This program will provide homeowners in Delaware with a low interest loan that is used to make mortgage payments. The mortgage assistance program is available for all single and two family residences, cooperatives, condominiums and even manufactured homes that are located in the state.
The goal is to provide individuals and families with assistance in preventing and/or stopping a foreclosure. It will help those people who are faced with a circumstance that was created from a financial hardship that was beyond the homeowner's control, such as a job loss or medical emergency.
There are some conditions that must be met by those who apply for aid. They include:
They are very competitive, and beneficial to homeowners. The terms include an interest rate that is fixed @ 3% simple interest and the maximum amount of the loan is $15,000.
In addition, there are two types of loans:
Contact your loan bank, or lender, or a housing or mortgage counselor in Delaware to learn more. Click here to find a listing of non-profits and assistance programs in Delaware that should have more information on the Delaware Emergency Mortgage Assistance Program.
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