Mortgage Calculator Delaware

Discover the power of our mortgage calculator Delaware to estimate your monthly payments accurately.

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Mortgage Calculator Delaware (1)

How To Use A Delaware Mortgage Calculator?

To use a Delaware mortgage calculator, you will need to enter the following information:


  • Loan amount: The amount of money you are borrowing to purchase your home.
  • Interest rate: The percentage of the loan amount that you will pay in interest over the life of the loan.
  • Loan term: The length of time you have to repay the loan, typically in years.
  • Down payment: The amount of money you are paying upfront towards the purchase of your home.
  • Property taxes: The amount of property taxes you will pay each year.
  • Homeowner's insurance: The amount of homeowner's insurance you will pay each year.

What Factors Affect Your Mortgage Payment in Delaware?

Factors that affecting your mortgage payment in Delaware are following:


  • Loan amount: The larger the loan amount, the higher your monthly payment will be.
  • Interest rate: The higher the interest rate, the higher your monthly payment will be.
  • Loan term: The longer the loan term, the lower your monthly payment will be.
  • Down payment: The larger your down payment, the lower your monthly payment will be.
  • Credit score: Borrowers with good credit scores typically qualify for lower interest rates.
  • Property taxes: Property taxes vary depending on the county and municipality in which you live.
  • Homeowner's insurance: Homeowner's insurance rates vary depending on the type of home you have, its location, and the level of coverage you choose.


How to get the best mortgage rate in Delaware?

Following these steps helps you to get the best mortgage rate in Delaware


  • Approach multiple lenders to compare rates. Don't just go with the first lender you find. Get quotes from various lenders to make sure you are getting the best rate possibly.

  • Always try to get pre-approved for a mortgage. This will build a trust factors on lenders that you are serious about buying a home and that you have already been approved for a loan.

  • Optimize your credit score. A good credit score is beneficial for you to qualify for a lower interest rate.

  • Try to take a larger down payment. The larger your down payment, the lower your loan amount will be.

First-Time Homebuyer Requirements Delaware

To be eligible for first-time homebuyer programs in Delaware, you must meet the following requirements:


Be a first-time homebuyer. This means that you have not owned a home in the past three years, unless you are purchasing a home in a Targeted Area or you are using the Qualified Veteran Exemption.


Occupy the home as your primary residence. This means that you must live in the home as your main residence for at least one year after purchase.


Meet the income limits. The income limits vary depending on the county and the number of people in your household. The following are the income limits for 2023:


New Castle County:

1-2 people: $137,280

3 or more people: $171,600

Kent & Sussex County:

1-2 people: $117,240

3 or more people: $146,550


Have a good credit score. Most first-time homebuyer programs require a credit score of at least 620.


Make a down payment. The down payment requirements vary depending on the program. Some programs require a down payment as low as 3%, while others require a down payment of 20% or more.

Grants For First-time Home Buyers in Delaware

The grants programs for first-time home buyers are following as:

Delaware State Housing Authority (DSHA) First-Time Homebuyer Grant:

  • Grant provides up to $7,500 to first-time homebuyers
  • credit score of at least 620
  • debt-to-income ratio of no more than 43%.


New Castle County First-Time Homebuyer Assistance Program:

  • Grants of $5,000 in down payment
  • closing cost assistance to first-time homebuyers
  • credit score of at least 620
  • debt-to-income ratio of no more than 43%.


Kent and Sussex County First:

  • Time Homebuyer Assistance Program:
  • Grants up to $5,000 in down payment
  • closing cost assistance to first-time homebuyers
  • credit score of at least 620
  • debt-to-income ratio of no more than 43%.


Home Sweet Home Program:

  • Grants up to $12,000 in down payment
  • closing cost assistance to first-time homebuyers who purchase a home in Delaware for $285,000 or less.
  • credit score of at least 620 and a
  • debt-to-income ratio of no more than 43%.


NeighborhoodLIFT Program:

  1. Grants up to $10,000 in down payment and
  2. closing cost assistance to first-time homebuyers
  3. credit score of at least 620
  4. debt-to-income ratio of no more than 43%.

