WILMINGTON, Del. -- Wilmington Trust Co. said it has been named an approved lender in Delaware for residential mortgages guaranteed by the Farmers Home Administration.
Under the program, individuals and families with low or moderate incomes may qualify for 100% financing to purchase or build a house in a rural area, which is a defined population center of 10,000 people or less.
All of Sussex, most of Kent, and a portion of New Castle Counties are eligible for these loans.
This program is designed to help people who lack the down payment normally required by most conventional mortgage loans.
Mortgages originated by Wilmington Trust and guaranteed by the administration do not require a down payment and are at fixed interest rates for terms of 30 years.