or down payment assistance (DPA).

Your creditor can help you find the right match for your first mortgage loan based on your finances and home buying goals.