Delaware First Time Home Buyer Benefits

Delaware offers a number of benefits to first-time homebuyers, including:


  • Financial assistance: grants, low-interest loans, tax breaks
  • Educational resources: homebuyer workshops, counseling services
  • Other programs: down payment assistance, foreclosure prevention

What Are Commercial Mortgage Rates Delaware?

Commercial mortgage rates in Delaware as of August 4, 2023, are around 6.00% to 7.00%.

Mortgage Down Payment Requirements Delaware

The minimum down payment requirement for a mortgage in Delaware varies depending on the type of loan and the borrower's creditworthiness. However, most conventional mortgages require a down payment of at least 20%.


Minimum down payment requirements for different types of mortgages in Delaware:


  • Conventional Loan 20%
  • FHA Loan 3.5%
  • VA Loan 0%
  • USDA Loan 0%

What Are Types of Mortgage Delaware?

  • Conventional loans: Conventional loans are not insured by the federal government and are typically offered by banks and credit unions. They typically require a down payment of at least 20% and have competitive interest rates.


  • FHA loans: FHA loans are insured by the Federal Housing Administration and are designed to help borrowers with lower credit scores and smaller down payments qualify for a mortgage. They require a down payment of as little as 3.5%.


  • VA loans: VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans and service members. They do not require a down payment.


  • USDA loans: USDA loans are guaranteed by the United States Department of Agriculture and are available to eligible borrowers who purchase a home in a rural area. They do not require a down payment.

8 Steps to Buying a House in Delaware:

  • Step 1: Assess Your Financial Health

Begin by evaluating your financial situation. Determine your budget, calculate your expenses, and ensure you have a stable income source.


  • Step 2: Plan Your Down Payment and Closing Costs

Understand the costs involved, including the down payment and closing fees. Plan your finances accordingly to cover these expenses.


  • Step 3: Obtain Preapproval for Your Mortgage

Get pre-approved for a mortgage from a bank, credit union, or mortgage broker. This step helps you understand your borrowing capacity and monthly payments.


  • Step 4: Engage a Real Estate Agent

Find a trustworthy real estate agent. They will assist you in locating homes within your budget, negotiate on your behalf, and guide you through the buying process.


  • Step 5: Initiate Your Home Search

With your agent's help, explore available homes. Visit each property multiple times and ask questions to ensure it meets your requirements.


  • Step 6: Make an Offer

When you find your ideal home, your real estate agent will aid you in making a competitive offer to the seller. Negotiate terms to secure the best deal.


  • Step 7: Conduct a Home Inspection and Appraisal

Schedule a thorough home inspection to identify potential issues. Simultaneously, the lender will order an appraisal to verify the home's value, ensuring a fair purchase price.


  • Step 8: Finalize the Purchase (Closing)

Once the inspection and appraisal are satisfactory, and your loan is approved, proceed to the closing. Sign the necessary paperwork and officially become the homeowner.

Current Mortgage Rates Delaware

As of August 14, 2023, the prevailing Best mortgage rates Delaware today offers are as follows:

  • 30-year fixed: 7.48%
  • 15-year fixed: 6.65%
  • 5-year ARM: 6.98%

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Mortgage Rates Delaware History

Mortgage rates in Delaware have vary over time, but they have generally been decreased than the national average. In 2022, the average 30-year fixed mortgage rate in Delaware was 3.51%, while the national average was 3.65%.


Here is a table of average mortgage rates in Delaware from 2010 to 2023:

Year Average 30-Year Fixed Mortgage Rate

  • 2010 4.98%
  • 2011 4.79%
  • 2012 3.94%
  • 2013 4.05%
  • 2014 4.37%
  • 2015 4.03%
  • 2016 3.78%
  • 2017 4.13%
  • 2018 4.56%
  • 2019 4.28%
  • 2020 3.51%
  • 2021 3.11%
  • 2022 3.51%
  • 2023 (August) 7.25%

Mortgage rates in Delaware have been increasing up in 2023. This is because of a number of factors like, growing inflation and the Federal Reserve's decision to hike interest rates.


