Real Estate News

  • Delaware Homeowner relief
    Provides information an a wide range of resources for homeowners in distress.
  • Delaware Offers Tax Credit for First-Time Home Buyers
    Delaware First-Time Homebuyer Tax Credit is a federal income tax credit designed to help make home ownership more affordable to qualified homebuyers. Homebuyers who elect to use the federal tax credit are eligible to claim a portion of the annual interest paid on their mortgage as a special tax credit. The annual amount of the credit cannot exceed $2,000 per year. The federal tax credit will be available as long as there is a mortgage loan on the property and the homebuyer occupies it as their primary residence.
  • Homeownership Programs-Delaware State Housing Authority
    Looking to buy your first home or need help with downpayment or closing costs? We can help! Check out the links below to get started on your way to homeownership!
  • Home Affordable Refinance Program (HARP)
    If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
  • Home Affordable Modification Program (HAMP)
    If you're not unemployed, but you're still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP). HAMP can lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.
  • Neighborhood Stabilization Program
    New Castle County was awarded $11.3 million in funding by the Delaware State Housing Authority through the U.S. Department of Housing and Urban Development to purchase and rehabilitate homes in many communities hardest hit by the foreclosure crisis.

    NSP has acquired over 50 of these vacant and foreclosed homes in the following zip codes: 19701, 19702, 19709, 19720, 19802 and 19805. Each home has been extensively rehabilitated and updated with various green technology improvements to provide new owners with long-term affordability.

    Homebuyer Qualifications
    Must fall below 120% Area Median Income ($96,500 for a family of 4)
    Complete 8 hours of HUD approved housing counseling

    Buyers may qualify for special down payment and settlement assistance programs available for these properties. Interested homebuyers can call (302) 395-5660 for more program information.

  • With Realogy’s Support, Bill Introduced in Senate to Help Keep People in their Homes:
    On Feb. 9, U.S. Senator Robert Menendez (D-NJ), Chairman of the Senate Subcommittee on Housing, Transportation and Community Development, introduced an innovative bill to keep families in their homes, despite their mortgage being worth more than their home.

    “We applaud Senator Menendez for introducing The Preserving American Homeownership Act,” said Richard A. Smith, president and CEO of Realogy Corporation, parent company of ERA Real Estate. “This debt-for-equity arrangement offers a solution for qualified underwater homeowners to work together with their lenders to achieve a mutually beneficial outcome — avoiding the lengthy and costly process of foreclosure, offering the likelihood of appreciation to both parties and contributing to a stabilizing housing market.”

    Smith also noted the contributions of Alex Perriello, president and CEO of the Realogy Franchise Group, who played an integral role in assisting the Senator’s office in drafting this bill. ERA Real Estate is proud of Realogy’s active leadership on such broad-based industry issues. To read the full press release from Senator Menendez, and “share” it via social media, click here.

    Federal Government & Attorneys General Reach $25 Billion Foreclosure Settlement with Major Banks:
    A $25 billion foreclosure settlement was unveiled Feb. 9 by 49 state Attorneys General and the federal government. The complex settlement with the country’s five largest loan servicers will be executed over the next three years. For additional information including the terms of the settlement, the lenders involved, and how/when homeowners and borrowers may qualify for assistance from this settlement, please go to the National Mortgage Settlement website, which will serve as the clearing house for information related to the settlement.
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