The New Castle Department of Community Services created the ReVaMP (Remediating, Vacancies Making Progress) program in order to help encourage homeownership and the sale of vacant properties.
Down payment and closing cost assistance for up to $5,000 is offered for borrowers purchasing vacant houses in select areas of New Castle County. This is a 5-year loan with 0% interest that can be forgiven if the applicant uses the house as their primary residence for at least five years.
In order to qualify, applicants must have an annual household income that meets the following limits for 2020:
- 1 person household: $67,560
- 2 person household: $77,160
- 3 person household: $86,760
- 4 person household: $96,360
- 5 person household: $104,160
- 6 person household: $111,840
- 7 person household: $119,520
- 8 person household: $127,200
In addition, applicants must finish a Homeownership Education course.
The property being purchased cannot have a purchase price higher than $379,500. As only select areas of New Castle County qualify for this program, interested individuals should first verify that the house they are looking to purchase is in one of these areas.
Other programs in Delaware: