$125M in funding for Delawareans mortgage rate options

DELAWARE – Delawareans looking to buy a home now have some extra money to help them turn the key.

The Delaware State Housing Authority announced $125 million dollars for new mortgage options. The agency says the housing market is running steady, however, people between the ages of 25 and 40 are not buying homes. The funding allows for 30-year fixed-rate mortgages.

WMDT spoke with the Housing Authority to break down those numbers.”We are seeing interest rates as low as 5.25% ranging all the way to about 8% we are anywhere between 3 to 1 point lower than you’ll see in the open market,” said Laurie Stovall with the Delaware State Housing Authority.

Stovall also says they are offering closing costs and down payment assistance as well. Be sure to check out the Delaware Diamonds program on their website.