Homes for Grads: New program helps recent grads buy homes
DOVER, Del. – If you’re a recent graduate you might think that being a homeowner is out of the question but Delaware officials are giving you the key to make it happen.
“So what we just announced today is a set a side of $10 million for recent grads,” Anas Ben Addi, Director of the Delaware State Housing Authority, said on Thursday.
They’re calling it the Home for Grads program, and it includes $10 million from the state housing authority that’s opening the door for recent grads to plant their roots in the first state.
“So this is huge for the college graduate of the state of Delaware,” Tracy Chongling, Vice President of Mortgage Lending, said. “It’s giving them the education and the resources to come out of school armed ready to purchase homes.”
To qualify, you just need to be a graduate from a four year college anywhere in the country within the last three years. And that’s it, you qualify for a low interest rate on your mortgage, saving you money each month.
“And from my experience a $10 difference monthly can make a difference between somebody becoming a homeowner being able to afford the mortgage, and not being a homeowner, and probably being a renter for a long time,” Ben Addi said.
And while the program will help recent graduates stay in Delaware, it will be a win for the state too.
“We know the communities thrive when we have people eating sleeping living, shopping, and working in our communities,” Ben Addi said.
Officials don’t know how long that $10 million will last, but they’re hoping to get even more money in the future to keep this program running.