June 3, 2014
This afternoon, Governor Jack Markell today joined DSHA Director Anas Ben Addi to announce the extension of a program that allows first time homebuyers to claim a credit on their federal income taxes.
The Delaware First Time Homebuyer Tax Credit entitles first-time homebuyers who purchase a home in Delaware as their primary residence to take a federal income tax credit up to $2,000 each and every year as long as the homebuyer occupies the home and has the mortgage loan.
First offered in July 2013. the program has generated more than $8.4 million in federal tax credits for more than 160 first-time Delaware homebuyers. Due to the huge demand for the tax credit, DSHA is infusing an additional $62.8 million which will fund the program through 2016 and is expected to assist another 1,200 home buyers!
Builders and Realtors should take note of this additional tool to help sell more homes.
DSHA offers low-rate mortgages to both first-time and repeat buyers. To qualify, applicants will meet area income and purchase price requirements. Income limits and maximum purchase prices vary by county location and size. DSHA can also assist homebuyers with downpayment and closing cost assistance. Homebuyers should apply to a participating lender, a list of which can be found at http://www.destatehousing.com or by calling (888)-363-8808