Delaware Homeownership Loan Program Checklist
A step-by-step checklist for consumers applying for the Delaware Homeownership Loan Program in 2025.
Confirm Your Eligibility
- Ensure your household income falls within the program’s limits, which vary based on county and family size.
- Verify that your credit score meets the program’s minimum requirement, typically 620 or higher. Additional conditions may be provided by your assigned Loan Officer.
- Confirm that the property you plan to purchase is within the program’s price cap and will serve as your primary residence.
- Check if you meet other program criteria, such as being a first-time homebuyer, a qualified veteran, or purchasing in a targeted area.
Prepare Necessary Documentation
- Collect proof of income, such as recent pay stubs, W-2 forms, or other verification of earnings.
- Gather your tax returns for the past two years, including all schedules and attachments.
- Obtain recent bank statements covering the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Compile any additional documents requested by your Loan Officer, such as verification of debts, liabilities, or proof of assets.
Work with Your Assigned Loan Officer
- Your assigned Loan Officer will assist you in navigating the Delaware Homeownership Loan Program application process.
- Schedule an initial meeting or phone call with your Loan Officer to confirm eligibility, discuss program benefits, and outline the steps to complete your application.
- Ask any questions about the program requirements, necessary documentation, or approval timeline.
- Follow your Loan Officer’s guidance to gather and submit all required materials accurately and promptly.
Complete Your Application
- Work closely with your Loan Officer to accurately complete the application for the Homeownership Loan Program.
- Submit all required documents to verify your eligibility for the program.
- Review your application thoroughly with your Loan Officer to ensure all details are complete and error-free before submission.
- If required, attend a homebuyer education course to fulfill program requirements.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to secure your participation in the program.
- Be prepared to cover any additional costs not included in the program assistance, such as closing fees or prepaid expenses.
- Receive confirmation of your enrollment and detailed instructions on how the assistance will be applied to your mortgage or home purchase.
Maintain Compliance with Program Terms
- Ensure the purchased property remains your primary residence for the duration specified by the program guidelines.
- Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as these actions could impact your program benefits.
- Stay updated on program requirements or changes to maintain compliance and retain your benefits.