Joan Fitzgerald
Mortgage Consultant
2012 Governor’s Conference on Housing
Homeownership Trends and Outlook
Types of Mortgages
Conventional

No income limit with 3% down or more
FHA

No income limit
USDA

Income limits for 1- 4 person household:



New Castle County - $93,450
Kent County - $78,200
Sussex County - $78,200
VA

No income limit
Today’s Challenges

Qualifying for Credit

Short Sales/Foreclosures
Mortgage Revenue Bond
Welcome Home Loans




3.00% FHA-VA-USDA
3.25% FHA-VA-USDA when using the SMAL or ROC
3.25% Conventional
3.50% Conventional when using the SMAL or ROC
Mortgage Revenue Bond
Home Again Loan




3.25% FHA-VA-USDA
3.50% FHA-VA-USDA when using the SMAL or ROC
3.50% Conventional
4.125% Conventional when using the SMAL or ROC
Mortgage Revenue Bond
Loans for Heroes




2.50% FHA-VA-USDA
2.75% FHA-VA-USDA when using the SMAL or ROC
2.75% Conventional
3.00% Conventional when using the SMAL or ROC
Second Mortgage Assistance Loan
(SMAL)
This zero interest loan provides down payment
and closing cost assistance up to $10,000
Rebuilding Our Community
(ROC)
Forgivable zero interest second mortgage loans
 Amount of $25,000 for down payment and closing costs
assistance
 For the purchase of foreclosed, abandoned (90 days)
single-family housing in qualified census tracts.
 Forgiveness period of 10 years.
Community Seconds
New
Castle County
City
of Dover
City
of Newark
City
of Wilmington
Check with a Housing Counselor for availability
Joan Fitzgerald
Mortgage Consultant
88 Lantana Drive
Hockessin, DE 19707
Office: 302-235-6405
Email: joan.fitzgerald@prufoxroach.com
Web: joanfitzgerald.tridentmortgage.com
NMLS ID: 137244