Homebuyer Programs Seminar - New Castle County, Delaware
Transcript of Homebuyer Programs Seminar - New Castle County, Delaware
Welcome
Down Payment Settlement (DPS) Assistance Program Update
Neighborhood Stabilization Program (NSP)
Inclusionary Housing ProgramsWorkforce HousingModerately Priced Dwelling Units
Delaware State Housing Authority
City of Wilmington Real Estate & Housing
Discussion
Closing Comments
Maximum Selling Price: $379,500
Maximum Income: 80% Area Median Income
Number inHousehold
Less than 80% of Area Median Income (AMI)
1 $50,480
2 $57,680
3 $64,880
4 $72,080
5 $77,920
6 $83,680
7 $89,440
8 $95,200
Purchase area is New Castle Countyexcluding the City of Wilmington
* Must be a first time homebuyer* Must be owner-occupied as principal residence
Maximum Loan Amount: $5,000
Terms: 8-year loanFirst 3 years, payments deferred$500 minimum cash requirementDebt-to-income (DTI) cannot exceed 52%20% liquid asset disqualifier
Interest Rate:
Resale Restrictions: Loan must be paid in full upon the sale of property; or transfer of ownership
Deferred payment loans offered to aid in covering normal and customary down payment and settlement costs.
0%
Home Inspection required• Property must be inspected by an ASHI, NAHI or InterNACHI
certified home inspector as a condition of the sale
• All homes built prior to 1978 must have a lead visual inspection. Repairs must be completed according to HUD guidelines
Housing Counseling requiredAll borrowers must be certified as having completed a Homeownership Education Program with a New Castle County recognized HUD approved housing counseling agency
OVERVIEW GARDENS 46 Briarcliff Drive
Interior demolition is complete.Plans include 4BR, 2½ Baths
2 car detached garage
Adopted in 2008 (Housing market crashed)
First Workforce Housing unit occupied in 2012
Voluntary Partnership with the local construction industry to include affordable homes in new communities.
This initiative does not use Federal, State or County funding.
Developers received density bonuses and relief from County Code if they agreed to provide affordable housing.
Workforce Housing is interspersed within the community. Units are indistinguishable from market rate homes.
Targets low (80% AMI) and moderate (120% AMI) income households.
Number inHousehold
Less than 80% AMI
Less than 120% AMI
1 $50,480 $75,7002 $57,680 $86,5003 $64,880 $97,3004 $72,080 $108,1005 $77,920 $116,7506 $83,680 $125,4007 $89,440 $134,0508 $95,200 $142,700
Unit Bedroom Size 0 1 2 3 4 5
Household Size 1 2 3 4 5 6
Annual Median Household Income for Household Size*
80% 80% 80% 80% 80% 80%$48,950.00 $55,950.00 $62,950.00 $69,900.00 $75,500.00 $81,100.00
Annual Housing Affordability Level** $14,685.00 $16,785.00 $18,885.00 $20,970.00 $22,650.00 $24,330.00
Monthly Housing Affordability Level $1,223.75 $1,398.75 $1,573.75 $1,747.50 $1,887.50 $2,027.50
Monthly Cost for Real Estate/School Taxes*** $196.31 $196.31 $196.31 $196.31 $196.31 $196.31
Monthly Cost for Homeowner' Insurance**** $45.71 $45.71 $45.71 $45.71 $45.71 $45.71
Monthly Maintenance Reserve (5%) $61.19 $69.94 $78.69 $87.38 $94.38 $101.38
Monthly Maintenance Association Fee***** $12.50 $12.50 $12.50 $12.50 $12.50 $12.50
Available for Mortgage Payment $908.04 $1,074.29 $1,240.54 $1,405.61 $1,538.61 $1,671.61
Interest Rate for Prevailing Rate-30 Year Fully Amortized Fixed Rate
