Wilmington, DE
Delaware purchases, investor files and the first-time buyer tax credit
Delaware's transfer tax is 4.00%, customarily split, but first-time buyers receive a state credit against their half that materially changes the cash to close. A surprising number of buyers never hear about it until settlement, or never at all.
Lending in Wilmington
Delaware's transfer tax is 4.00%, customarily split, but first-time buyers receive a state credit against their half that materially changes the cash to close. A surprising number of buyers never hear about it until settlement, or never at all.
This office also carries a large share of our investor business. New Castle County rental yields work in a way Philadelphia's no longer do in several submarkets, and Amara runs DSCR files out of here weekly.
What the local data says
- $342,000Median sale price
- 28 daysMedian days on market
- 0.58% effective, New Castle CountyEffective property tax
- 4.00% combined, first-time buyer credit availableTransfer tax at settlement
Sample market data for this demonstration site. Ask us for the current figures on a specific address.
Three things that catch people out in Wilmington
- 01
First-time buyer transfer tax credit
Delaware offers a credit against the buyer's share of the transfer tax for qualifying first-time purchasers. On a $342,000 home that is worth several thousand dollars. Ask before settlement, not at it.
- 02
Low property taxes, high transfer tax
An 0.58% effective property tax rate is roughly a fifth of Camden County's. The trade is a 4.00% transfer tax at purchase. It changes the buy-versus-rent crossover materially.
- 03
Investor yields
New Castle County rental yields still support DSCR ratios above 1.20 at current pricing in several submarkets, which is increasingly difficult inside Philadelphia city limits.
Lead originator here
Amara Okonkwo
Investor lending lead · NMLS #XXXXXXX
Amara owns eleven rental doors of her own across West Philadelphia and Upper Darby, which is why investor clients tend to stay with her. She models DSCR with realistic vacancy and turn costs rather than the appraiser's best case, and she will say plainly when a deal does not work at any leverage.
What tends to fit in Wilmington
Conventional
Conforming loans to $832,750 with cancellable PMI
FHA
3.5% down from a 580 score, 10% down from 500
FHA and VA streamline
No appraisal, no income documents in most files
Areas served from this office
- Wilmington
- Newark
- Hockessin
- Greenville
- Bear
- Middletown
- New Castle
- Claymont
- Pike Creek
Other offices
- Center City Philadelphia, PA · (215) 555-0145
- Bala Cynwyd, PA · (610) 555-0146
- King of Prussia, PA · (610) 555-0147
Buying or refinancing in Wilmington?
Send the address and the price. We come back with the tax figure, the likely appraisal range and the real monthly cost.
No application fee. Soft credit pull at pre-qualification. Flat $1,095 origination at closing.