Down Payment Program
Easy Payment Plan
Our easy payment plan helps you save the necessary down payment to buy your new Cornell home. We will develop a deposit schedule to put money towards your down payment, allowing for you to have the full amount needed in time to close.
Sell Your Current Home
Any amount you receive from the sale of your current property after all costs are deducted can be used for your down payment
IRA’s, Thrift Saving Plans, 401(k)s, Keogh Accounts
You can use funds from these investment accounts usually at 60% of their value. If you can show proof, a higher percentage can sometimes be used.
Gift Money
A family member, employer, labor, union, charitable organization, governmental agency or public entity can give you a cash gift that can be used towards your down payment.
Sellers Assistance
You can get a sellers concession for up to 6% on an FHA , USDA, & conventional loan (3% on conventional when putting less than 10% down), and 4% on a VA loan.
Secondary Financing from Relatives
Part of your down payment and / or closing costs can be a secured loan from a family member, This cannot exceed a combined loan to value of 100% of the sales price or appraised value, whichever is lower.
Savings Bonds
Any government issued bonds can be used at their current value.
Home Sale Guarantee by Employer
Some employers will guarantee to purchase your previous home when you relocate. You can use any guaranteed net proceeds towards your down payment.
Employer Assistance
Some employers will pay your closing costs, mortgage insurance premium, or offer other incentives to buy a new home.
Collateralized Loans
These can be funds that are fully secured by any investment accounts or real property you own as long as there is proper evidence.
Sale of Personal Items
You can fund your down payment by selling some personal items such as a car or other valuable item.
1st Time Closing Cost Credit
1st time homebuyers in most areas in DE are eligible to receive ½ off the transfer tax (1.5% reduced to .75%).
Tax Credit for Military Personnel
If you’re a qualified member of the military, the foreign service or the intelligence community ordered on a period of extended duty, you may have an additional year to take advantage of the $8,000 tax credit for first-time homebuyers and $6,500 tax credit for repeat homebuyers. That’s a guaranteed federal tax credit that directly reduces the amount of taxes you owe for the entire year.
Minimum Down Payments
VA Loan: $0
USDA Loan: $0
FHA Loan: 3.5%
Conventional Loan: 5%
