Wilmington Employee Homebuyer Assistance: Up to $4,000 Grant Explained

Learn about the Wilmington Employee Homebuyer Assistance Program: https://delawaremortgageloans.net/wil... Are you a City of Wilmington employee planning to buy a home inside Wilmington, Delaware? The Wilmington Employee Homebuyer Assistance Program, also called Live Near Your Work, may provide eligible City employees with up to $4,000 toward down payment and closing costs. In this video, John Thomas, Mortgage Loan Officer NMLS #38783, explains how the Wilmington employee grant works, who may qualify, what homes are eligible, and how the program may fit with FHA, conventional, VA, and compatible DSHA mortgage options. What is the Wilmington Employee Homebuyer Assistance Program? Live Near Your Work is a City of Wilmington homebuyer program designed to help eligible municipal employees purchase a primary residence within Wilmington city limits. Assistance may be used toward eligible down payment and settlement costs, subject to current City guidelines and available funding. Who may qualify? You generally must: Be employed by the City of Wilmington Have completed the probationary period required for your position Purchase a qualifying 1-unit home within Wilmington city limits Use the home as your primary residence Contribute at least $1,000 of your own funds Complete approved homebuyer counseling unless a permitted waiver applies Meet current household-income and sales-price limits Use an eligible fixed-rate first mortgage with no cash back at closing Final eligibility and assistance amounts are determined by the City of Wilmington. Does the $4,000 grant have to be repaid? The assistance generally does not have to be repaid when the buyer follows the program’s primary-residence requirements for at least five years. Repayment terms may apply if the property is sold, rented, or no longer used as the buyer’s primary residence before the required period ends. Review the current City agreement before closing so you understand the exact terms. Can the Wilmington grant be combined with DSHA assistance? Some eligible borrowers may be able to combine Live Near Your Work with a compatible Delaware State Housing Authority mortgage or down payment assistance program. Program combinations are not automatic. They depend on current rules, available funding, income, credit, debts, property eligibility, the first mortgage, and full underwriting review. What types of homes may qualify? The property generally must be: Located within the legal boundaries of the City of Wilmington A qualifying 1-unit home Purchased as your primary residence Occupied according to the program’s five-year requirement A Wilmington mailing address does not always confirm that a property is inside City limits. Verify the property location before signing a purchase contract. Is the grant taxable? City program materials state that the assistance may be reported to the employee on a 1099 and treated as taxable income. Speak with a qualified tax professional about how that may affect your individual tax situation. The goal is to make the process simple. We help City of Wilmington employees compare their mortgage options, estimate cash needed at closing, complete the required steps, and coordinate the grant with the first mortgage. Approval depends on credit, income, debts, assets, property type, program guidelines, available funding, and full underwriting review. Talk with the John Thomas Team Call: 302-703-0727 John Thomas Team 248 E Chestnut Hill Road Newark, DE 19713 John Thomas Mortgage Loan Officer NMLS #38783 Full Wilmington Employee Homebuyer Assistance guide: https://delawaremortgageloans.net/wil... This video is for educational purposes. Program guidelines, limits, funding, and assistance amounts may change. Confirm current program details before entering into a purchase contract. This is not a commitment to lend. #WilmingtonDE #DownPaymentAssistance #delawarehomebuyer #LiveNearYourWork #WilmingtonDelaware #FirstTimeHomeBuyer #DSHA #DelawareMortgage #HomebuyerAssistance #johnthomasteam