Delaware Emergency Mortgage Assistance Program - DSHA

Delaware State Housing Authority

Delaware Emergency Mortgage Assistance

Program

Counselor Training

CATEGORIES OF ELIGIBILITY

? Hardship Eligibility ? Owner-occupied 1-2 family properties only ? Verifiable loss of income of 15% or more ? Minimum of 90 days delinquent on 1st

mortgage ? Mortgage PITI greater than 31% of

monthly income (for continuing payments) ? Household income within county income limits ? Prior to event DTI does not exceed 55% ? Post DEMAP Sustainability ? Pre-hardship credit history

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TERMS

? Loans up to $30K including 24 months of payments. ? DEMAP interest rate 0%. ? Repayment deferred until property is sold,

transferred or borrower no longer resides in the property. ? Borrower required to make a monthly payment contribution toward their mortgage based on their current income.

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Additional Requirements

? Borrower must be 90 days or more past due on their first mortgage.

? Property must be 1-2 family unit. ? Owner-occupied properties only. ? Pre- and Post-event household income for all

household residents/borrowers/owners must be considered.

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1. Reason for Hardship ? MUST BE ONE OF THE FOLLOWING

(Check One)

UNEMPLOYMENT ? LOSS OF EMPLOYMENT UNDEREMPLOYMENT ? INCOME 85% OR LESS OF PREVIOUS INCOME INJURY OR MEDICAL EMERGENCY ? INCOME 85% OR LESS OF PREVIOUS INCOME

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