Buying your first home in Delaware

1. Set a comfortable budget. Think about the monthly payment, taxes, insurance and any HOA fees, not just the price.
2. Get pre-approved. A lender checks your income, credit and savings and tells you how much you can borrow.
3. Pick your agent. We sign a short written buyer agreement before tours, which explains what we do and how we are paid.
4. Search and tour. We send homes that fit your list as they hit the market and set up tours on your schedule.
5. Make an offer. We look at recent sales together, decide on a price and terms, and write the Agreement of Sale.
6. Inspect. A licensed inspector looks over the home. We help you decide what to ask the seller to repair or credit.
7. Appraisal and loan approval. Your lender orders an appraisal and finishes the loan file.
8. Final walk-through. You see the home again just before settlement to make sure it is as agreed.
9. Settlement. You sign, the funds move, and you get the keys.

The Delaware State Housing Authority (DSHA) offers home loan programs for eligible buyers. Some programs help with the down payment or closing costs. These programs work through participating lenders, and they usually have income limits, price limits and other rules. Many ask buyers to finish a homebuyer education class first.

Program terms change often, so we don’t quote rates or amounts here. Ask a participating lender, or visit the DSHA website, for what is available now. We can point you to lenders who use these programs often.

In Delaware, a settlement attorney handles the closing. The attorney’s office orders the title search and title insurance, prepares the closing papers, and makes sure the money and the deed go where they should.

Delaware charges a realty transfer tax when a home sells. Who pays it is set in the Agreement of Sale, and it is often split between buyer and seller. First-time buyers may qualify for a reduced share of the state portion. Your settlement attorney will confirm the exact amount.

A few days before settlement you get a Closing Disclosure from your lender. It lists your final loan terms and costs. Read it carefully and ask us or your lender about anything that looks different from what you expected. Bring a photo ID to settlement, and plan to send your closing funds by wire or certified check, as the attorney’s office directs. Always call the attorney’s office at a number you trust to confirm wire instructions before you send money.

• Don’t open new credit or change jobs before settlement without talking to your lender
• Keep some savings after closing for moving and small repairs
• Ask about every fee you don’t understand, there are no silly questions
• Visit a home at different times of day before you decide

This page is a general guide, not legal, tax or loan advice. Confirm the details with your lender and settlement attorney.