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Mortgage Rate Wilmington DE

As of August 14, 2023, the current mortgage interest rates in Wilmington, DE are:

  • 30-year fixed: 6.746%
  • 15-year fixed: 6.371%
  • 5-year ARM: 7.608%

Mortgage Rate Middletown DE

The current mortgage interest rates in Middletown, DE are:

30-year fixed: 6.819%

15-year fixed: 6.444%

5-year ARM: 7.683%

Average Monthly Mortgage Payment In Delaware

The average monthly mortgage payment in Delaware is $1,121. This is based on a median home price of $300,000 and a 20% down payment. 30-year fixed mortgage average interest rate in Delaware is 7.48%.


  • 30-year fixed, 7.48% interest rate: $1,121
  • 15-year fixed, 6.65% interest rate: $837
  • 5-year ARM, 6.98% interest rate: $929

Delaware Mortgage Grants

There are a number of mortgage grants available in Delaware for eligible homebuyers. These grants can help to reduce the upfront costs of buying a home, such as the down payment and closing costs.

  • Delaware Housing Finance Agency (DHFA) First Homebuyer Grant: This grant provides up to $10,000 for first-time homebuyers who meet certain income and purchase price requirements.

  • Delaware Homebuyer Assistance Program (DHAP): This program provides up to $10,000 for homebuyers who are below 80% of the area median income and who purchase a home in a designated target area.

  • Delaware Veterans Homebuyers Assistance Program (VHAP): This program provides up to $10,000 for qualifying veterans who purchase a home in Delaware.

  • Delaware Down Payment Assistance Program (DDAP): This program provides up to 5% of the purchase price for a home as a 0% interest loan for first-time homebuyers who meet certain income and purchase price requirements.

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Delaware County Mortgage Satisfaction Fee

The Delaware County mortgage satisfaction fee is $38.00 for the first 4 pages and $4.00 for each additional page. The fee is paid when a mortgage is paid off and is used to cover the costs of recording the satisfaction of the mortgage.

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Delaware County Mortgage Recording Fee

The Delaware County mortgage recording fee is $38.00 for the first 4 pages and $4.00 for each additional page. The fee is paid when a mortgage is recorded and is used to cover the costs of recording the mortgage and making it a matter of public record.

Delaware Mortgage Relief Program

The Delaware Mortgage Relief Program (DMRP) is a program that provides financial assistance to Delaware homeowners who are experiencing financial hardship due to the COVID-19 pandemic. The program can provide up to $50,000 in mortgage relief, which can be used to pay for mortgage payments, property taxes, homeowners insurance, and other housing-related expenses.


To be eligible for the DMRP, homeowners must meet the following criteria:

  • They own and live in their Delaware home as their primary abode.
  • Have had financial hardship as a result of the pandemic that started after January 21, 2020, such as lost income or increased costs.
  • Have a household income at or below 150% Area Median Income (AMI).
  • Have a first mortgage that is a conforming loan and meets the federal limits for the year in which the loan was originated.

Delaware Emergency Mortgage Assistance Program

The Delaware Emergency Mortgage Assistance Program (DEMAP) is a program that provides financial assistance to Delaware homeowners who are experiencing financial hardship due to the COVID-19 pandemic. The program can provide up to $15,000 in mortgage assistance, which can be used to pay for mortgage payments, property taxes, homeowners insurance, and other housing-related expenses.

FHA Mortgage Rates Delaware

As of August 14, 2023, the current average FHA mortgage rate in Delaware is 6.92% for a 30-year fixed mortgage. This is slightly lower than the national average, which is 7.06%.

Delaware FHA Loan Requirements

The FHA loan requirements in Delaware are the same as the FHA loan requirements nationwide. Here are the basic requirements to qualify for an FHA mortgage in Delaware:

  • Credit score: You must have a credit score of at least 580 to qualify for an FHA mortgage with a down payment of 3.5%. If you have a credit score of 500-579, you may be able to qualify with a down payment of 10%.


  • Debt-to-income ratio (DTI): Your DTI ratio must be no more than 50%. This means that your monthly debt payments, including your mortgage, must be no more than 50% of your monthly income.


  • Down payment: You can qualify for an FHA mortgage with a down payment of as little as 3.5%. However, you may be able to get a lower interest rate if you make a larger down payment.


