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Take5 Home Loan

Delaware State Housing Authority (DSHA) · Delaware

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Assistance

5%

Of the purchase price, as the program sets it

Price cap

$617,241

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is Take5 Home Loan?

Take5 Home Loan is a deferred second loan for homebuyers in Delaware, administered by Delaware State Housing Authority (DSHA).

  • Take5 is a DSHA down payment and closing cost assistance second loan equal to 5% of the first mortgage loan amount, offered under the Welcome Home (first-time homebuyer) program. It carries 0% interest with no monthly payment; repayment is deferred until refinance, sale, transfer of title, or the home ceasing to be the primary residence. Take5 is one of the two new DPA tiers launched with DSHA's April 2026 Delaware Mortgage Program rebrand.
  • 5% of first mortgage as down payment/closing cost assistance.
  • 0% interest, no monthly payment.
  • Deferred repayment until sale/refinance/transfer/non-occupancy.
  • Veterans and targeted-area buyers exempt from first-time requirement.
  • Pairs with below-market DSHA first mortgage.
  • Funding comes from DSHA funds (table-funded at closing by DSHA).

How much assistance does it provide?

Take5 Home Loan provides assistance worth 5% of the purchase price, as set by the program.

  • Amounts are the program's published maximums, not an offer — Delaware State Housing Authority (DSHA) determines any individual award.

Do you have to pay it back?

Take5 Home Loan is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Principal deferred (no monthly payment) and becomes repayable upon the earliest of: refinance, sale of home, transfer of title, the property is no longer the borrower's primary residence, or 30 years from the date of the mortgage note.
  • The assistance is recorded in Second lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Take5 Home Loan is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Offered under the Welcome Home program (first-time homebuyers). Qualified Veterans and purchases in targeted-area census tracts are exempt from the first-time-homebuyer requirement. Not available under Open Door.
  • The home is occupied as a primary residence
  • On credit: Minimum FICO 620. Applicants with FICO 659 or below must complete homeownership education through a Delaware HUD-approved housing counseling agency. Manufactured homes: FHA min 660 / USDA min 640. Manual underwrite (FHA only) min 660 with max 43% DTI.
  • Residency: Property must be located in Delaware and used as the borrower's primary residence.
  • Welcome Home program only (first-time buyers, with veteran/targeted-area exceptions); not offered under Open Door. Must be paired with a DSHA first mortgage. Borrower may use only one DPA second loan program. DTI, max household size, max liquid assets, min contribution, new-construction eligibility, HOA, and acreage limits not specified on official sources reviewed (governed by AUS and Master Servicer/agency product guidelines). Exact Take5-specific term sheet/addendum not yet published separately; details confirmed from the DSHA Homeownership Loans page and April 2026 rebrand press release.

The program excludes

  • Purchases above the $617,241 price cap

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Take5 Home Loan sets its income limit as follows: Welcome Home limits (by household size): New Castle County $119,400 (1-2 person) / $137,310 (3+ person); Kent & Sussex $108,800 (1-2) / $125,120 (3+). Targeted-area Welcome Home limits: New Castle $143,280 / $167,160; Kent & Sussex $130,560 / $152,320. Income counted for those on the note and/or mortgage only.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Take5 Home Loan caps the purchase price at $617,241.

  • Eligible property types include Single-family detached, Townhouse/row house/patio home (attached), 1-4 unit dwellings, Condominium, and Manufactured home (FHA or USDA financing only).
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Take5 Home Loan names veterans among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Take5 Home Loan serves buyers purchasing anywhere in Delaware.

  • The program targets specific areas: Federally designated targeted-area census tracts qualify for higher income and purchase-price limits and waive the first-time-homebuyer requirement. Tracts: New Castle 0006.02, 0019.02, 0021.00, 0023.00, 0029.00, 0030.02; Kent 0425.00; Sussex 0505.03, 0507.11.
  • Targeted neighborhoods: Census tracts: New Castle 0006.02, 0019.02, 0021.00, 0023.00, 0029.00, 0030.02; Kent 0425.00; Sussex 0505.03, 0507.11.

How do you apply?

Applications for Take5 Home Loan go through Delaware State Housing Authority (DSHA), which publishes the current terms and the application steps on its own site.

  1. Contact Delaware State Housing Authority (DSHA) to reserve funds

    Funds are reserved through First-come, first-served via DSHA Mitas online reservation system (https://mitas.destatehousing.com); reservable Mon-Fri 10:00 AM-5:30 PM DE time. 60-day reservation/rate-lock period., and are subject to availability.

  2. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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