FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Delaware borrowers the opportunity to secure home loans when they don't quality for other conventional loans. For example, potential homeowners with little credit history or poor credit history are sometimes able to qualify for FHA loans.
Delaware FHA Loans for First Time Homeowners
FHA loans are ideal for first-time Delaware homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Delaware
FHA also offers a refinancing option for homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - Delaware
- No income limit
- Delaware borrower credit score flexibility
- 3.5% down payment on Delaware Purchase Loans
- Bankruptcy: DE FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Delaware (DE) FHA Loan Limits
FHA loan limits in Delaware vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties), etc. Please contact Home Point Financial for details on loan limits for FHA loans in Delaware.
Contact Home Point Financial or apply now to learn more about FHA loans in Delaware.