  • Property condition: The property you are buying must meet FHA minimum property requirements. This includes things like having a working heating system and plumbing and being free of major structural defects.


  • Mortgage insurance premium (MIP): You will be required to pay mortgage insurance premiums (MIP) on an FHA mortgage. The upfront MIP is typically 1.75% of the loan amount, and the monthly MIP is around 1.05% of the loan amount.

Delaware FHA Loan Limits

The FHA loan limits in Delaware are the same as the FHA loan limits nationwide. For 2023, the FHA loan limit for a single-family home in Delaware is $647,200. This means that you can borrow up to $647,200 with an FHA mortgage, as long as the property meets FHA minimum property requirements.

The FHA loan limit for a condominium in Delaware is $529,000. This means that you can borrow up to $529,000 with an FHA mortgage, as long as the property meets FHA minimum property requirements and the condominium association has a current FHA mortgage insurance (MI) certificate.


The FHA loan limit for a manufactured home in Delaware is $677,200. This means that you can borrow up to $677,200 with an FHA mortgage, as long as the manufactured home meets FHA minimum property requirements and is placed on a permanent foundation.

Refinance Mortgage Rates Delaware

Delaware refinance mortgage rates as of August 4, 2023:


  • 30-year fixed: 6.75%
  • 15-year fixed: 6.69%
  • 7/1 ARM: 6.63%

What Is Delaware Credit Union Mortgage Rates?

Delaware Credit Union's Mortgage Rates as of August 4, 2023:


  • Conforming 30-year fixed: 7.190%
  • Conforming 15-year fixed: 6.510%
  • Jumbo 30-year fixed: 7.570%
  • Jumbo 15-year fixed: 6.870%
  • FHA 30-year fixed: 6.969%
  • FHA 15-year fixed: 6.269%
  • VA 30-year fixed: 6.778%
  • VA 15-year fixed: 6.078%
  • USDA 30-year fixed: 7.002%
  • USDA 15-year fixed: 6.302%

Jumbo Mortgage Rates Delaware Today

Jumbo mortgage rates in Delaware today, August 4, 2023, are around 7.50% for a 30-year fixed loan and 7.13% for a 15-year fixed loan. These rates are slightly higher than conforming mortgage rates, but they are still lower than they were at the beginning of the year.

Best and Lowest Mortgage Lenders in Delaware

Lowest and best mortgage lenders Delaware based on customer reviews and ratings:

  • Embrace Home Loans
  • Diamond State Home Loans
  • Meridian Bank Mortgage
  • Delaware Credit Union
  • PNC Bank
  • Rocket Mortgage

Best Mortgage Brokers in Delaware

Best mortgage brokers in Delaware, based on customer reviews and ratings:


  • Primary Residential Mortgage, Inc.
  • 1st Capitol Mortgage, Inc.
  • Embrace Home Loans-Delaware - Wilmington
  • Delaware Mortgage Services
  • Diamond State Mortgage
  • Mortgages Unlimited
  • Mortgage One
  • Home Equity Partners
  • United Mortgage Group
  • Fairway Independent Mortgage Corporation
  • New American Funding
  • LoanDepot

FAQs For Mortgage Calculator Delaware:

What is the average mortgage payment in Delaware?

The average mortgage payment in Delaware is $1,121.

What do you need to get a mortgage in Delaware?

To get a mortgage in Delaware, you will need a credit score of at least 580, a debt-to-income ratio of no more than 50%, and a down payment of at least 3.5%.

How much is a downpayment on a house in Delaware?

The downpayment on a house in Delaware is typically 3.5% for a conventional loan and 3% for an FHA loan.

What credit score do I need to buy a house in Delaware without paying private mortgage insurance (PMI)?

You need a credit score of at least 620 to buy a house in Delaware without paying private mortgage insurance (PMI).

Who is a first-time home buyer in Delaware?

A first-time home buyer in Delaware is someone who has not owned a home in the past three years.

What are the tax advantages of living in Delaware?

The tax advantages of living in Delaware include no state income tax, no sales tax on groceries, and no inheritance tax.

Mortgage Calculator Delaware