Delaware Mortgage Loans
Simple, Easy, Streamlined Mortgages.
Applying for Delaware mortgage loans can be overwhelming. That’s where our experienced professionals come in – to simplify and streamline the process.. We take the time to understand your unique financial situation, helping you navigate through various loan programs to find the ideal match for your needs. We search for competitive rates and terms that compliment your homeownership and financial goals.
If you have questions, the Delaware Home Loan Pros team, answers them every step of the way. We want you to feel confident in your financial decisions. Powered by Cornerstone First Mortgage, we have access to many exceptional property lending programs tailored to meet the diverse needs of our clients. Our dedicated team is here to make the process a smooth and efficient one.
Standard Delaware Mortgage Loans
There are two types of standard mortgage loans in Delaware: fixed-rate and adjustable.
Fixed-Rate: Fixed-rate mortgages offer the convenience of a monthly payment that will not change throughout the life of the loan. Many people like this option as they plan their long term budgets and financial goals.
Adjustable-Rate: Adjustable-rate mortgages (ARMs) can be appealing because you start with lower interest rates and smaller monthly payments. This can free up some cash early on.
The important thing to know is that the rate can go up during the life of the loans. This means your payments could increase too. If you expect your income to increase, ARMs may be a good fit. This way you can handle potentially higher payments down the road. They’re also worth considering if you don’t plan to stay in your home for very long.
Government-Backed Mortgages in Delaware
The Government offers lending solutions for Delaware residents can take advantage of: FHA, VA, and USDA. Here’s the difference.
FHA: This is property lending insured by the Federal Housing Administration, designed for borrowers with lower credit scores and smaller down payments.
VA: These mortgages are guaranteed by the Department of Veterans Affairs. They are available to eligible veterans, active-duty military personnel, and surviving spouses, and often come with no down payment required.
USDA: The U.S. Department of Agriculture offers this home loan type, aimed at helping low-to moderate-income borrowers purchase homes in rural areas. There are many areas in the First State that qualify a USDA loan.
Delaware Mortgage Loan Options Based on Loan Size
Get funding for one of Delaware’s many luxury properties with a Jumbo loan. DelawareHomeLoanPros.com has products for borrowers with excellent credit and substantial down payments seeking large mortgages that other lenders may not have. Get funded for hundreds of thousands to millions of dollars for your new home.
While interest rates might be slightly elevated to offset the increased risk, our jumbo loans offer flexibility through both fixed-rate and adjustable-rate options. Let’s see how much you qualify for.
Options Based on Borrower Profile
All borrowers are not created equal. We understand. That’s why we tap into non-traditional mortgage products like DPA, DSHA, and Non-QM’s to help you get into your dream home.
DPA (Down Payment Assistance): Eligibility for a DPA loan depends on factors like being a first-time homebuyer, income limits, credit score, property requirements, and residency. These programs aim to help low-to-moderate income individuals, essential workers, and veterans, achieve homeownership.
DSHA (Delaware State Housing Authority): A “DSHA loan” is a mortgage option backed by the Delaware State Housing Authority (DSHA). This loan type is aimed at helping Delaware residents, both first-time and returning buyers, with affordable financing and down payment assistance. We work with DSHA-approved lenders to get down payment assistance up to $10,000 for qualified applicants.
Non-QM Loan: Non-QM loans are designed for borrowers who cannot qualify for a Qualified Mortgage due to factors like non-traditional income, high DTI, unique property types, or complex financial situations. While offering more flexibility, they typically come with higher interest rates. Self-employed individuals, real estate investors, and those with past credit events are among those who might find Non-QM loans a viable option. Apply now to see how much you qualify for.
How Much Can You Afford to Borrow?
Use the mortgage calculator below to estimate your home loan payment.
Explore Your Delaware
Mortgage Loan Options
Discover tailored loan programs designed to meet your needs.
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