Two afforable housing programs announced in Del.

Two new programs in the state of Delaware hope to make buying a home more affordable for more families.

The Home Purchase Rehab allows families to purchase and rehabilitate a home of their dreams in one step. According to the Delaware State Housing Authority (“DSHA”) families can combine the cost of a home purchase plus cost of repairs in one loan.

Meanwhile the DSHA paid mortgage insurance pays the required mortgage insurance cost on behalf of the homebuyer in exchange for a slightly higher interest rate. Generally, homebuyers who wish to purchase a home with less than a 20 percent down payment are required to pay an additional monthly bill for mortgage insurance.