Indiana Down Payment Assistance Programs

Indiana Down Payment Assistance Programs
Indiana Down Payment Assistance Programs

Potential home buyers in Indiana need to explore the help that is offered to them. With funds from Indiana down payment assistance programs, getting into a home can happen in the next few months rather than waiting until you save up enough. The most common type of program is offered through the government of Indiana, known as IHCDA.

To determine eligibility, the number of people in the household and their annual income is taken into consideration. The guidelines for income varies based on the county where the home to purchase is located. Applicants must be a first time homebuyer in most of the counties.

There are a few where that stipulation doesn’t apply. These are targeted areas around Indiana that have been identified due to slow economic growth. The goal is to make it as easy as possible for homes in these areas to be purchased in order to boost the overall economy. The homes have to be occupied by the buyer to qualify, not purchased as rental property.

This Indiana down payment assistance program can offer up to 4% of either the appraisal of the home or the selling price of the home. The one that is the lowest is the number that will be used to determine that 4%.

What is very unique about such Indiana down payment assistance programs is that after 2 years of making payments on the home, the loan can be forgiven. If the owner decides to sell or refinance the home in that 2 year period, the down payment assistance must be repaid in full.

All of the information about such Indiana down payment assistance programs can be found online. This includes the IHCDA income guidelines, county information, and lenders that offer such loans. A lender can assist with a pre-qualification process where they examine income, credit, and help determine the dollar amount of loan that you qualify for based on current circumstances.

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No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Indiana Down Payment Assistance Programs

Affordable Home Program This Indiana down payment program allows qualified first time buyers to receive a below market interest rate. A minimum credit score of 650 is required. There is no Indiana down payment assistance associated with this program.

My Home Conventional Program My Home Conventional provides fixed rate conventional loans to qualified home buyers (there is no first time buyer requirement). Eligible candidates must meet income limits and purchase a single family home. First time home buyers must make a Indiana down payment of 3 percent of the purchase price or appraised value (whichever is less). The program can be combined with the MCC program, but no Indiana down payment assistance is available.

Next Home Program This Indiana down payment program Home buyers can receive Indiana down payment assistance of 3 percent (conventional) or 4 percent (FHA) for loans originated through IHCDA participating lenders. The program does not have purchase price limits. Home buyers must have a minimum credit score of 650. The Indiana down payment assistance has zero interest and no monthly payments, and the assistance is forgiven after two years. Indiana borrowers can combine this program with a MCC.

Next Home with MCC Combo Program This Indiana down payment program combines the Indiana down payment assistance of Next Home with the tax credit associated with a MCC. Indiana borrowers must be first time home buyers, or must not have ownership in their primary residence for the past three years. Exceptions may apply for Indiana borrowers in targeted counties. Purchase price limits apply.


HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Indiana Housing Agencies

Indiana housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.