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Most millennials — and even some Gen Xers — turn incredulous when hearing stories of older generations buying their first homes in their early- to mid-20s.
Of course, they may have had help from programs such as The American Housing Act of 1949. For young college grads today, thanks especially to alarming amounts of student debt, homeownership is a “someday” kind of thing to consider after job success is obtained.
The Delaware State Housing Authority (DSHA) recently announced a new program called Homes for Grads, aiming to make it easier for recent college grads to buy a house in Delaware — and keep graduating talent in-state.
“Having an educated workforce is critically important to our state, but one of the economic development challenges we face is attracting college graduates to our state and keeping them here,” said Gov. John Carney in a press statement. “The Homes for Grads program is another incentive we can offer to encourage these graduates to make Delaware their home. We think this can have a lasting impact on our state’s economic wellbeing by encouraging our best and brightest residents to stay here in Delaware, contributing to our economy and to our communities.”
Homes for Grads will provide a reduced mortgage rate of 50 basis points or one-half of a percentage for DSHA’s Preferred Plus loans, which offer down payment and settlement assistance.
Grads will have three years from graduation from a four-year degree (or higher) to apply, will be required to meet an income limit and must have a minimum credit score of 620 — and if you fall short of that number, DSHA offers financial coaching to help raise your score.
Don’t qualify as a recent grad? DSHA is also adjusting the income levels for its homeownership programs in order to provide more opportunities for residents to purchase homes in Delaware.
You can learn more about Homes for Grads and other homeownership programs at KissYourLandlordGoodBye.com.
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