Mortgage CalculationInterest Rate****** 4.06% Factor Per Thousand $4.84
FreddieMac March 28, 2019
Maximum Mortgage Loan Amount $187,612.09 $221,961.26 $256,310.43 $290,414.26 $317,893.60 $345,372.93
Maximum Sales Price$187,600.00 $221,900.00 $256,300.00 $290,400.00 $317,800.00 $345,300.00
Rounded Down to Nearest $100
Unit Bedroom Size 0 1 2 3 4 5
Unit Household Size 1 2 3 4 5 6
Annual Median Household Income for Household Size*
120% 120% 120% 120% 120% 120%$73,440.00 $84,000.00 $94,440.00 $104,880.00 $113,280.00 $121,680.00
Annual Housing Affordability Level** $22,032.00 $25,200.00 $28,332.00 $31,464.00 $33,984.00 $36,504.00Monthly Housing Affordability Level $1,836.00 $2,100.00 $2,361.00 $2,622.00 $2,832.00 $3,042.00Monthly Cost for Real Estate/School Taxes*** $196.31 $196.31 $196.31 $196.31 $196.31 $196.31Monthly Cost for Homeowner' Insurance**** $45.71 $45.71 $45.71 $45.71 $45.71 $45.71Monthly Maintenance Reserve (5%) $91.80 $105.00 $118.05 $131.10 $141.60 $152.10Monthly Maintenance Association Fee***** $12.50 $12.50 $12.50 $12.50 $12.50 $12.50Available for Mortgage Payment $1,489.68 $1,740.48 $1,988.43 $2,236.38 $2,435.88 $2,635.38
Interest Rate for Prevailing Rate-30 Year Fully Amortized Fixed Rate
Mortgage CalculationInterest Rate****** 4.06% Factor Per Thousand $4.84
FreddieMac March 28, 2019
Maximum Mortgage Loan Amount $307,785.12 $359,603.31 $410,832.64 $462,061.98 $503,280.99 $544,500.00
Maximum Sales Price$307,700.00 $359,600.00 $410,800.00 $462,000.00 $503,200.00 $544,500.00
Rounded Down to Nearest $100
There are deed restrictions and buyer’s agreements that impose restrictions on the home to ensure continued affordability (Most are 15 years)
⁻ Authorizes New Castle County to annually monitor for compliance
⁻ Limit future sales price of the home⁻ Limit future sales to income eligible qualified
buyers⁻ Restrict refinancing of the home⁻ Restrict the use of the home to owner
occupancy
Darley Green
The Estates at Goldsborough Farms
High Hook Farm
Ponds of Odessa
Preserve at Robinson Farms “Villas” at the Preserve at Robinson Farms (55+)
Spring Oaks
Located in Claymont, Delaware on Darley Road
Maximum Homeownership Price$296,316.29
Increases by 5% annuallySales Price excludes extras or premiums
*10 year affordability period*
107 Units Required120% AMI
Condos, Towns and Twins
LC HomesMontchanin Builders
Located in Townsend, Delaware on Fieldsboro Road
13 Units Required120% AMI (6)80% AMI (7)
Single Family Detached
Handler Homes is the builder.
WFH Unit available (80% AMI Buyer)for $295,446 – 4 BR, 2.5 Bath
66 Units RequiredIncluding the townhomes
120% AMI (33)55+ Community
Handler Homes is a builder.
Ryan Homes is a builder
Located in Middletown, Delaware on Dupont Highway
24 Units Required100% AMI
Townhomes offered
Five (5) year affordability period
Number inHousehold
Less than 100% ofMedian Income
1 $63,100
2 $72,100
3 $81,100
4 $90,100
5 $97,400
6 $104,600
7 $111,800
8 $119,000
NEW CASTLE COUNTYCOMMUNITY SERVICESINCOME GUIDELINESEffective April 14, 2017
SPRING OAKS
Landmark Homes
Ryan Homes
Adopted in 2014/2015
Mandatory and voluntary component
Required for all residential rezoningswith density increases proposing 25 or more dwelling units (doesn’t include Mixed Use Developments)
MPDUs are interspersed within the community. Units are indistinguishablefrom market rate homes.
Targets 75% AMI and 90% AMI income households.
Affordability period is ten (10) years.
Number inHousehold
Less than 75% AMI
Less than 90% AMI
1 $47,325 $56,7902 $54,075 $64,8903 $60,825 $72,9904 $67,575 $81,0905 $73,050 $87,6606 $78,450 $94,140
Unit Bedroom Size 0 1 2 3 4 5
Unit Household Size 1 2 3 4 5 6
Annual Median Household Income for Household Size*
75% 75% 75% 75% 75% 75%$45,890.00 $52,460.00 $59,010.00 $65,530.00 $70,780.00 $76,030.00
Annual Housing Affordability Level** $13,767.00 $15,738.00 $17,703.00 $19,659.00 $21,234.00 $22,809.00
Monthly Housing Affordability Level $1,147.25 $1,311.50 $1,475.25 $1,638.25 $1,769.50 $1,900.75
Monthly Cost for Real Estate/School Taxes*** $196.31 $196.31 $196.31 $196.31 $196.31 $196.31
Monthly Cost for Homeowner' Insurance**** $45.71 $45.71 $45.71 $45.71 $45.71 $45.71
Monthly Maintenance Reserve (5%) $57.36 $65.58 $73.76 $81.91 $88.48 $95.04
Monthly Maintenance Association Fee***** $12.50 $12.50 $12.50 $12.50 $12.50 $12.50
Available for Mortgage Payment $835.37 $991.41 $1,146.97 $1,301.82 $1,426.51 $1,551.19
Interest Rate for Prevailing Rate-30 Year Fully Amortized Fixed Rate
Mortgage CalculationInterest Rate****** 4.06% Factor Per Thousand $4.84
FreddieMac March 28, 2019
Maximum Mortgage Loan Amount $172,596.59 $204,835.74 $236,976.76 $268,970.56 $294,732.44 $320,494.32
Maximum Sales Price$172,500.00 $204,800.00 $236,900.00 $268,900.00 $294,700.00 $320,400.00
Rounded Down to Nearest $100
Unit Bedroom Size 0 1 2 3 4 5
Unit Household Size 1 2 3 4 5 6
Annual Median Household Income for Household Size*
90% 90% 90% 90% 90% 90%$55,070.00 $62,970.00 $70,820.00 $78,650.00 $84,950.00 $91,250.00
Annual Housing Affordability Level** $16,521.00 $18,891.00 $21,246.00 $23,595.00 $25,485.00 $27,375.00Monthly Housing Affordability Level $1,376.75 $1,574.25 $1,770.50 $1,966.25 $2,123.75 $2,281.25Monthly Cost for Real Estate/School Taxes*** $196.31 $196.31 $196.31 $196.31 $196.31 $196.31Monthly Cost for Homeowner' Insurance**** $45.71 $45.71 $45.71 $45.71 $45.71 $45.71Monthly Maintenance Reserve (5%) $68.84 $78.71 $88.53 $98.31 $106.19 $114.06Monthly Maintenance Association Fee***** $12.50 $12.50 $12.50 $12.50 $12.50 $12.50Available for Mortgage Payment $1,053.39 $1,241.02 $1,427.46 $1,613.42 $1,763.04 $1,912.67
Interest Rate for Prevailing Rate-30 Year Fully Amortized Fixed Rate
Mortgage CalculationInterest Rate****** 4.06% Factor Per Thousand $4.84
FreddieMac March 28, 2019
Maximum Mortgage Loan Amount $217,643.08 $256,408.57 $294,928.72 $333,350.72 $364,264.98 $395,179.24
Maximum Sales Price$217,600.00 $256,400.00 $294,900.00 $333,300.00 $364,200.00 $395,100.00
Rounded Down to Nearest $100
Ten (10) years
There are deed restrictions and buyer’s agreements that impose restrictions on the home to ensure continued affordability⁻ Authorizes New Castle County to annually
monitor for compliance⁻ Limit future sales price of the home⁻ Limit future sales to income eligible qualified
buyers⁻ Restrict refinancing of the home⁻ Restrict the use of the home to owner
occupancy
Camiorano Property Located on west side of Valley Road, north of Limestone Road Eleven (11) MPDUs Projected 1.5 years before construction
Cavaliers Country Club Located on the south side of Churchmans Road at Addison Drive 109 MPDUs Projected 2 years before construction
Brandywine Country Club Located on the west side of Shipley Road, south of Summerset Road 87 MPDUs Projected 3 years before construction
Crossings at Salem Located on east side of Salem Church Road, north of Route 40 198 MPDUs Currently INACTIVE
Village at LaGrange Located north side of Route 40 and west side of Glasgow Avenue 89 MPDUs Currently INACTIVE